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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 -2.35. The lowest was -5.98. 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 * 1.0725||+||0.528 * 0.996||+||0.404 * 1.1274||+||0.892 * 1.0292||+||0.115 * 0.9005|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0315||+||4.679 * -0.0193||-||0.327 * 1.0671|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $15.1 Mil.|
Revenue was 52.44 + 55.625 + 54.859 + 51.55 = $214.5 Mil.
Gross Profit was 25.931 + 27.152 + 27.16 + 26.062 = $106.3 Mil.
Total Current Assets was $83.9 Mil.
Total Assets was $214.8 Mil.
Property, Plant and Equipment(Net PPE) was $79.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.5 Mil.
Selling, General & Admin. Expense(SGA) was $76.9 Mil.
Total Current Liabilities was $21.7 Mil.
Long-Term Debt was $43.0 Mil.
Net Income was 3.433 + 3.997 + 4.324 + 4.135 = $15.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 3.913 + 5.324 + 5.305 + 5.496 = $20.0 Mil.
|Accounts Receivable was $13.7 Mil.
Revenue was 51.256 + 50.814 + 56.583 + 49.744 = $208.4 Mil.
Gross Profit was 25.709 + 24.879 + 28.15 + 24.141 = $102.9 Mil.
Total Current Assets was $75.0 Mil.
Total Assets was $192.3 Mil.
Property, Plant and Equipment(Net PPE) was $76.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.8 Mil.
Selling, General & Admin. Expense(SGA) was $72.4 Mil.
Total Current Liabilities was $21.8 Mil.
Long-Term Debt was $32.5 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)|
|=||(15.118 / 214.474)||/||(13.697 / 208.397)|
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)|
|=||(27.152 / 208.397)||/||(25.931 / 214.474)|
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 - (83.85 + 79.244) / 214.778)||/||(1 - (75.048 + 76.214) / 192.31)|
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))|
|=||(9.791 / (9.791 + 76.214))||/||(11.468 / (11.468 + 79.244))|
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)|
|=||(76.874 / 214.474)||/||(72.413 / 208.397)|
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)|
|=||((43 + 21.709) / 214.778)||/||((32.5 + 21.796) / 192.31)|
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|
|=||(15.889 - 0||-||20.038)||/||214.778|
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 -2.47 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