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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.
Natures Sunshine Products Inc has a M-score of -1.59 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Natures Sunshine Products Inc was -0.97. The lowest was -3.40. And the median was -2.55.
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 * 1.8858||+||0.528 * 0.995||+||0.404 * 1.2106||+||0.892 * 1.0168||+||0.115 * 1.2853|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0353||+||4.679 * -0.0029||-||0.327 * 1.0956|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $17.5 Mil.|
Revenue was 94.325 + 95.753 + 95.484 + 92.458 = $378.0 Mil.
Gross Profit was 70.953 + 72.647 + 71.4 + 68.803 = $283.8 Mil.
Total Current Assets was $139.4 Mil.
Total Assets was $205.2 Mil.
Property, Plant and Equipment(Net PPE) was $41.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General & Admin. Expense(SGA) was $261.5 Mil.
Total Current Liabilities was $60.1 Mil.
Long-Term Debt was $10.0 Mil.
Net Income was 3.234 + 9.665 + 1.843 + 4.85 = $19.6 Mil.
Non Operating Income was -0.378 + -1.115 + -0.289 + -0.269 = $-2.1 Mil.
Cash Flow from Operations was 7.648 + 0.49 + 7.349 + 6.743 = $22.2 Mil.
|Accounts Receivable was $9.1 Mil.
Revenue was 93.675 + 96.479 + 90.377 + 91.232 = $371.8 Mil.
Gross Profit was 71.045 + 72.034 + 66.536 + 68.088 = $277.7 Mil.
Total Current Assets was $151.7 Mil.
Total Assets was $199.7 Mil.
Property, Plant and Equipment(Net PPE) was $28.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.2 Mil.
Selling, General & Admin. Expense(SGA) was $248.4 Mil.
Total Current Liabilities was $61.4 Mil.
Long-Term Debt was $0.9 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)|
|=||(17.457 / 378.02)||/||(9.104 / 371.763)|
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)|
|=||(72.647 / 371.763)||/||(70.953 / 378.02)|
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 - (139.439 + 41.066) / 205.179)||/||(1 - (151.702 + 28.155) / 199.693)|
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))|
|=||(4.244 / (4.244 + 28.155))||/||(4.66 / (4.66 + 41.066))|
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)|
|=||(261.513 / 378.02)||/||(248.419 / 371.763)|
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)|
|=||((10 + 60.101) / 205.179)||/||((0.858 + 61.417) / 199.693)|
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|
|=||(19.592 - -2.051||-||22.23)||/||205.179|
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 -1.59 signals that the company is likely to 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