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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 J&J Snack Foods Corp was -2.35. The lowest was -3.23. And the median was -2.72.
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 J&J Snack Foods 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 * 0.9713||+||0.528 * 0.9994||+||0.404 * 1.0313||+||0.892 * 1.021||+||0.115 * 1.0277|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9838||+||4.679 * -0.0481||-||0.327 * 0.9532|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $114.5 Mil.|
Revenue was 277.981 + 229.71 + 222.85 + 259.772 = $990.3 Mil.
Gross Profit was 92.086 + 68.749 + 63.835 + 82.443 = $307.1 Mil.
Total Current Assets was $331.9 Mil.
Total Assets was $771.2 Mil.
Property, Plant and Equipment(Net PPE) was $182.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.6 Mil.
Selling, General & Admin. Expense(SGA) was $191.4 Mil.
Total Current Liabilities was $104.4 Mil.
Long-Term Debt was $1.3 Mil.
Net Income was 26.791 + 15.588 + 12.479 + 19.828 = $74.7 Mil.
Non Operating Income was 0.981 + 0.977 + 1.16 + -1.422 = $1.7 Mil.
Cash Flow from Operations was 43.047 + 7.383 + 20.918 + 38.721 = $110.1 Mil.
|Accounts Receivable was $115.5 Mil.
Revenue was 278.724 + 225.008 + 212.752 + 253.494 = $970.0 Mil.
Gross Profit was 90.396 + 66.95 + 61.101 + 82.19 = $300.6 Mil.
Total Current Assets was $333.7 Mil.
Total Assets was $742.9 Mil.
Property, Plant and Equipment(Net PPE) was $169.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.0 Mil.
Selling, General & Admin. Expense(SGA) was $190.5 Mil.
Total Current Liabilities was $105.6 Mil.
Long-Term Debt was $1.3 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)|
|=||(114.543 / 990.313)||/||(115.508 / 969.978)|
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)|
|=||(300.637 / 969.978)||/||(307.113 / 990.313)|
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 - (331.878 + 182.468) / 771.233)||/||(1 - (333.708 + 169.276) / 742.926)|
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))|
|=||(38.023 / (38.023 + 169.276))||/||(39.643 / (39.643 + 182.468))|
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)|
|=||(191.375 / 990.313)||/||(190.529 / 969.978)|
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)|
|=||((1.327 + 104.386) / 771.233)||/||((1.265 + 105.569) / 742.926)|
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|
|=||(74.686 - 1.696||-||110.069)||/||771.233|
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.
J&J Snack Foods Corp has a M-score of -2.68 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
J&J Snack Foods Corp Annual Data
J&J Snack Foods Corp Quarterly Data