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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 Unit Corp was 14.85. The lowest was -8.10. And the median was -2.92.
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 Unit Corp 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 * 1.1832||+||0.528 * 0.4509||+||0.404 * 1.2558||+||0.892 * 0.5277||+||0.115 * 1.0747|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5542||+||4.679 * -0.3761||-||0.327 * 1.3155|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $67.5 Mil.|
Revenue was 138.305 + 136.184 + 172.292 + 212.393 = $659.2 Mil.
Gross Profit was -73.796 + -49.641 + -492.636 + -314.409 = $-930.5 Mil.
Total Current Assets was $89.3 Mil.
Total Assets was $2,552.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,385.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $267.8 Mil.
Selling, General & Admin. Expense(SGA) was $33.4 Mil.
Total Current Liabilities was $146.8 Mil.
Long-Term Debt was $875.1 Mil.
Net Income was -72.136 + -41.149 + -309.337 + -205.281 = $-627.9 Mil.
Non Operating Income was -22.671 + 10.914 + 13.435 + 8.266 = $9.9 Mil.
Cash Flow from Operations was 62.003 + 70.713 + 65.462 + 123.876 = $322.1 Mil.
|Accounts Receivable was $108.1 Mil.
Revenue was 214.447 + 255.099 + 378.551 + 400.974 = $1,249.1 Mil.
Gross Profit was -419.666 + -389.451 + -89.796 + 103.983 = $-794.9 Mil.
Total Current Assets was $166.5 Mil.
Total Assets was $3,630.0 Mil.
Property, Plant and Equipment(Net PPE) was $3,376.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $410.7 Mil.
Selling, General & Admin. Expense(SGA) was $40.8 Mil.
Total Current Liabilities was $177.9 Mil.
Long-Term Debt was $926.9 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)|
|=||(67.506 / 659.174)||/||(108.109 / 1249.071)|
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)|
|=||(-794.93 / 1249.071)||/||(-930.482 / 659.174)|
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 - (89.294 + 2385.846) / 2552.096)||/||(1 - (166.534 + 3376.296) / 3629.993)|
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))|
|=||(410.706 / (410.706 + 3376.296))||/||(267.776 / (267.776 + 2385.846))|
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)|
|=||(33.448 / 659.174)||/||(40.78 / 1249.071)|
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)|
|=||((875.051 + 146.757) / 2552.096)||/||((926.908 + 177.9) / 3629.993)|
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|
|=||(-627.903 - 9.944||-||322.054)||/||2552.096|
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.
Unit Corp has a M-score of -4.87 suggests that the company will not 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
Unit Corp Annual Data
Unit Corp Quarterly Data