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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Big Lots Inc has a M-score of -3.08 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Big Lots Inc was 3.74. The lowest was -4.06. And the median was -2.72.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Big Lots Inc 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 * 1.0096||+||0.404 * 0.7714||+||0.892 * 0.9663||+||0.115 * 0.8939|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.038||+||4.679 * -0.1062||-||0.327 * 0.904|
|This Year (Jul14) TTM:||Last Year (Jul13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 1195.363 + 1281.271 + 1612.558 + 1152.444 = $5,242 Mil.
Gross Profit was 469.527 + 493.556 + 625.763 + 443.459 = $2,032 Mil.
Total Current Assets was $1,037 Mil.
Total Assets was $1,642 Mil.
Property, Plant and Equipment(Net PPE) was $551 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General & Admin. Expense(SGA) was $1,738 Mil.
Total Current Liabilities was $591 Mil.
Long-Term Debt was $57 Mil.
Net Income was 19.938 + 3.348 + 84.353 + -9.517 = $98 Mil.
Non Operating Income was 0 + 0 + -0.802 + -0.147 = $-1 Mil.
Cash Flow from Operations was 55.003 + 102.166 + 269.432 + -153.116 = $273 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1225.572 + 1311.338 + 1753.396 + 1134.205 = $5,425 Mil.
Gross Profit was 479.455 + 516.629 + 694.777 + 432.59 = $2,123 Mil.
Total Current Assets was $1,131 Mil.
Total Assets was $1,801 Mil.
Property, Plant and Equipment(Net PPE) was $593 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General & Admin. Expense(SGA) was $1,733 Mil.
Total Current Liabilities was $643 Mil.
Long-Term Debt was $142 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(0 / 5241.636)||/||(0 / 5424.511)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(493.556 / 5424.511)||/||(469.527 / 5241.636)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1036.777 + 551.452) / 1642.392)||/||(1 - (1131.362 + 592.945) / 1801.311)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(98.333 / (98.333 + 592.945))||/||(104.359 / (104.359 + 551.452))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1738.471 / 5241.636)||/||(1733.334 / 5424.511)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((56.5 + 590.691) / 1642.392)||/||((141.7 + 643.476) / 1801.311)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(98.122 - -0.949||-||273.485)||/||1642.392|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Big Lots Inc has a M-score of -3.08 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Big Lots Inc Annual Data
Big Lots Inc Quarterly Data