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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 -2.54.
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 * 0.7982||+||0.528 * 0.9081||+||0.404 * 0.9674||+||0.892 * 1.2055||+||0.115 * 1.3388|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9501||+||4.679 * -0.0128||-||0.327 * 0.9434|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $292.9 Mil.|
Revenue was 337.027 + 131.106 + 114.201 + 254.016 = $836.4 Mil.
Gross Profit was 104.329 + 39.287 + 35.378 + 79.697 = $258.7 Mil.
Total Current Assets was $513.5 Mil.
Total Assets was $639.6 Mil.
Property, Plant and Equipment(Net PPE) was $18.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.0 Mil.
Selling, General & Admin. Expense(SGA) was $214.0 Mil.
Total Current Liabilities was $241.9 Mil.
Long-Term Debt was $215.0 Mil.
Net Income was 45.845 + -5.68 + -7.581 + 2.798 = $35.4 Mil.
Non Operating Income was 5.702 + 1.684 + 0 + 0 = $7.4 Mil.
Cash Flow from Operations was -40.143 + 11.462 + 38.788 + 26.094 = $36.2 Mil.
|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 $539.6 Mil.
Total Assets was $665.8 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 $186.9 Mil.
Total Current Liabilities was $289.2 Mil.
Long-Term Debt was $215.0 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)|
|=||(292.861 / 836.35)||/||(304.338 / 693.774)|
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)|
|=||(39.287 / 693.774)||/||(104.329 / 836.35)|
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 - (513.525 + 18.604) / 639.557)||/||(1 - (539.603 + 10.552) / 665.756)|
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))|
|=||(23.831 / (23.831 + 10.552))||/||(19.969 / (19.969 + 18.604))|
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)|
|=||(214.012 / 836.35)||/||(186.86 / 693.774)|
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 + 241.947) / 639.557)||/||((215 + 289.202) / 665.756)|
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|
|=||(35.382 - 7.386||-||36.201)||/||639.557|
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 -2.54 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