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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.
During the past 13 years, the highest Beneish M-Score of BroadVision Inc was 18.81. The lowest was -13.01. And the median was -2.56.
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 * 1.4753||+||0.528 * 1.2346||+||0.404 * 1.1213||+||0.892 * 0.7731||+||0.115 * 1.2525|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.243||+||4.679 * 0.0073||-||0.327 * 1.2209|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $0.93 Mil.|
Revenue was 1.951 + 1.922 + 2.009 + 2.677 = $8.56 Mil.
Gross Profit was 1.059 + 1.072 + 1.199 + 1.501 = $4.83 Mil.
Total Current Assets was $23.95 Mil.
Total Assets was $24.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.04 Mil.
Selling, General & Admin. Expense(SGA) was $8.10 Mil.
Total Current Liabilities was $4.42 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -2.442 + -2.603 + -2.051 + -3.319 = $-10.42 Mil.
Non Operating Income was 0.032 + 0.079 + 0.639 + -0.931 = $-0.18 Mil.
Cash Flow from Operations was -3.154 + -2.319 + -1.748 + -3.189 = $-10.41 Mil.
|Accounts Receivable was $0.81 Mil.
Revenue was 2.082 + 2.187 + 2.496 + 4.306 = $11.07 Mil.
Gross Profit was 1.384 + 1.33 + 1.734 + 3.267 = $7.72 Mil.
Total Current Assets was $34.53 Mil.
Total Assets was $34.82 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General & Admin. Expense(SGA) was $8.43 Mil.
Total Current Liabilities was $5.21 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)|
|=||(0.925 / 8.559)||/||(0.811 / 11.071)|
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)|
|=||(7.715 / 11.071)||/||(4.831 / 8.559)|
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 - (23.952 + 0.068) / 24.171)||/||(1 - (34.531 + 0.096) / 34.821)|
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))|
|=||(0.093 / (0.093 + 0.096))||/||(0.044 / (0.044 + 0.068))|
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)|
|=||(8.099 / 8.559)||/||(8.428 / 11.071)|
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 + 4.418) / 24.171)||/||((0 + 5.213) / 34.821)|
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|
|=||(-10.415 - -0.181||-||-10.41)||/||24.171|
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 -2.12 signals that the company is likely to 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