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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 -2.99 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Big Lots Inc was 5.89. The lowest was -3.99. And the median was -2.70.
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 * 1.0162||+||0.404 * 0.6971||+||0.892 * 0.9873||+||0.115 * 0.9197|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0373||+||4.679 * -0.0862||-||0.327 * 0.9051|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 1281.271 + 1612.558 + 1152.444 + 1225.572 = $5,272 Mil.
Gross Profit was 493.556 + 625.763 + 443.459 + 479.455 = $2,042 Mil.
Total Current Assets was $1,049 Mil.
Total Assets was $1,659 Mil.
Property, Plant and Equipment(Net PPE) was $558 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General & Admin. Expense(SGA) was $1,745 Mil.
Total Current Liabilities was $590 Mil.
Long-Term Debt was $54 Mil.
Net Income was 3.348 + 84.353 + -9.517 + 18.126 = $96 Mil.
Non Operating Income was 0 + -0.802 + -0.147 + -0.118 = $-1 Mil.
Cash Flow from Operations was 102.166 + 269.432 + -153.116 + 21.835 = $240 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1267.02 + 1720.442 + 1134.205 + 1218.037 = $5,340 Mil.
Gross Profit was 502.195 + 689.455 + 432.59 + 477.835 = $2,102 Mil.
Total Current Assets was $1,075 Mil.
Total Assets was $1,737 Mil.
Property, Plant and Equipment(Net PPE) was $583 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General & Admin. Expense(SGA) was $1,704 Mil.
Total Current Liabilities was $607 Mil.
Long-Term Debt was $137 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 / 5271.845)||/||(0 / 5339.704)|
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)|
|=||(625.763 / 5339.704)||/||(493.556 / 5271.845)|
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 - (1049.093 + 557.675) / 1659.062)||/||(1 - (1074.741 + 583.496) / 1736.763)|
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))|
|=||(97.561 / (97.561 + 583.496))||/||(102.882 / (102.882 + 557.675))|
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)|
|=||(1744.824 / 5271.845)||/||(1703.744 / 5339.704)|
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)|
|=||((53.6 + 590.253) / 1659.062)||/||((137.2 + 607.473) / 1736.763)|
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|
|=||(96.31 - -1.067||-||240.317)||/||1659.062|
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 -2.99 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