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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 -1.96. The lowest was -3.82. 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 * 1.0036||+||0.528 * 1.1115||+||0.404 * 0.9652||+||0.892 * 1.0083||+||0.115 * 1.009|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9512||+||4.679 * -0.1221||-||0.327 * 0.8943|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $150.6 Mil.|
Revenue was 227.841 + 220.253 + 209.956 + 242.342 = $900.4 Mil.
Gross Profit was 101.079 + 104.248 + 91.056 + 89.223 = $385.6 Mil.
Total Current Assets was $496.6 Mil.
Total Assets was $1,306.4 Mil.
Property, Plant and Equipment(Net PPE) was $336.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $89.7 Mil.
Selling, General & Admin. Expense(SGA) was $305.9 Mil.
Total Current Liabilities was $216.2 Mil.
Long-Term Debt was $270.0 Mil.
Net Income was 15.393 + 19.825 + -10.346 + -8.735 = $16.1 Mil.
Non Operating Income was 0 + 0 + 0 + -2.718 = $-2.7 Mil.
Cash Flow from Operations was 55.201 + 39.265 + 30.695 + 53.253 = $178.4 Mil.
|Accounts Receivable was $148.8 Mil.
Revenue was 233.384 + 219.693 + 213.413 + 226.478 = $893.0 Mil.
Gross Profit was 108.855 + 105.297 + 102.539 + 108.365 = $425.1 Mil.
Total Current Assets was $501.4 Mil.
Total Assets was $1,336.4 Mil.
Property, Plant and Equipment(Net PPE) was $332.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $89.9 Mil.
Selling, General & Admin. Expense(SGA) was $318.9 Mil.
Total Current Liabilities was $175.3 Mil.
Long-Term Debt was $380.8 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)|
|=||(150.557 / 900.392)||/||(148.774 / 892.968)|
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)|
|=||(425.056 / 892.968)||/||(385.606 / 900.392)|
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 - (496.562 + 335.957) / 1306.421)||/||(1 - (501.363 + 332.772) / 1336.422)|
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))|
|=||(89.883 / (89.883 + 332.772))||/||(89.721 / (89.721 + 335.957))|
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)|
|=||(305.851 / 900.392)||/||(318.902 / 892.968)|
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)|
|=||((269.997 + 216.221) / 1306.421)||/||((380.814 + 175.334) / 1336.422)|
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|
|=||(16.137 - -2.718||-||178.414)||/||1306.421|
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 -2.95 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