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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 Nutraceutical International Corp was -2.31. The lowest was -6.22. And the median was -2.73.
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 Nutraceutical International Corp 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 * 0.9191||+||0.528 * 0.9718||+||0.404 * 0.9298||+||0.892 * 1.065||+||0.115 * 0.9675|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.033||+||4.679 * -0.0512||-||0.327 * 0.885|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $18.0 Mil.|
Revenue was 56.619 + 56.701 + 60.836 + 59.492 = $233.6 Mil.
Gross Profit was 28.94 + 28.192 + 31.42 + 30.329 = $118.9 Mil.
Total Current Assets was $95.7 Mil.
Total Assets was $236.2 Mil.
Property, Plant and Equipment(Net PPE) was $82.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.3 Mil.
Selling, General & Admin. Expense(SGA) was $85.9 Mil.
Total Current Liabilities was $20.4 Mil.
Long-Term Debt was $39.5 Mil.
Net Income was 4.201 + 3.77 + 6.029 + 4.618 = $18.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 4.872 + 9.318 + 6.155 + 10.362 = $30.7 Mil.
|Accounts Receivable was $18.4 Mil.
Revenue was 55.959 + 53.649 + 54.382 + 55.404 = $219.4 Mil.
Gross Profit was 28.108 + 26.687 + 26.427 + 27.255 = $108.5 Mil.
Total Current Assets was $90.6 Mil.
Total Assets was $229.2 Mil.
Property, Plant and Equipment(Net PPE) was $77.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.0 Mil.
Selling, General & Admin. Expense(SGA) was $78.0 Mil.
Total Current Liabilities was $17.7 Mil.
Long-Term Debt was $48.0 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)|
|=||(17.975 / 233.648)||/||(18.365 / 219.394)|
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)|
|=||(108.477 / 219.394)||/||(118.881 / 233.648)|
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 - (95.748 + 82.314) / 236.205)||/||(1 - (90.627 + 77.908) / 229.216)|
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))|
|=||(13.008 / (13.008 + 77.908))||/||(14.286 / (14.286 + 82.314))|
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)|
|=||(85.858 / 233.648)||/||(78.044 / 219.394)|
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)|
|=||((39.5 + 20.385) / 236.205)||/||((48 + 17.663) / 229.216)|
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|
|=||(18.618 - 0||-||30.707)||/||236.205|
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.
Nutraceutical International Corp has a M-score of -2.75 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
Nutraceutical International Corp Annual Data
Nutraceutical International Corp Quarterly Data