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Zions Bancorp (NAS:ZION)
Beneish M-Score
-2.45 (As of Today)

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.

Zions Bancorp has a M-score of -2.45 suggests that the company is not a manipulator.

ZION' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Max: -1.81
Current: -2.45

-3.02
-1.81

During the past 13 years, the highest Beneish M-Score of Zions Bancorp was -1.81. The lowest was -3.02. And the median was -2.45.


Definition

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 Zions Bancorp 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+0.528 * 1+0.404 * 0.999+0.892 * 0.9789+0.115 * 0.9186
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0419+4.679 * -0.0061-0.327 * 0.7164
=-2.45

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $0 Mil.
Revenue was 569.603 + 572.897 + 556.19 + 424.125 = $2,123 Mil.
Gross Profit was 569.603 + 572.897 + 556.19 + 424.125 = $2,123 Mil.
Total Current Assets was $0 Mil.
Total Assets was $59,180 Mil.
Property, Plant and Equipment(Net PPE) was $925 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General & Admin. Expense(SGA) was $1,045 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $802 Mil.
Net Income was 90.437 + 102.487 + 100.999 + 13.96 = $308 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 222.762 + 148.799 + 212.522 + 85.031 = $669 Mil.
Accounts Receivable was $0 Mil.
Revenue was 534.684 + 559.826 + 532.89 + 541.133 = $2,169 Mil.
Gross Profit was 534.684 + 559.826 + 532.89 + 541.133 = $2,169 Mil.
Total Current Assets was $0 Mil.
Total Assets was $57,556 Mil.
Property, Plant and Equipment(Net PPE) was $845 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General & Admin. Expense(SGA) was $1,025 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $1,089 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 2122.815) / (0 / 2168.533)
=0 / 0
=1

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(572.897 / 2168.533) / (569.603 / 2122.815)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 925.43) / 59179.913) / (1 - (0 + 844.9) / 57555.931)
=0.98436243 / 0.98532037
=0.999

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2122.815 / 2168.533
=0.9789

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))
=(130.413 / (130.413 + 844.9)) / (157.655 / (157.655 + 925.43))
=0.133714 / 0.14556106
=0.9186

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)
=(1044.955 / 2122.815) / (1024.576 / 2168.533)
=0.49224968 / 0.47247425
=1.0419

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)
=((802.448 + 0) / 59179.913) / ((1089.321 + 0) / 57555.931)
=0.01355947 / 0.0189263
=0.7164

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(307.883 - 0 - 669.114) / 59179.913
=-0.0061

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.

Zions Bancorp has a M-score of -2.45 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Zions Bancorp Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1111111111
GMI 1111111111
AQI 1.00021.00060.99990.99860.99981.00061.00080.99980.99840.9993
SGI 1.28651.0590.88171.24940.80241.03990.95450.94511.07620.956
DEPI 0.84061.12430.94460.73470.67681.15811.26631.52481.13550.9386
SGAI 1.01611.00341.1540.83141.21251.09191.03621.07970.96681.0653
LVGI 0.82751.02721.55080.470.95720.96611.14490.96380.47050.7174
TATA -0.0099-0.0045-0.0261-0.0445-0.0344-0.0145-0.0075-0.0109-0.001-0.0038
M-score -2.24-2.44-2.92-2.29-2.88-2.50-2.58-2.52-2.22-2.46

Zions Bancorp Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 1111111111
GMI 1111111111
AQI 0.99980.9990.99850.99840.99840.99930.99990.99970.99930.999
SGI 0.94510.95670.94950.95881.07621.05821.00841.02220.9540.9789
DEPI 1.3591.38981.04571.07521.13551.0251.05420.96340.93860.9186
SGAI 1.05761.04291.05621.04040.98691.0121.06371.03761.06771.0419
LVGI 0.96380.88540.88620.48090.47050.49170.51330.80540.71740.7164
TATA -0.0102-0.0091-0.0036-0.0027-0.001-0.0004-0.0034-0.0034-0.0038-0.0061
M-score -2.53-2.49-2.51-2.36-2.23-2.26-2.33-2.42-2.47-2.45
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