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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 Neptune Technologies & Bioressources Inc was 19.85. The lowest was -5.60. And the median was -2.61.
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 Neptune Technologies & Bioressources 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 * 0.6317||+||0.528 * -0.2151||+||0.404 * 1.8188||+||0.892 * 0.7498||+||0.115 * 0.1857|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6147||+||4.679 * -0.144||-||0.327 * 1.2197|
|This Year (May15) TTM:||Last Year (May14) TTM:|
|Accounts Receivable was $4.84 Mil.|
Revenue was 2.22158344284 + 3.21705736459 + 4.18101545254 + 2.4006955885 = $12.02 Mil.
Gross Profit was -0.691524310118 + -4.0467237379 + 0.387637969095 + -3.58868753432 = $-7.94 Mil.
Total Current Assets was $36.22 Mil.
Total Assets was $76.59 Mil.
Property, Plant and Equipment(Net PPE) was $38.33 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.88 Mil.
Selling, General & Admin. Expense(SGA) was $15.60 Mil.
Total Current Liabilities was $8.41 Mil.
Long-Term Debt was $10.81 Mil.
Net Income was -3.64159001314 + -7.37659012721 + -1.1770419426 + -11.64653121 = $-23.84 Mil.
Non Operating Income was 1.2458935611 + 8.12705016401 + 1.02781456954 + -0.000915248032217 = $10.40 Mil.
Cash Flow from Operations was -2.43101182654 + -5.63405072406 + -7.84988962472 + -7.29910305693 = $-23.21 Mil.
|Accounts Receivable was $10.21 Mil.
Revenue was 3.38810354323 + 3.24886877828 + 4.25929456625 + 5.13544668588 = $16.03 Mil.
Gross Profit was 0.48008077841 + 0.598190045249 + 0.577693040991 + 0.621517771374 = $2.28 Mil.
Total Current Assets was $74.46 Mil.
Total Assets was $117.04 Mil.
Property, Plant and Equipment(Net PPE) was $40.86 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.36 Mil.
Selling, General & Admin. Expense(SGA) was $33.85 Mil.
Total Current Liabilities was $14.76 Mil.
Long-Term Debt was $9.32 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)|
|=||(4.83656373193 / 12.0203518485)||/||(10.2120433266 / 16.0317135736)|
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)|
|=||(-4.0467237379 / 16.0317135736)||/||(-0.691524310118 / 12.0203518485)|
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 - (36.2155059133 + 38.3303219448) / 76.5900131406)||/||(1 - (74.4620892234 + 40.8582706077) / 117.037818983)|
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))|
|=||(0.357875990025 / (0.357875990025 + 40.8582706077))||/||(1.88041966187 / (1.88041966187 + 38.3303219448))|
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)|
|=||(15.6005763179 / 12.0203518485)||/||(33.8471844637 / 16.0317135736)|
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)|
|=||((10.8097897503 + 8.41080814717) / 76.5900131406)||/||((9.32072700569 + 14.760418579) / 117.037818983)|
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|
|=||(-23.8417532929 - 10.3998430466||-||-23.2140552323)||/||76.5900131406|
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.
Neptune Technologies & Bioressources Inc has a M-score of -4.13 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
Neptune Technologies & Bioressources Inc Annual Data
Neptune Technologies & Bioressources Inc Quarterly Data