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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.
Buckle, Inc. has a M-score of -2.31 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Buckle, Inc. was 4.32. The lowest was -3.78. And the median was -2.66.
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 Buckle, 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 * 1.24||+||0.528 * 1.0039||+||0.404 * 1.0497||+||0.892 * 1.0036||+||0.115 * 1.0067|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0006||+||4.679 * -0.0273||-||0.327 * 0.8371|
|This Year (Jan14) TTM:||Last Year (Jan13) TTM:|
|Accounts Receivable was $4 Mil.|
Revenue was 338.999 + 286.761 + 232.529 + 269.712 = $1,128 Mil.
Gross Profit was 161.426 + 126.225 + 94.487 + 117.007 = $499 Mil.
Total Current Assets was $342 Mil.
Total Assets was $546 Mil.
Property, Plant and Equipment(Net PPE) was $159 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $123 Mil.
Long-Term Debt was $0 Mil.
Net Income was 59.304 + 40.584 + 25.144 + 37.552 = $163 Mil.
Non Operating Income was 2.244 + 0.361 + 0.507 + 0.35 = $3 Mil.
Cash Flow from Operations was 104.706 + 43.143 + 5.036 + 21.141 = $174 Mil.
|Accounts Receivable was $3 Mil.
Revenue was 360.615 + 284.147 + 215.483 + 263.762 = $1,124 Mil.
Gross Profit was 173.202 + 125.415 + 86.503 + 114.195 = $499 Mil.
Total Current Assets was $277 Mil.
Total Assets was $478 Mil.
Property, Plant and Equipment(Net PPE) was $163 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $129 Mil.
Long-Term Debt was $0 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)|
|=||(4.318 / 1128.001)||/||(3.47 / 1124.007)|
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)|
|=||(126.225 / 1124.007)||/||(161.426 / 1128.001)|
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 - (342.137 + 158.569) / 546.293)||/||(1 - (276.873 + 163.103) / 477.974)|
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))|
|=||(33.834 / (33.834 + 163.103))||/||(32.631 / (32.631 + 158.569))|
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)|
|=||(242.151 / 1128.001)||/||(241.14 / 1124.007)|
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)|
|=||((0 + 123.381) / 546.293)||/||((0 + 128.956) / 477.974)|
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|
|=||(162.584 - 3.462||-||174.026)||/||546.293|
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.
Buckle, Inc. has a M-score of -2.31 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
Buckle, Inc. Annual Data
Buckle, Inc. Quarterly Data