COLB has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
COLB has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Columbia Banking System's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Columbia Banking System was -2.11. The lowest was -3.04. And the median was -2.31.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Columbia Banking System 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 * 0.6444 | + | 0.528 * 1 | + | 0.404 * 0.9373 | + | 0.892 * 1.5731 | + | 0.115 * 0.4155 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9607 | + | 4.679 * -0.006155 | - | 0.327 * 1.9513 | |||||||
= | -2.72 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,730 Mil. Revenue was 519.156 + 524.856 + 523.653 + 429.433 = $1,997 Mil. Gross Profit was 519.156 + 524.856 + 523.653 + 429.433 = $1,997 Mil. Total Current Assets was $12,722 Mil. Total Assets was $52,174 Mil. Property, Plant and Equipment(Net PPE) was $455 Mil. Depreciation, Depletion and Amortization(DDA) was $144 Mil. Selling, General, & Admin. Expense(SGA) was $702 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $4,505 Mil. Net Income was 93.531 + 135.845 + 133.377 + -14.038 = $349 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil. Cash Flow from Operations was 92.371 + 350.11 + 266.326 + -38.967 = $670 Mil. |
Total Receivables was $1,706 Mil. Revenue was 340.358 + 317.049 + 303.405 + 308.732 = $1,270 Mil. Gross Profit was 340.358 + 317.049 + 303.405 + 308.732 = $1,270 Mil. Total Current Assets was $6,197 Mil. Total Assets was $31,849 Mil. Property, Plant and Equipment(Net PPE) was $255 Mil. Depreciation, Depletion and Amortization(DDA) was $28 Mil. Selling, General, & Admin. Expense(SGA) was $464 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $1,409 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total 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) |
= | (1729.512 / 1997.098) | / | (1706.172 / 1269.544) | |
= | 0.866013 | / | 1.343925 | |
= | 0.6444 |
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) | |
= | (1269.544 / 1269.544) | / | (1997.098 / 1997.098) | |
= | 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 Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (12721.916 + 454.781) / 52173.596) | / | (1 - (6196.981 + 254.614) / 31848.639) | |
= | 0.747445 | / | 0.797429 | |
= | 0.9373 |
4. SGI = Sales Growth Index
Ratio of Revenue 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 | |
= | 1997.098 | / | 1269.544 | |
= | 1.5731 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (28.305 / (28.305 + 254.614)) | / | (144.252 / (144.252 + 454.781)) | |
= | 0.100046 | / | 0.240808 | |
= | 0.4155 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (701.93 / 1997.098) | / | (464.484 / 1269.544) | |
= | 0.351475 | / | 0.365867 | |
= | 0.9607 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((4504.911 + 0) / 52173.596) | / | ((1409.321 + 0) / 31848.639) | |
= | 0.086345 | / | 0.044251 | |
= | 1.9513 |
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 | |
= | (348.715 - 0 | - | 669.84) | / | 52173.596 | |
= | -0.006155 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Columbia Banking System has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Columbia Banking System's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Drew K Anderson | officer: Chief Administrative Officer | C/O COLUMBIA BANKING SYSTEM, INC., 5885 MEADOWS ROAD, SUITE #400, LAKE OSWEGO OR 97035 |
Luis Machuca | director | ITXC CORP, 14600 NW GREENBRIER PARKWAY, BEAVERTON OR 97006 |
John F Schultz | director | C/O HEWLETT-PACKARD COMPANY, 3000 HANOVER STREET, PALO ALTO CA 94304 |
Maria M Pope | director | C/O PORTLAND GENERAL ELECTRIC CO., 121 SW SALMON ST, PORTLAND OR 97204 |
Peggy Y Fowler | director | C/O PORTLAND GENERAL ELECTRIC CO, 121 SW SALMON ST, PORTLAND OR 97204 |
Terry Hilliard C. Iii | director | ONE SW COLUMBIA ST STE 1200, PORTLAND OR 97258 |
Anddria Varnado | director | ONE SW COLUMBIA STREET STE 1200, PORTLAND OR 97258 |
Torran B Nixon | officer: Senior Executive VP | ONE SW COLUMBIA STREET STE 1200, PORTLAND OR 97258 |
Ron L Farnsworth | officer: Chief Financial Officer | 200 SW MARKET ST STE 1900, PORTLAND OR 97201 |
Frank Namdar | officer: Chief Credit Officer | ONE SW COLUMBIA STREET STE 1200, PORTLAND OR 97258 |
Lisa M White | officer: PAO & Corporate Controller | 9285 NE TANASBOURNE DRIVE, HILLSBORO OR 97124 |
Sheri Burns | officer: Chief Human Resources Officer | C/O COLUMBIA BANKING SYSTEM, INC., 450 NW 114TH AVENUE, PORTLAND OR 97229 |
O'haver Cort L | director, officer: Executive Chairman | ONE SW COLUMBIA ST STE 1200, PORTLAND OR 97258 |
Andrew H Ognall | officer: IMO General Counsel | ONE SW COLUMBIA ST STE 1200, PORTLAND OR 97258 |
Laura Alvarez Schrag | director | 1301 A STREET, TACOMA WA 98402 |
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.