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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 -2.62 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 * 1.0241||+||0.528 * 1.0748||+||0.404 * 1.1576||+||0.892 * 0.8851||+||0.115 * 0.8556|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0603||+||4.679 * -0.0251||-||0.327 * 1.0682|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1.89 Mil.|
Revenue was 3.16 + 2.994 + 3.712 + 3.964 = $13.83 Mil.
Gross Profit was 1.782 + 1.96 + 2.455 + 2.684 = $8.88 Mil.
Total Current Assets was $47.17 Mil.
Total Assets was $47.58 Mil.
Property, Plant and Equipment(Net PPE) was $0.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General & Admin. Expense(SGA) was $9.13 Mil.
Total Current Liabilities was $7.11 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -2.333 + -2.339 + -1.334 + -0.848 = $-6.85 Mil.
Non Operating Income was -0.099 + 0.023 + 0.146 + 0.527 = $0.60 Mil.
Cash Flow from Operations was -2.046 + -0.856 + -1.43 + -1.927 = $-6.26 Mil.
|Accounts Receivable was $2.09 Mil.
Revenue was 4.08 + 3.843 + 4.074 + 3.628 = $15.63 Mil.
Gross Profit was 2.977 + 2.642 + 2.733 + 2.432 = $10.78 Mil.
Total Current Assets was $52.73 Mil.
Total Assets was $53.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General & Admin. Expense(SGA) was $9.73 Mil.
Total Current Liabilities was $7.44 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)|
|=||(1.89 / 13.83)||/||(2.085 / 15.625)|
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)|
|=||(1.96 / 15.625)||/||(1.782 / 13.83)|
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 - (47.17 + 0.201) / 47.578)||/||(1 - (52.726 + 0.287) / 53.213)|
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))|
|=||(0.136 / (0.136 + 0.287))||/||(0.121 / (0.121 + 0.201))|
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)|
|=||(9.133 / 13.83)||/||(9.732 / 15.625)|
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 + 7.107) / 47.578)||/||((0 + 7.441) / 53.213)|
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|
|=||(-6.854 - 0.597||-||-6.259)||/||47.578|
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 -2.62 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