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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 -6.06. And the median was -2.70.
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 * 1.1991||+||0.528 * 0.9936||+||0.404 * 1.0921||+||0.892 * 1.0159||+||0.115 * 0.9175|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9869||+||4.679 * -0.0535||-||0.327 * 1.022|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|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.
Net Income was 4.241 + 3.374 + 4.45 + 4.096 = $16.2 Mil.
Non Operating Income was 0 + 0 + 0 + -0.546 = $-0.5 Mil.
Cash Flow from Operations was 6.942 + 3.863 + 10.015 + 8.161 = $29.0 Mil.
|Accounts Receivable was $15.1 Mil.
Revenue was 53.044 + 52.44 + 55.625 + 54.859 = $216.0 Mil.
Gross Profit was 25.855 + 25.931 + 27.152 + 27.16 = $106.1 Mil.
Total Current Assets was $80.7 Mil.
Total Assets was $211.9 Mil.
Property, Plant and Equipment(Net PPE) was $79.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.1 Mil.
Selling, General & Admin. Expense(SGA) was $77.8 Mil.
Total Current Liabilities was $17.4 Mil.
Long-Term Debt was $42.0 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)|
|=||(18.365 / 219.394)||/||(15.076 / 215.968)|
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)|
|=||(26.687 / 215.968)||/||(28.108 / 219.394)|
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 - (90.627 + 77.908) / 229.216)||/||(1 - (80.665 + 79.87) / 211.9)|
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))|
|=||(12.069 / (12.069 + 79.87))||/||(13.008 / (13.008 + 77.908))|
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)|
|=||(78.044 / 219.394)||/||(77.847 / 215.968)|
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)|
|=||((48 + 17.663) / 229.216)||/||((42 + 17.393) / 211.9)|
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|
|=||(16.161 - -0.546||-||28.981)||/||229.216|
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 -2.51 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