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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 -6.48. And the median was -2.53.
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 * 0.7081||+||0.528 * -2.3079||+||0.404 * 6.2775||+||0.892 * 1.9511||+||0.115 * 0.8335|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3323||+||4.679 * 0.0112||-||0.327 * 1.4504|
|This Year (May16) TTM:||Last Year (May15) TTM:|
|Accounts Receivable was $6.68 Mil.|
Revenue was 8.69602162997 + 7.26969631079 + 4.15693952858 + 3.33003727086 = $23.45 Mil.
Gross Profit was 2.719196601 + 2.22077263173 + 1.2433165148 + 0.528637712026 = $6.71 Mil.
Total Current Assets was $29.63 Mil.
Total Assets was $77.79 Mil.
Property, Plant and Equipment(Net PPE) was $35.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.09 Mil.
Selling, General & Admin. Expense(SGA) was $10.70 Mil.
Total Current Liabilities was $10.97 Mil.
Long-Term Debt was $17.34 Mil.
Net Income was -2.95403630745 + 0.445749075886 + -1.33745010919 + -1.42618087777 = $-5.27 Mil.
Non Operating Income was -0.359984550019 + 0.126839167935 + 0.375781308833 + 0.902867574352 = $1.05 Mil.
Cash Flow from Operations was -0.905368868289 + -2.70058708415 + 0.219143007757 + -3.80390963718 = $-7.19 Mil.
|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 $16.50 Mil.
Total Current Liabilities was $8.41 Mil.
Long-Term Debt was $10.81 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)|
|=||(6.68211664735 / 23.4526947402)||/||(4.83656373193 / 12.0203518485)|
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)|
|=||(-7.93929761324 / 12.0203518485)||/||(6.71192345956 / 23.4526947402)|
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 - (29.6261104674 + 35.1270760912) / 77.7860177675)||/||(1 - (36.2155059133 + 38.3303219448) / 76.5900131406)|
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))|
|=||(1.88041966187 / (1.88041966187 + 38.3303219448))||/||(2.08791914352 / (2.08791914352 + 35.1270760912))|
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)|
|=||(10.6984397208 / 23.4526947402)||/||(16.5023462256 / 12.0203518485)|
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)|
|=||((17.3449208188 + 10.9679412901) / 77.7860177675)||/||((10.8097897503 + 8.41080814717) / 76.5900131406)|
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|
|=||(-5.27191821853 - 1.0455035011||-||-7.19072258186)||/||77.7860177675|
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 -1.51 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
Neptune Technologies & Bioressources Inc Annual Data
Neptune Technologies & Bioressources Inc Quarterly Data