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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.
BroadVision Inc has a M-score of -2.43 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of BroadVision Inc was 9.95. The lowest was -8.79. And the median was -2.54.
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 BroadVision 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 * 1.0673||+||0.528 * 1.093||+||0.404 * 1.2077||+||0.892 * 0.8139||+||0.115 * 0.8572|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1467||+||4.679 * 0.0145||-||0.327 * 1.0273|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $2.18 Mil.|
Revenue was 3.125 + 3.16 + 2.994 + 3.712 = $12.99 Mil.
Gross Profit was 2.021 + 1.782 + 1.96 + 2.455 = $8.22 Mil.
Total Current Assets was $43.09 Mil.
Total Assets was $43.46 Mil.
Property, Plant and Equipment(Net PPE) was $0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General & Admin. Expense(SGA) was $9.14 Mil.
Total Current Liabilities was $5.78 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -3.253 + -2.333 + -2.339 + -1.334 = $-9.26 Mil.
Non Operating Income was -1.171 + -0.099 + 0.023 + 0.146 = $-1.10 Mil.
Cash Flow from Operations was -4.455 + -2.046 + -0.856 + -1.43 = $-8.79 Mil.
|Accounts Receivable was $2.51 Mil.
Revenue was 3.964 + 4.08 + 3.843 + 4.074 = $15.96 Mil.
Gross Profit was 2.684 + 2.977 + 2.642 + 2.733 = $11.04 Mil.
Total Current Assets was $51.51 Mil.
Total Assets was $51.98 Mil.
Property, Plant and Equipment(Net PPE) was $0.26 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General & Admin. Expense(SGA) was $9.80 Mil.
Total Current Liabilities was $6.73 Mil.
Long-Term Debt was $0.00 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)|
|=||(2.177 / 12.991)||/||(2.506 / 15.961)|
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)|
|=||(1.782 / 15.961)||/||(2.021 / 12.991)|
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 - (43.085 + 0.173) / 43.462)||/||(1 - (51.514 + 0.259) / 51.975)|
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))|
|=||(0.138 / (0.138 + 0.259))||/||(0.118 / (0.118 + 0.173))|
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)|
|=||(9.143 / 12.991)||/||(9.796 / 15.961)|
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 + 5.782) / 43.462)||/||((0 + 6.731) / 51.975)|
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|
|=||(-9.259 - -1.101||-||-8.787)||/||43.462|
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.
BroadVision Inc has a M-score of -2.43 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
BroadVision Inc Annual Data
BroadVision Inc Quarterly Data