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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 -3.27. And the median was -2.63.
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 * 0.9565||+||0.528 * 1.0051||+||0.404 * 1.0367||+||0.892 * 1.0507||+||0.115 * 1.0032|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0138||+||4.679 * -0.0025||-||0.327 * 1.1572|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $7.7 Mil.|
Revenue was 83.95 + 85.441 + 89.366 + 82.402 = $341.2 Mil.
Gross Profit was 59.623 + 63.929 + 66.288 + 60.382 = $250.2 Mil.
Total Current Assets was $100.1 Mil.
Total Assets was $205.6 Mil.
Property, Plant and Equipment(Net PPE) was $73.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General & Admin. Expense(SGA) was $240.2 Mil.
Total Current Liabilities was $63.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -6.653 + 4.155 + 2.568 + 2.069 = $2.1 Mil.
Non Operating Income was -1.73 + 0.02 + -0.622 + 1.559 = $-0.8 Mil.
Cash Flow from Operations was -1.645 + -1.401 + 3.601 + 2.862 = $3.4 Mil.
|Accounts Receivable was $7.7 Mil.
Revenue was 79.994 + 79.586 + 81.247 + 83.878 = $324.7 Mil.
Gross Profit was 58.241 + 58.943 + 60.179 + 61.997 = $239.4 Mil.
Total Current Assets was $101.5 Mil.
Total Assets was $200.5 Mil.
Property, Plant and Equipment(Net PPE) was $68.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $225.5 Mil.
Total Current Liabilities was $53.1 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)|
|=||(7.738 / 341.159)||/||(7.7 / 324.705)|
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)|
|=||(239.36 / 324.705)||/||(250.222 / 341.159)|
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 - (100.121 + 73.272) / 205.57)||/||(1 - (101.518 + 68.728) / 200.52)|
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))|
|=||(4.525 / (4.525 + 68.728))||/||(4.808 / (4.808 + 73.272))|
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)|
|=||(240.183 / 341.159)||/||(225.488 / 324.705)|
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 + 63.035) / 205.57)||/||((0 + 53.136) / 200.52)|
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|
|=||(2.139 - -0.773||-||3.417)||/||205.57|
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 -2.52 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