Questar Beneish M-Score Historical Data
The historical data trend for Questar'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.
Questar Beneish M-Score Chart
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Questar Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.80 |
-3.08 |
-2.69 |
-3.04 |
-2.57 |
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Questar Quarterly Data
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Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
| Beneish M-Score |
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-3.06 |
-2.70 |
-2.57 |
-2.81 |
-2.84 |
Competitive Comparison of Questar's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Questar'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.
Questar's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Questar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Questar's Beneish M-Score falls into.
Questar 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 Questar 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 * 1.0614 | + | 0.528 * 1.0015 | + | 0.404 * 0.9498 | + | 0.892 * 0.9814 | + | 0.115 * 1.0214 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0572 | + | 4.679 * -0.087838 | - | 0.327 * 0.9522 |
| = | -2.86 |
* 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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Total Receivables was $68 Mil.
Revenue was 174.1 + 456.3 + 364.7 + 142.3 = $1,137 Mil.
Gross Profit was 201.8 + 297.8 + 259.7 + 194.9 = $954 Mil.
Total Current Assets was $163 Mil.
Total Assets was $4,141 Mil.
Property, Plant and Equipment(Net PPE) was $3,889 Mil.
Depreciation, Depletion and Amortization(DDA) was $230 Mil.
Selling, General, & Admin. Expense(SGA) was $125 Mil.
Total Current Liabilities was $658 Mil.
Long-Term Debt & Capital Lease Obligation was $998 Mil.
Net Income was 33.1 + 78.5 + 50.9 + 32.6 = $195 Mil.
Non Operating Income was 0.9 + 1 + 0.9 + 0.9 = $4 Mil.
Cash Flow from Operations was 111.9 + 333 + 47.4 + 62.8 = $555 Mil.
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Total Receivables was $65 Mil.
Revenue was 199.3 + 428.6 + 373.2 + 157.9 = $1,159 Mil.
Gross Profit was 208.3 + 296.8 + 268.5 + 200.2 = $974 Mil.
Total Current Assets was $194 Mil.
Total Assets was $4,070 Mil.
Property, Plant and Equipment(Net PPE) was $3,785 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General, & Admin. Expense(SGA) was $120 Mil.
Total Current Liabilities was $711 Mil.
Long-Term Debt & Capital Lease Obligation was $999 Mil.
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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) |
| = | (67.6 / 1137.4) | / | (64.9 / 1159) |
| = | 0.059434 | / | 0.055997 |
| | = | 1.0614 |
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) |
| = | (973.8 / 1159) | / | (954.2 / 1137.4) |
| = | 0.840207 | / | 0.838931 |
| | = | 1.0015 |
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 - (162.6 + 3889.2) / 4140.6) | / | (1 - (193.5 + 3784.7) / 4070.1) |
| = | 0.021446 | / | 0.022579 |
| | = | 0.9498 |
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 |
| = | 1137.4 | / | 1159 |
| | = | 0.9814 |
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)) |
| = | (229.3 / (229.3 + 3784.7)) | / | (230.4 / (230.4 + 3889.2)) |
| = | 0.057125 | / | 0.055928 |
| | = | 1.0214 |
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) |
| = | (124.5 / 1137.4) | / | (120 / 1159) |
| = | 0.10946 | / | 0.103538 |
| | = | 1.0572 |
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) |
| = | ((997.9 + 658.2) / 4140.6) | / | ((998.6 + 711.1) / 4070.1) |
| = | 0.399966 | / | 0.420063 |
| | = | 0.9522 |
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 |
| = | (195.1 - 3.7 | - | 555.1) | / | 4140.6 |
| | = | -0.087838 |
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.
Questar has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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