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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 -2.21. The lowest was -3.40. And the median was -2.76.
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 * 0.9133||+||0.528 * 1.0458||+||0.404 * 0.9757||+||0.892 * 0.97||+||0.115 * 1.0973|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9414||+||4.679 * -0.0742||-||0.327 * 0.9967|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $145.8 Mil.|
Revenue was 226.478 + 231.827 + 227.58 + 224.488 = $910.4 Mil.
Gross Profit was 108.365 + 111.661 + 108.114 + 106.278 = $434.4 Mil.
Total Current Assets was $570.3 Mil.
Total Assets was $1,485.4 Mil.
Property, Plant and Equipment(Net PPE) was $321.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $86.1 Mil.
Selling, General & Admin. Expense(SGA) was $334.3 Mil.
Total Current Liabilities was $189.1 Mil.
Long-Term Debt was $406.4 Mil.
Net Income was -2.93 + 15.988 + 7.487 + -3.649 = $16.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 55.305 + 26.893 + 31.242 + 13.738 = $127.2 Mil.
|Accounts Receivable was $164.6 Mil.
Revenue was 241.091 + 242.12 + 235.755 + 219.543 = $938.5 Mil.
Gross Profit was 115.441 + 121.629 + 119.884 + 111.412 = $468.4 Mil.
Total Current Assets was $623.0 Mil.
Total Assets was $1,514.2 Mil.
Property, Plant and Equipment(Net PPE) was $271.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.7 Mil.
Selling, General & Admin. Expense(SGA) was $366.0 Mil.
Total Current Liabilities was $216.9 Mil.
Long-Term Debt was $392.1 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)|
|=||(145.827 / 910.373)||/||(164.603 / 938.509)|
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)|
|=||(111.661 / 938.509)||/||(108.365 / 910.373)|
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 - (570.277 + 321.948) / 1485.417)||/||(1 - (622.976 + 271.437) / 1514.178)|
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))|
|=||(81.74 / (81.74 + 271.437))||/||(86.053 / (86.053 + 321.948))|
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)|
|=||(334.25 / 910.373)||/||(366.022 / 938.509)|
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)|
|=||((406.369 + 189.092) / 1485.417)||/||((392.057 + 216.928) / 1514.178)|
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|
|=||(16.896 - 0||-||127.178)||/||1485.417|
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