GYRO 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.
Gyrodyne Company of America has a M-score of -682.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Gyrodyne Company of America was 2311.45. The lowest was -10000000.00. And the median was -2.91.
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 Gyrodyne Company of America 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 * 0.8278||+||0.528 * 1.0565||+||0.404 * -1668.4291||+||0.892 * 1.0198||+||0.115 * 1.1907|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7185||+||4.679 * 1.2693||-||0.327 * 35.9751|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $0.21 Mil.|
Revenue was 1.3 + 1.24 + 1.28 + 1.22 = $5.04 Mil.
Gross Profit was 0.588 + 0.603 + 0.674 + 0.612 = $2.48 Mil.
Total Current Assets was $13.04 Mil.
Total Assets was $46.42 Mil.
Property, Plant and Equipment(Net PPE) was $32.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.97 Mil.
Selling, General & Admin. Expense(SGA) was $14.77 Mil.
Total Current Liabilities was $17.75 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.012 + -1.317 + 48.708 + -0.445 = $46.96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -4.399 + -3.879 + -3.296 + -0.387 = $-11.96 Mil.
|Accounts Receivable was $0.24 Mil.
Revenue was 1.289 + 1.211 + 1.197 + 1.245 = $4.94 Mil.
Gross Profit was 0.627 + 0.636 + 0.614 + 0.689 = $2.57 Mil.
Total Current Assets was $94.11 Mil.
Total Assets was $128.80 Mil.
Property, Plant and Equipment(Net PPE) was $34.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.23 Mil.
Selling, General & Admin. Expense(SGA) was $8.43 Mil.
Total Current Liabilities was $1.37 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)|
|=||(0.206 / 5.04)||/||(0.244 / 4.942)|
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)|
|=||(0.603 / 4.942)||/||(0.588 / 5.04)|
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 - (13.043 + 32.776) / 46.42)||/||(1 - (94.106 + 34.694) / 128.799)|
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))|
|=||(1.227 / (1.227 + 34.694))||/||(0.968 / (0.968 + 32.776))|
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)|
|=||(14.769 / 5.04)||/||(8.427 / 4.942)|
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 + 17.75) / 46.42)||/||((0 + 1.369) / 128.799)|
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|
|=||(46.958 - 0||-||-11.961)||/||46.42|
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.
Gyrodyne Company of America has a M-score of -682.64 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
Gyrodyne Company of America Annual Data
Gyrodyne Company of America Quarterly Data