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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 Ultra Petroleum Corp was -0.57. The lowest was -10000000.00. And the median was -3.38.
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 Ultra Petroleum 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 * 1.2699||+||0.528 * 1.0606||+||0.404 * 1.4709||+||0.892 * 1.2278||+||0.115 * 1.7719|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3676||+||4.679 * -0.0605||-||0.327 * 0.8692|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $115.5 Mil.|
Revenue was 288.608 + 296.063 + 326.299 + 225.197 = $1,136.2 Mil.
Gross Profit was 201.461 + 212.712 + 240.996 + 152.319 = $807.5 Mil.
Total Current Assets was $136.9 Mil.
Total Assets was $4,003.9 Mil.
Property, Plant and Equipment(Net PPE) was $3,838.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $267.2 Mil.
Selling, General & Admin. Expense(SGA) was $21.2 Mil.
Total Current Liabilities was $374.5 Mil.
Long-Term Debt was $3,326.0 Mil.
Net Income was 125.357 + 106.049 + 101.715 + 41.121 = $374.2 Mil.
Non Operating Income was 34.634 + -12.414 + -42.683 + -23.871 = $-44.3 Mil.
Cash Flow from Operations was 168.511 + 171.076 + 175.575 + 145.567 = $660.7 Mil.
|Accounts Receivable was $74.1 Mil.
Revenue was 221.205 + 261.376 + 225.626 + 217.185 = $925.4 Mil.
Gross Profit was 148.277 + 184.373 + 213.742 + 151.17 = $697.6 Mil.
Total Current Assets was $96.1 Mil.
Total Assets was $2,069.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,962.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $255.9 Mil.
Selling, General & Admin. Expense(SGA) was $47.0 Mil.
Total Current Liabilities was $339.9 Mil.
Long-Term Debt was $1,860.0 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)|
|=||(115.536 / 1136.167)||/||(74.104 / 925.392)|
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)|
|=||(212.712 / 925.392)||/||(201.461 / 1136.167)|
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 - (136.877 + 3838.537) / 4003.927)||/||(1 - (96.06 + 1962.879) / 2068.956)|
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))|
|=||(255.863 / (255.863 + 1962.879))||/||(267.207 / (267.207 + 3838.537))|
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)|
|=||(21.212 / 1136.167)||/||(47.002 / 925.392)|
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)|
|=||((3326 + 374.457) / 4003.927)||/||((1860 + 339.914) / 2068.956)|
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|
|=||(374.242 - -44.334||-||660.729)||/||4003.927|
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.
Ultra Petroleum Corp has a M-score of -1.85 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
Ultra Petroleum Corp Annual Data
Ultra Petroleum Corp Quarterly Data