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Synovus Financial Beneish M-Score

: -2.58 (As of Today)
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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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SNV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.46   Max: -0.37
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Synovus Financial was -0.37. The lowest was -3.37. And the median was -2.46.


Synovus Financial Beneish M-Score Historical Data

The historical data trend for Synovus Financial's Beneish M-Score can be seen below:

* 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.

* Premium members only.

Synovus Financial Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.91 -2.51 -0.96 -2.17 -2.65

Synovus Financial Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.37 -2.48 -2.65 -2.41 -2.58

Competitive Comparison

For the Banks - Regional subindustry, Synovus Financial's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Synovus Financial Beneish M-Score Distribution

For the Banks industry and Financial Services sector, Synovus Financial's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Synovus Financial's Beneish M-Score falls into.



Synovus Financial 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 Synovus Financial 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 * 1.0398+0.892 * 1.0324+0.115 * 0.859
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0016+4.679 * 0.0029-0.327 * 1.4354
=-2.58

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $0 Mil.
Revenue was 522.654 + 497.582 + 509.382 + 499.872 = $2,029 Mil.
Gross Profit was 522.654 + 497.582 + 509.382 + 499.872 = $2,029 Mil.
Total Current Assets was $11,525 Mil.
Total Assets was $57,383 Mil.
Property, Plant and Equipment(Net PPE) was $383 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $678 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,804 Mil.
Net Income was 178.052 + 171.037 + 200.402 + 186.773 = $736 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 29.662 + 181.332 + -49.326 + 406.816 = $568 Mil.
Total Receivables was $0 Mil.
Revenue was 488.947 + 484.813 + 500.693 + 491.401 = $1,966 Mil.
Gross Profit was 488.947 + 484.813 + 500.693 + 491.401 = $1,966 Mil.
Total Current Assets was $12,622 Mil.
Total Assets was $54,939 Mil.
Property, Plant and Equipment(Net PPE) was $446 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $655 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,203 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 / 2029.49) / (0 / 1965.854)
=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)
=(1965.854 / 1965.854) / (2029.49 / 2029.49)
=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 - (11525.342 + 383.06) / 57382.745) / (1 - (12622.292 + 446.447) / 54938.659)
=0.79247417 / 0.76212126
=1.0398

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
=2029.49 / 1965.854
=1.0324

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))
=(122.758 / (122.758 + 446.447)) / (128.406 / (128.406 + 383.06))
=0.21566571 / 0.25105481
=0.859

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)
=(677.502 / 2029.49) / (655.191 / 1965.854)
=0.3338287 / 0.33328569
=1.0016

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)
=((1804.104 + 0) / 57382.745) / ((1203.293 + 0) / 54938.659)
=0.03143983 / 0.02190248
=1.4354

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
=(736.264 - 0 - 568.484) / 57382.745
=0.0029

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.

Synovus Financial has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.


Synovus Financial Beneish M-Score Related Terms

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Synovus Financial Business Description

Synovus Financial logo
Address
1111 Bay Avenue, Suite 500, Columbus, GA, USA, 31901
Synovus Financial operates dozens of community banks throughout Georgia, Alabama, Florida, Tennessee, and South Carolina. Concentrating on commercial loans and commercial real estate, the bank uses its small-town image to establish strong relationships with its small-business customers. The company's business segments include Community Banking, Wholesale Banking, and Financial Management Services (FMS).
Executives
White Teresa L director 1932 WYNNTON RD COLUMBUS GA 31999
Prochaska Joseph J Jr director METLIFE 200 PARK AVENUE NEW YORK NY 10166
Derrick Robert Warren officer: EVP & Chief Credit Officer 1111 BAY AVENUE, SUITE 500 COLUMBUS GA 31901
Singleton Jeffrey Barton officer: EVP, President FMS 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901
Bishop Daniel Zachary officer: EVP, Tech., Ops., & Sec. 1111 BAY AVENUE COLUMBUS GA 31901
Dierdorff Thomas T officer: EVP, Corp. & Inv. Banking 1111 BAY AVENUE COLUMBUS GA 31901
Goodwine Sharon officer: EVP Chief Human Resources Off 1111 BAY AVENUE COLUMBUS GA 31901
Weislogel Katherine officer: EVP & Exec. Dir., Treasury 1111 BAY AVENUE COLUMBUS GA 31901
Wolverton Elizabeth D. officer: EVP, Head Con. Bank. Brand Exp 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901
Akins D Wayne Jr officer: EVP, Chief Comm Banking Off. P.O. BOX 120 COLUMBUS GA 31902
Kamensky Allan E officer: EVP and General Counsel P.O. BOX 120 COLUMBUS GA 31902
Howard Kevin Joseph officer: EVP, Chief Wholesale Bank. Off 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901
Blair Kevin S. officer: President and CEO 1111 BAY AVENUE, SUITE 500 COLUMBUS GA 31901
Hurley Jill K officer: Chief Accounting Officer 1111 BAY AVENUE, SUITE 200 COLUMBUS GA 31901
Stelling Kessel D director, officer: Executive Chairman 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901

Synovus Financial Headlines

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