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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 Henry Schein Inc was -1.38. The lowest was -2.91. And the median was -2.48.
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 Henry Schein 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 * 0.9332||+||0.528 * 0.984||+||0.404 * 1.0177||+||0.892 * 1.0502||+||0.115 * 0.9582|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0144||+||4.679 * -0.0263||-||0.327 * 0.9882|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $1,164 Mil.|
Revenue was 2629.32 + 2463.646 + 2702.096 + 2623.729 = $10,419 Mil.
Gross Profit was 750.678 + 713.395 + 764.464 + 721.666 = $2,950 Mil.
Total Current Assets was $2,905 Mil.
Total Assets was $6,106 Mil.
Property, Plant and Equipment(Net PPE) was $310 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General & Admin. Expense(SGA) was $2,215 Mil.
Total Current Liabilities was $1,637 Mil.
Long-Term Debt was $589 Mil.
Net Income was 117.928 + 103.447 + 132.966 + 114.776 = $469 Mil.
Non Operating Income was -0.177 + 0.12 + 0.444 + -0.484 = $-0 Mil.
Cash Flow from Operations was 207.756 + -26.654 + 274.019 + 174.502 = $630 Mil.
|Accounts Receivable was $1,188 Mil.
Revenue was 2615.406 + 2430.159 + 2526.37 + 2348.956 = $9,921 Mil.
Gross Profit was 728.472 + 696.713 + 699.52 + 639.647 = $2,764 Mil.
Total Current Assets was $2,912 Mil.
Total Assets was $5,992 Mil.
Property, Plant and Equipment(Net PPE) was $293 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General & Admin. Expense(SGA) was $2,079 Mil.
Total Current Liabilities was $1,544 Mil.
Long-Term Debt was $666 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)|
|=||(1164.38 / 10418.791)||/||(1188.143 / 9920.891)|
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)|
|=||(713.395 / 9920.891)||/||(750.678 / 10418.791)|
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 - (2905.337 + 310.333) / 6105.626)||/||(1 - (2912.003 + 292.972) / 5991.754)|
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))|
|=||(137.288 / (137.288 + 292.972))||/||(154.924 / (154.924 + 310.333))|
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)|
|=||(2214.692 / 10418.791)||/||(2078.88 / 9920.891)|
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)|
|=||((588.523 + 1636.742) / 6105.626)||/||((665.909 + 1543.901) / 5991.754)|
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|
|=||(469.117 - -0.097||-||629.623)||/||6105.626|
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.
Henry Schein Inc has a M-score of -2.62 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
Henry Schein Inc Annual Data
Henry Schein Inc Quarterly Data