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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 Haemonetics Corp was -2.01. The lowest was -3.56. And the median was -2.77.
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 Haemonetics Corp 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 * 0.9311||+||0.528 * 1.0252||+||0.404 * 0.9955||+||0.892 * 0.9532||+||0.115 * 1.0533|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9821||+||4.679 * -0.0717||-||0.327 * 0.9899|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $139.1 Mil.|
Revenue was 213.413 + 226.478 + 231.827 + 227.58 = $899.3 Mil.
Gross Profit was 102.539 + 108.365 + 111.661 + 108.114 = $430.7 Mil.
Total Current Assets was $508.4 Mil.
Total Assets was $1,427.4 Mil.
Property, Plant and Equipment(Net PPE) was $328.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $87.8 Mil.
Selling, General & Admin. Expense(SGA) was $329.3 Mil.
Total Current Liabilities was $169.8 Mil.
Long-Term Debt was $399.5 Mil.
Net Income was -0.267 + -2.93 + 15.988 + 7.487 = $20.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 9.25 + 55.305 + 26.893 + 31.242 = $122.7 Mil.
|Accounts Receivable was $156.7 Mil.
Revenue was 224.488 + 241.091 + 242.12 + 235.755 = $943.5 Mil.
Gross Profit was 106.278 + 115.441 + 121.629 + 119.884 = $463.2 Mil.
Total Current Assets was $569.3 Mil.
Total Assets was $1,476.7 Mil.
Property, Plant and Equipment(Net PPE) was $294.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $83.9 Mil.
Selling, General & Admin. Expense(SGA) was $351.8 Mil.
Total Current Liabilities was $165.9 Mil.
Long-Term Debt was $429.0 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)|
|=||(139.103 / 899.298)||/||(156.733 / 943.454)|
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)|
|=||(108.365 / 943.454)||/||(102.539 / 899.298)|
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 - (508.361 + 328.882) / 1427.411)||/||(1 - (569.305 + 294.1) / 1476.731)|
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))|
|=||(83.894 / (83.894 + 294.1))||/||(87.797 / (87.797 + 328.882))|
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)|
|=||(329.3 / 899.298)||/||(351.773 / 943.454)|
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)|
|=||((399.453 + 169.765) / 1427.411)||/||((429.01 + 165.868) / 1476.731)|
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|
|=||(20.278 - 0||-||122.69)||/||1427.411|
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.
Haemonetics Corp has a M-score of -2.90 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
Haemonetics Corp Annual Data
Haemonetics Corp Quarterly Data