FLO has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
Flowers Foods, Inc. has a M-score of -2.50 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Flowers Foods, Inc. was -2.22. The lowest was -3.08. And the median was -2.72.
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 Flowers Foods, 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 * 0.805||+||0.528 * 0.9889||+||0.404 * 1.1375||+||0.892 * 1.2313||+||0.115 * 1.0308|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0085||+||4.679 * -0.0153||-||0.327 * 1.0929|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $254 Mil.|
Revenue was 843.55 + 878.492 + 898.153 + 1130.81 = $3,751 Mil.
Gross Profit was 396.039 + 410.694 + 426.539 + 545.512 = $1,779 Mil.
Total Current Assets was $487 Mil.
Total Assets was $2,504 Mil.
Property, Plant and Equipment(Net PPE) was $867 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General & Admin. Expense(SGA) was $1,375 Mil.
Total Current Liabilities was $328 Mil.
Long-Term Debt was $892 Mil.
Net Income was 38.52 + 33.888 + 46.46 + 113.275 = $232 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 50.224 + 44.658 + 88.773 + 86.829 = $270 Mil.
|Accounts Receivable was $256 Mil.
Revenue was 749.442 + 717.282 + 681.561 + 898.206 = $3,046 Mil.
Gross Profit was 358.776 + 334.774 + 315.903 + 419.228 = $1,429 Mil.
Total Current Assets was $464 Mil.
Total Assets was $1,996 Mil.
Property, Plant and Equipment(Net PPE) was $726 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General & Admin. Expense(SGA) was $1,107 Mil.
Total Current Liabilities was $355 Mil.
Long-Term Debt was $535 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)|
|=||(253.967 / 3751.005)||/||(256.235 / 3046.491)|
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)|
|=||(410.694 / 3046.491)||/||(396.039 / 3751.005)|
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 - (487.405 + 867.004) / 2504.014)||/||(1 - (464.451 + 725.836) / 1995.849)|
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))|
|=||(102.69 / (102.69 + 725.836))||/||(118.491 / (118.491 + 867.004))|
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)|
|=||(1375.131 / 3751.005)||/||(1107.48 / 3046.491)|
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)|
|=||((892.478 + 327.782) / 2504.014)||/||((535.016 + 354.958) / 1995.849)|
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|
|=||(232.143 - 0||-||270.484)||/||2504.014|
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.
Flowers Foods, Inc. has a M-score of -2.50 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
Flowers Foods, Inc. Annual Data
Flowers Foods, Inc. Quarterly Data