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UMB Financial Beneish M-Score

: -2.29 (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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAS:UMBF' s Beneish M-Score Range Over the Past 10 Years
Min: -5.18   Med: -2.44   Max: 0.33
Current: -2.29

-5.18
0.33

During the past 13 years, the highest Beneish M-Score of UMB Financial was 0.33. The lowest was -5.18. And the median was -2.44.


UMB Financial Beneish M-Score Historical Data

The historical data trend for UMB 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.

UMB Financial Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.28 -2.44 -2.42 -2.42 -2.53

UMB Financial Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
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 -2.58 -2.53 -2.36 -2.42 -2.29

Competitive Comparison

For the Banks - Regional subindustry, UMB 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.

   

UMB Financial Beneish M-Score Distribution

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

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



UMB 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 UMB 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 * 0.8302+0.892 * 1.1989+0.115 * 0.9817
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8475+4.679 * -0.0024-0.327 * 0.777
=-2.29

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $0 Mil.
Revenue was 296.315 + 311.63 + 282.639 + 403.846 = $1,294 Mil.
Gross Profit was 296.315 + 311.63 + 282.639 + 403.846 = $1,294 Mil.
Total Current Assets was $17,647 Mil.
Total Assets was $37,554 Mil.
Property, Plant and Equipment(Net PPE) was $273 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $543 Mil.
Total Current Liabilities was $250 Mil.
Long-Term Debt & Capital Lease Obligation was $271 Mil.
Net Income was 94.467 + 87.412 + 92.643 + 156.32 = $431 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 185.105 + 61.317 + 115.94 + 158.443 = $521 Mil.
Accounts Receivable was $0 Mil.
Revenue was 279.734 + 280.533 + 254.115 + 265.306 = $1,080 Mil.
Gross Profit was 279.734 + 280.533 + 254.115 + 265.306 = $1,080 Mil.
Total Current Assets was $10,906 Mil.
Total Assets was $30,251 Mil.
Property, Plant and Equipment(Net PPE) was $295 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $535 Mil.
Total Current Liabilities was $271 Mil.
Long-Term Debt & Capital Lease Obligation was $269 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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 / 1294.43) / (0 / 1079.688)
=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)
=(1079.688 / 1079.688) / (1294.43 / 1294.43)
=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 - (17646.582 + 273.378) / 37554.285) / (1 - (10906.154 + 295.09) / 30250.972)
=0.52282516 / 0.62972284
=0.8302

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
=1294.43 / 1079.688
=1.1989

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))
=(61.318 / (61.318 + 295.09)) / (58.091 / (58.091 + 273.378))
=0.1720444 / 0.17525319
=0.9817

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)
=(543.435 / 1294.43) / (534.863 / 1079.688)
=0.41982571 / 0.49538663
=0.8475

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)
=((271.049 + 249.567) / 37554.285) / ((269.044 + 270.72) / 30250.972)
=0.01386303 / 0.01784286
=0.777

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
=(430.842 - 0 - 520.805) / 37554.285
=-0.0024

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.

UMB Financial has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.


UMB Financial Beneish M-Score Related Terms

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


UMB Financial Business Description

UMB Financial logo
Industry
Financial Services » Banks NAICS : 522110 SIC : 6029
Traded in Other Exchanges
Address
1010 Grand Boulevard, Kansas City, MO, USA, 64106
UMB Financial Corp, or UMBF, is a financial services holding company offering a suite of banking, asset management, and health spending solutions. Its customer base includes commercial, institutional, and personal customers across the United States. The company's banking subsidiaries own and operate banking and wealth-management centres mostly throughout the Midwest and Southwest regions of the U.S. Subsidiaries of the holding company and its lead bank, UMB Bank, include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisory. The bank's revenue is split nearly evenly between interest income and noninterest income.
Executives
Kemper J Mariner director, officer: Chairman and CEO 1010 GRAND BLVD. KANSAS CITY MO 64106
Peterman Tamara director 1010 GRAND BLVD KANSAS CITY MO 64106
Graves Greg M director 1010 GRAND BLVD KANSAS CITY MO 64106
Davidson Janine director 1010 GRAND BLVD KANSAS CITY MO 64106
Shankar Ram officer: Chief Financial Officer 1010 GRAND BLVD. KANSAS CITY MO 64106
Rine James D officer: President UMB Bank, n.a. 1010 GRAND BOULEVARD KANSAS CITY MO 64106
King Stacy H officer: Chief Risk Officer 1010 GRAND BLVD KANSAS CITY MO 64106
Cornelius James officer: Executive Vice President 1010 GRAND BOULEVARD KANSAS CITY MO 64106
Johnson Shannon Andresen officer: Chief Administrative Officer 1010 GRAND BLVD KANSAS CITY MO 64106
Macke Kevin M officer: Executive Vice President 1010 GRAND BOULEVARD KANSAS CITY MO 64106
Terry Thomas S officer: Chief Credit Officer 1010 GRAND BOULEVARD KANSAS CITY MO 64106
Pauls John officer: EVP & General Counsel 1010 GRAND BLVD KANSAS CITY MO 64106
Wendel Abigail M officer: President - Consumer Banking 1010 GRAND BOULEVARD KANSAS CITY MO 64106
Newton Nikki Farentino officer: President, Private Wealth Mgmt 1010 GRAND BLVD KANSAS CITY MO 64106
Beaird Robert Brian officer: Chief Human Resource Officer 1010 GRAND BLVD KANSAS CITY MO 64106

UMB Financial Headlines

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