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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 -1.64. 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 * 1.182||+||0.528 * 1.0083||+||0.404 * 1.23||+||0.892 * 0.9705||+||0.115 * 0.9935|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0017||+||4.679 * -0.0145||-||0.327 * 1.0626|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $8.0 Mil.|
Revenue was 89.366 + 82.402 + 79.994 + 79.586 = $331.3 Mil.
Gross Profit was 66.288 + 60.382 + 58.241 + 58.943 = $243.9 Mil.
Total Current Assets was $109.0 Mil.
Total Assets was $211.0 Mil.
Property, Plant and Equipment(Net PPE) was $70.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General & Admin. Expense(SGA) was $232.1 Mil.
Total Current Liabilities was $61.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.568 + 2.069 + 3.693 + 2.766 = $11.1 Mil.
Non Operating Income was -0.622 + 1.559 + -0.025 + -0.247 = $0.7 Mil.
Cash Flow from Operations was 3.601 + 2.862 + 1.984 + 5.049 = $13.5 Mil.
|Accounts Receivable was $6.9 Mil.
Revenue was 81.247 + 83.878 + 81.413 + 94.876 = $341.4 Mil.
Gross Profit was 60.179 + 61.997 + 59.622 + 71.561 = $253.4 Mil.
Total Current Assets was $112.4 Mil.
Total Assets was $198.8 Mil.
Property, Plant and Equipment(Net PPE) was $62.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.2 Mil.
Selling, General & Admin. Expense(SGA) was $238.8 Mil.
Total Current Liabilities was $54.0 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)|
|=||(7.968 / 331.348)||/||(6.946 / 341.414)|
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)|
|=||(253.359 / 341.414)||/||(243.854 / 331.348)|
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 - (109.029 + 70.423) / 211.035)||/||(1 - (112.351 + 62.249) / 198.788)|
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))|
|=||(4.186 / (4.186 + 62.249))||/||(4.769 / (4.769 + 70.423))|
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)|
|=||(232.128 / 331.348)||/||(238.783 / 341.414)|
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 + 60.963) / 211.035)||/||((0 + 54.043) / 198.788)|
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|
|=||(11.096 - 0.665||-||13.496)||/||211.035|
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 -2.33 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