GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Old National Bancorp (NAS:ONB) » Definitions » Beneish M-Score

ONB (Old National Bancorp) Beneish M-Score : -2.41 (As of Jul. 24, 2025)


View and export this data going back to 1984. Start your Free Trial

What is Old National Bancorp Beneish M-Score?

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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Old National Bancorp's Beneish M-Score or its related term are showing as below:

ONB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45   Med: -2.43   Max: -1.55
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Old National Bancorp was -1.55. The lowest was -3.45. And the median was -2.43.


Old National Bancorp Beneish M-Score Calculation

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 Old National 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 * 1.0005+0.892 * 1.063+0.115 * 0.9672
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9899+4.679 * -0.001164-0.327 * 0.947
=-2.41

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $0 Mil.
Revenue was 481.437 + 489.946 + 485.862 + 475.692 = $1,933 Mil.
Gross Profit was 481.437 + 489.946 + 485.862 + 475.692 = $1,933 Mil.
Total Current Assets was $0 Mil.
Total Assets was $53,878 Mil.
Property, Plant and Equipment(Net PPE) was $585 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $692 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,157 Mil.
Net Income was 144.659 + 153.873 + 143.802 + 121.229 = $564 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 108.21 + 235.755 + 121.316 + 160.98 = $626 Mil.
Total Receivables was $0 Mil.
Revenue was 433.98 + 464.502 + 456.024 + 463.8 = $1,818 Mil.
Gross Profit was 433.98 + 464.502 + 456.024 + 463.8 = $1,818 Mil.
Total Current Assets was $0 Mil.
Total Assets was $49,535 Mil.
Property, Plant and Equipment(Net PPE) was $564 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $657 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $5,006 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)
=(0 / 1932.937) / (0 / 1818.306)
=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)
=(1818.306 / 1818.306) / (1932.937 / 1932.937)
=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 - (0 + 584.664) / 53877.944) / (1 - (0 + 564.007) / 49534.918)
=0.989148 / 0.988614
=1.0005

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
=1932.937 / 1818.306
=1.063

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))
=(62.161 / (62.161 + 564.007)) / (66.876 / (66.876 + 584.664))
=0.099272 / 0.102643
=0.9672

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)
=(691.578 / 1932.937) / (657.17 / 1818.306)
=0.357786 / 0.361419
=0.9899

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)
=((5156.628 + 0) / 53877.944) / ((5006.252 + 0) / 49534.918)
=0.095709 / 0.101065
=0.947

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
=(563.563 - 0 - 626.261) / 53877.944
=-0.001164

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.

Old National Bancorp has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.


Old National Bancorp Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Old National Bancorp's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Old National Bancorp Business Description

Traded in Other Exchanges
Address
One Main Street, Evansville, IN, USA, 47708
Old National Bancorp with almost $10 billion in assets following its latest acquisition, Old National Bancorp is a financial services bank holding company headquartered in Indiana. Based in Evansville, Ind., Old National owns multiple financial services operations in Indiana, Illinois, and Kentucky. The company provides a group of similar community banking services, including such products and services as commercial, real estate, and consumer loans; deposits; and brokerage, trust, and investment advisory services.
Executives
Mark G Sander officer: President and COO 1200 HANSEN ROAD, GREEN BAY WI 54304
Derrick J Stewart director C/O ONE MAIN STREET, EVANSVILLE IN 47708
Kendra L Vanzo officer: ASSOC ENGAGEMENT & INTEGRATION ONE MAIN STREET, EVANSVILLE IN 47708
James A Sandgren officer: CHIEF BANKING OFFICER ONE MAIN STREET, EVANSVILLE IN 47708
Chady M. Alahmar officer: CEO, Wealth Management ONE MAIN STREET, EVANSVILLE IN 47708
Brendon B Falconer officer: SEVP-CFO ONE MAIN STREET, EVANSVILLE IN 47708
Ellen A Rudnick director 5807 SOUTH WOODLAWN AVENUE, MP POLSKY CENTER FOR ENTREPRENEURSHIP, CHICAGO IL 60637
Michael L Scudder director, officer: Executive Chairman 300 PARK BLVD, SUITE 405, ITASCA IL 60143
Ryan James C Iii officer: SENIOR VP & TREASURER ONE MAIN STREET, EVANSVILLE IN 47708
Kathryn Hayley director C/O AON CORPORATION, LAW DEPT, 200 EAST RANDOLPH STREET, 8TH FLOOR, CHICAGO IL 60601
Thomas Lynn Brown director 8750 W. BRYN MAWR, SUITE 1300, CHICAGO IL 60631
Peter J Henseler director C/O RC2 CORPORATION, 1111 WEST 22ND STREET, SUITE 320, OAK BROOK IL 60523
Angela L Putnam officer: CAO and Corporate Controller ONE PIERCE PLACE, SUITE 1500, ITASCA IL 60143
Nicholas J Chulos officer: Chief Legal Officer & Corp Sec ONE PIERCE PLACE, SUITE, ITASCA IL 60143
Barbara A Boigegrain director ONE PIERCE PLACE, SUITE 1500, ITASCA IL 60143