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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 Hasbro Inc was -1.60. The lowest was -3.33. And the median was -2.68.
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 Hasbro 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 * 1.1244||+||0.528 * 0.9957||+||0.404 * 0.9311||+||0.892 * 1.0589||+||0.115 * 1.0044|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.999||+||4.679 * -0.0124||-||0.327 * 0.9535|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $671 Mil.|
Revenue was 831.18 + 1465.354 + 1470.997 + 797.658 = $4,565 Mil.
Gross Profit was 470.971 + 761.467 + 777.898 + 445.19 = $2,456 Mil.
Total Current Assets was $2,524 Mil.
Total Assets was $4,365 Mil.
Property, Plant and Equipment(Net PPE) was $241 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General & Admin. Expense(SGA) was $1,407 Mil.
Total Current Liabilities was $768 Mil.
Long-Term Debt was $1,547 Mil.
Net Income was 48.751 + 175.763 + 207.599 + 41.809 = $474 Mil.
Non Operating Income was -4.872 + -3.911 + 4.463 + 1.642 = $-3 Mil.
Cash Flow from Operations was 293.623 + 482.887 + -166.546 + -79.177 = $531 Mil.
|Accounts Receivable was $563 Mil.
Revenue was 713.5 + 1298.593 + 1469.899 + 829.262 = $4,311 Mil.
Gross Profit was 406.676 + 691.017 + 772.781 + 438.393 = $2,309 Mil.
Total Current Assets was $2,332 Mil.
Total Assets was $4,247 Mil.
Property, Plant and Equipment(Net PPE) was $244 Mil.
Depreciation, Depletion and Amortization(DDA) was $157 Mil.
Selling, General & Admin. Expense(SGA) was $1,330 Mil.
Total Current Liabilities was $817 Mil.
Long-Term Debt was $1,546 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)|
|=||(670.663 / 4565.189)||/||(563.301 / 4311.254)|
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)|
|=||(2308.867 / 4311.254)||/||(2455.526 / 4565.189)|
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 - (2524.083 + 241.253) / 4364.695)||/||(1 - (2332.078 + 243.589) / 4247.116)|
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))|
|=||(157.414 / (157.414 + 243.589))||/||(154.789 / (154.789 + 241.253))|
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)|
|=||(1406.67 / 4565.189)||/||(1329.758 / 4311.254)|
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)|
|=||((1547.434 + 768.373) / 4364.695)||/||((1546.169 + 817.069) / 4247.116)|
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|
|=||(473.922 - -2.678||-||530.787)||/||4364.695|
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.
Hasbro Inc has a M-score of -2.39 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
Hasbro Inc Annual Data
Hasbro Inc Quarterly Data