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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 -2.40.
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 * 0.9287||+||0.528 * -0.655||+||0.404 * 0.6198||+||0.892 * 0.6611||+||0.115 * 0.4329|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.5026||+||4.679 * -0.0022||-||0.327 * 0.9983|
|This Year (Nov14) TTM:||Last Year (Nov13) TTM:|
|Accounts Receivable was $6.80 Mil.|
Revenue was 4.18101545254 + 2.4006955885 + 3.38810354323 + 3.24886877828 = $13.22 Mil.
Gross Profit was 0.387637969095 + -3.58868753432 + 0.48008077841 + 0.598190045249 = $-2.12 Mil.
Total Current Assets was $53.58 Mil.
Total Assets was $97.45 Mil.
Property, Plant and Equipment(Net PPE) was $42.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.12 Mil.
Selling, General & Admin. Expense(SGA) was $27.23 Mil.
Total Current Liabilities was $9.65 Mil.
Long-Term Debt was $12.74 Mil.
Net Income was -1.1770419426 + -11.64653121 + -4.2986965302 + 0.173755656109 = $-16.95 Mil.
Non Operating Income was 1.02781456954 + -0.000915248032217 + -0.536074903617 + -0.489592760181 = $0.00 Mil.
Cash Flow from Operations was -7.84988962472 + -7.29910305693 + 1.05838076005 + -2.64253393665 = $-16.73 Mil.
|Accounts Receivable was $11.08 Mil.
Revenue was 4.25929456625 + 5.13544668588 + 5.97254901961 + 4.62673267327 = $19.99 Mil.
Gross Profit was 0.577693040991 + 0.621517771374 + 0.596078431373 + 0.307920792079 = $2.10 Mil.
Total Current Assets was $32.29 Mil.
Total Assets was $60.76 Mil.
Property, Plant and Equipment(Net PPE) was $26.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.30 Mil.
Selling, General & Admin. Expense(SGA) was $27.41 Mil.
Total Current Liabilities was $12.09 Mil.
Long-Term Debt was $1.90 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)|
|=||(6.80353200883 / 13.2186833626)||/||(11.081029552 / 19.994022945)|
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)|
|=||(-3.58868753432 / 19.994022945)||/||(0.387637969095 / 13.2186833626)|
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 - (53.5814569536 + 42.0715231788) / 97.4507726269)||/||(1 - (32.2926596759 + 26.6549094376) / 60.7559580553)|
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))|
|=||(0.302009545488 / (0.302009545488 + 26.6549094376))||/||(1.11784342698 / (1.11784342698 + 42.0715231788))|
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)|
|=||(27.2293647173 / 13.2186833626)||/||(27.409365479 / 19.994022945)|
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)|
|=||((12.7426048565 + 9.65121412804) / 97.4507726269)||/||((1.89990467112 + 12.0857959962) / 60.7559580553)|
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|
|=||(-16.9485140267 - 0.00123165770654||-||-16.7331458583)||/||97.4507726269|
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 -4.04 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