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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 BlueLinx Holdings Inc was -1.73. The lowest was -4.76. And the median was -2.73.
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 BlueLinx Holdings 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 * 0.9419||+||0.528 * 0.9655||+||0.404 * 1.0527||+||0.892 * 0.9771||+||0.115 * 0.8344|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0104||+||4.679 * -0.1411||-||0.327 * 1.0308|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $182 Mil.|
Revenue was 509.011 + 474.326 + 428.15 + 517.831 = $1,929 Mil.
Gross Profit was 57.387 + 57.596 + 51.47 + 60.824 = $227 Mil.
Total Current Assets was $430 Mil.
Total Assets was $530 Mil.
Property, Plant and Equipment(Net PPE) was $90 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General & Admin. Expense(SGA) was $202 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt was $340 Mil.
Net Income was -3.144 + -6.145 + -6.062 + 0.561 = $-15 Mil.
Non Operating Income was -0.135 + 0.372 + -0.221 + -0.263 = $-0 Mil.
Cash Flow from Operations was 25.697 + -51.64 + 68.18 + 17.994 = $60 Mil.
|Accounts Receivable was $197 Mil.
Revenue was 515.656 + 454.949 + 454.11 + 549.845 = $1,975 Mil.
Gross Profit was 59.983 + 50.196 + 49.815 + 64.58 = $225 Mil.
Total Current Assets was $508 Mil.
Total Assets was $624 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $9 Mil.
Selling, General & Admin. Expense(SGA) was $205 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt was $264 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)|
|=||(181.623 / 1929.318)||/||(197.345 / 1974.56)|
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)|
|=||(224.574 / 1974.56)||/||(227.277 / 1929.318)|
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 - (430.227 + 89.923) / 529.934)||/||(1 - (508.231 + 104.399) / 623.566)|
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))|
|=||(9.416 / (9.416 + 104.399))||/||(9.897 / (9.897 + 89.923))|
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)|
|=||(202.324 / 1929.318)||/||(204.936 / 1974.56)|
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)|
|=||((340.222 + 196.584) / 529.934)||/||((264.113 + 348.658) / 623.566)|
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|
|=||(-14.79 - -0.247||-||60.231)||/||529.934|
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.
BlueLinx Holdings Inc has a M-score of -3.24 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
BlueLinx Holdings Inc Annual Data
BlueLinx Holdings Inc Quarterly Data