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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of ONEOK Partners LP was 0.00. The lowest was 0.00. And the median was 0.00.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of ONEOK Partners LP for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $521 Mil.|
Revenue was 1773.945 + 1930.384 + 1898.418 + 2127.507 = $7,730 Mil.
Gross Profit was 429.467 + -12.025 + 537.609 + 524.414 = $1,479 Mil.
Total Current Assets was $856 Mil.
Total Assets was $14,945 Mil.
Property, Plant and Equipment(Net PPE) was $12,322 Mil.
Depreciation, Depletion and Amortization(DDA) was $360 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,709 Mil.
Long-Term Debt was $6,692 Mil.
Net Income was 253.517 + -1157.433 + 680.883 + 209.77 = $-13 Mil.
Non Operating Income was 32.633 + -148.24 + 28.617 + 28.853 = $-58 Mil.
Cash Flow from Operations was 266.253 + 324.954 + 366.759 + 315.15 = $1,273 Mil.
|Accounts Receivable was $625 Mil.
Revenue was 1804.759 + 2844.258 + 3119.369 + 3065.735 = $10,834 Mil.
Gross Profit was 307.22 + -36.091 + 536.165 + 494.333 = $1,302 Mil.
Total Current Assets was $1,080 Mil.
Total Assets was $14,847 Mil.
Property, Plant and Equipment(Net PPE) was $11,767 Mil.
Depreciation, Depletion and Amortization(DDA) was $310 Mil.
Selling, General & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,494 Mil.
Long-Term Debt was $6,186 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(520.8 / 7730.254)||/||(624.803 / 10834.121)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(-12.025 / 10834.121)||/||(429.467 / 7730.254)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (856.462 + 12322.486) / 14944.722)||/||(1 - (1079.563 + 11766.761) / 14847.098)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(310.348 / (310.348 + 11766.761))||/||(360.085 / (360.085 + 12322.486))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(0 / 7730.254)||/||(0 / 10834.121)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((6692.238 + 1709.288) / 14944.722)||/||((6185.66 + 2494.475) / 14847.098)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-13.263 - -58.137||-||1273.116)||/||14944.722|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
ONEOK Partners LP has a M-score of signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
ONEOK Partners LP Annual Data
ONEOK Partners LP Quarterly Data