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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 Jakks Pacific Inc was 0.02. The lowest was -7.03. And the median was -2.56.
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 Jakks Pacific 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 * 1.0691||+||0.528 * 0.8368||+||0.404 * 0.8006||+||0.892 * 1.1035||+||0.115 * 0.8953|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7765||+||4.679 * 0.0434||-||0.327 * 1.1585|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $304.3 Mil.|
Revenue was 349.362 + 124.172 + 82.51 + 137.73 = $693.8 Mil.
Gross Profit was 94.737 + 37.818 + 23.555 + 38.767 = $194.9 Mil.
Total Current Assets was $536.1 Mil.
Total Assets was $662.3 Mil.
Property, Plant and Equipment(Net PPE) was $10.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.8 Mil.
Selling, General & Admin. Expense(SGA) was $177.8 Mil.
Total Current Liabilities was $289.2 Mil.
Long-Term Debt was $215.0 Mil.
Net Income was 44.069 + -9.053 + -16.305 + -16.068 = $2.6 Mil.
Non Operating Income was 5.932 + 0 + 0.314 + 4.876 = $11.1 Mil.
Cash Flow from Operations was -72.548 + -21.582 + -11.05 + 67.932 = $-37.2 Mil.
|Accounts Receivable was $258.0 Mil.
Revenue was 310.894 + 106.232 + 78.069 + 133.507 = $628.7 Mil.
Gross Profit was 91.395 + 2.238 + 23.379 + 30.766 = $147.8 Mil.
Total Current Assets was $423.5 Mil.
Total Assets was $557.1 Mil.
Property, Plant and Equipment(Net PPE) was $12.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.8 Mil.
Selling, General & Admin. Expense(SGA) was $207.5 Mil.
Total Current Liabilities was $228.3 Mil.
Long-Term Debt was $137.8 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)|
|=||(304.338 / 693.774)||/||(257.965 / 628.702)|
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)|
|=||(37.818 / 628.702)||/||(94.737 / 693.774)|
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 - (536.11 + 10.552) / 662.263)||/||(1 - (423.539 + 12.094) / 557.094)|
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))|
|=||(19.779 / (19.779 + 12.094))||/||(23.831 / (23.831 + 10.552))|
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)|
|=||(177.781 / 693.774)||/||(207.473 / 628.702)|
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)|
|=||((215 + 289.202) / 662.263)||/||((137.826 + 228.294) / 557.094)|
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|
|=||(2.643 - 11.122||-||-37.248)||/||662.263|
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.
Jakks Pacific Inc has a M-score of -2.31 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
Jakks Pacific Inc Annual Data
Jakks Pacific Inc Quarterly Data