FNB Corp Beneish M Score

FNB
 Stock
  

USD 14.10  0.20  1.44%   

This module uses fundamental data of FNB Corp to approximate the value of its Beneish M Score. FNB Corp M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please check FNB Corp Piotroski F Score and FNB Corp Altman Z Score analysis.
  
FNB Corp Long Term Debt is projected to increase significantly based on the last few years of reporting. The past year's Long Term Debt was at 682 Million. The current year Total Debt is expected to grow to about 2.8 B, whereas Issuance Repayment of Debt Securities is forecasted to decline to (697.9 M). FNB Corp Calculated Tax Rate is projected to drop based on the last few years of reporting. The past year's Calculated Tax Rate was at 19.48. The current year Cash and Equivalents Turnover is expected to grow to 0.56, whereas PPandE Turnover is forecasted to decline to 3.85.
At this time, it appears that FNB Corp is an unlikely manipulator. The earnings manipulation may begin if FNB Corp's top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by FNB Corp executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of FNB Corp's earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-3.99
Beneish M Score - Unlikely Manipulator
Elasticity of ReceivablesN/AFocus
Asset QualityN/AFocus
Expense Coverage1.11Focus
Gross Margin Strengs0.99Focus
Accruals Factor1.11Focus
Depreciation Resistance0.91Focus
Net Sales Growth0.83Focus
Financial Leverage Condition1.01Focus

FNB Corp Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if FNB Corp's auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense575.9 M631 M
Significantly Down
Increasing
Slightly volatile
Revenues1.1 B1.3 B
Significantly Down
Increasing
Slightly volatile
Property Plant and Equipment Net322.3 M345 M
Significantly Down
Increasing
Slightly volatile
Operating Income435.4 M503 M
Fairly Down
Increasing
Slightly volatile
Net Cash Flow from Operations424.1 M530 M
Significantly Down
Increasing
Stable
Total Liabilities37.1 B34.4 B
Significantly Up
Increasing
Slightly volatile
Investments28.7 B31.8 B
Moderately Down
Increasing
Slightly volatile
Gross Margin0.890.9
Fairly Down
Decreasing
Slightly volatile
Depreciation Amortization and Accretion10.3 M10 M
Fairly Up
Decreasing
Very volatile
Total Debt2.8 B2.2 B
Significantly Up
Increasing
Slightly volatile
Total Assets42.6 B39.5 B
Significantly Up
Increasing
Slightly volatile

FNB Corp Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between FNB Corp's different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards FNB Corp in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find FNB Corp's degree of accounting gimmicks and manipulations.

About FNB Corp Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Operating Expenses

689.8 Million

FNB Corp Operating Expenses is projected to increase significantly based on the last few years of reporting. The past year's Operating Expenses was at 733 Million

FNB Corp Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as FNB Corp. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201720182019202020212022 (projected)
Revenues1.23 B1.45 B1.54 B1.42 B1.33 B1.1 B
Total Assets31.42 B33.1 B34.62 B37.35 B39.51 B42.63 B
Property Plant and Equipment Net337 M330 M333 M332 M345 M322.28 M
Depreciation Amortization and Accretion89 M109 M45 M(3 M)10 M10.26 M
Selling General and Administrative Expense486 M551 M573 M625 M631 M575.93 M
Total Liabilities27.01 B28.49 B29.73 B32.4 B34.36 B37.08 B
Total Debt4.35 B4.76 B4.56 B2.9 B2.22 B2.8 B
Operating Income356 M452 M471 M343 M503 M435.43 M
Net Cash Flow from Operations278.91 M611 M259 M113 M530 M424.14 M
Investments26.92 B28.59 B29.71 B31.58 B31.81 B28.73 B

About FNB Corp Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze FNB Corp's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of FNB Corp using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of FNB Corp based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Corporation, a financial holding company, provides a range of financial services primarily to consumers, corporations, governments, and small- to medium-sized businesses. Corporation was founded in 1864 and is headquartered in Pittsburgh, Pennsylvania. FNB Corp operates under BanksRegional classification in the United States and is traded on New York Stock Exchange. It employs 3884 people.

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Please check FNB Corp Piotroski F Score and FNB Corp Altman Z Score analysis. You can also try Global Correlations module to find global opportunities by holding instruments from different markets.

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Is FNB Corp's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of FNB Corp. If investors know FNB Corp will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about FNB Corp listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth YOY
0.12
Market Capitalization
4.9 B
Quarterly Revenue Growth YOY
0.15
Return On Assets
0.0097
Return On Equity
7.6
The market value of FNB Corp is measured differently than its book value, which is the value of FNB Corp that is recorded on the company's balance sheet. Investors also form their own opinion of FNB Corp's value that differs from its market value or its book value, called intrinsic value, which is FNB Corp's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because FNB Corp's market value can be influenced by many factors that don't directly affect FNB Corp's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between FNB Corp's value and its price as these two are different measures arrived at by different means. Investors typically determine FNB Corp value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, FNB Corp's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.