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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 Natures Sunshine Products Inc was -1.70. The lowest was -3.44. And the median was -2.58.
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 Natures Sunshine Products 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 * 1.112||+||0.528 * 1.0132||+||0.404 * 1.2131||+||0.892 * 0.906||+||0.115 * 1.0752|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0092||+||4.679 * -0.0197||-||0.327 * 1.0606|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $8.1 Mil.|
Revenue was 82.402 + 79.994 + 79.586 + 81.247 = $323.2 Mil.
Gross Profit was 60.382 + 58.241 + 58.943 + 60.179 = $237.7 Mil.
Total Current Assets was $110.0 Mil.
Total Assets was $210.5 Mil.
Property, Plant and Equipment(Net PPE) was $69.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General & Admin. Expense(SGA) was $227.1 Mil.
Total Current Liabilities was $62.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.069 + 3.693 + 2.766 + 2.561 = $11.1 Mil.
Non Operating Income was 1.559 + -0.025 + -0.247 + -0.002 = $1.3 Mil.
Cash Flow from Operations was 2.862 + 1.984 + 5.049 + 4.055 = $14.0 Mil.
|Accounts Receivable was $8.1 Mil.
Revenue was 83.878 + 86.663 + 93.406 + 92.831 = $356.8 Mil.
Gross Profit was 61.997 + 63.195 + 70.664 + 70.038 = $265.9 Mil.
Total Current Assets was $117.2 Mil.
Total Assets was $198.3 Mil.
Property, Plant and Equipment(Net PPE) was $56.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.2 Mil.
Selling, General & Admin. Expense(SGA) was $248.4 Mil.
Total Current Liabilities was $55.3 Mil.
Long-Term Debt was $0.0 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)|
|=||(8.146 / 323.229)||/||(8.086 / 356.778)|
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)|
|=||(265.894 / 356.778)||/||(237.745 / 323.229)|
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 - (109.997 + 69.374) / 210.475)||/||(1 - (117.202 + 56.939) / 198.297)|
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))|
|=||(4.168 / (4.168 + 56.939))||/||(4.699 / (4.699 + 69.374))|
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)|
|=||(227.083 / 323.229)||/||(248.357 / 356.778)|
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)|
|=||((0 + 62.238) / 210.475)||/||((0 + 55.287) / 198.297)|
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|
|=||(11.089 - 1.285||-||13.95)||/||210.475|
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.
Natures Sunshine Products Inc has a M-score of -2.47 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
Natures Sunshine Products Inc Annual Data
Natures Sunshine Products Inc Quarterly Data