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Nutraceutical International Corp (NAS:NUTR)
Beneish M-Score
-2.63 (As of Today)

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.

Nutraceutical International Corp has a M-score of -2.63 suggests that the company is not a manipulator.

NUTR' s Beneish M-Score Range Over the Past 10 Years
Min: -6.22   Max: -2.35
Current: -2.63

-6.22
-2.35

During the past 13 years, the highest Beneish M-Score of Nutraceutical International Corp was -2.35. The lowest was -6.22. And the median was -2.73.


Definition

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 * 1.1097+0.528 * 0.9826+0.404 * 1.0957+0.892 * 1.0322+0.115 * 1.003
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9896+4.679 * -0.0618-0.327 * 1.0809
=-2.63

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $19.3 Mil.
Revenue was 59.492 + 55.959 + 53.649 + 54.382 = $223.5 Mil.
Gross Profit was 30.329 + 28.108 + 26.687 + 26.427 = $111.6 Mil.
Total Current Assets was $89.8 Mil.
Total Assets was $234.5 Mil.
Property, Plant and Equipment(Net PPE) was $83.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.3 Mil.
Selling, General & Admin. Expense(SGA) was $80.0 Mil.
Total Current Liabilities was $20.7 Mil.
Long-Term Debt was $47.5 Mil.
Net Income was 4.618 + 4.241 + 3.374 + 4.45 = $16.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 10.362 + 6.942 + 3.863 + 10.015 = $31.2 Mil.
Accounts Receivable was $16.8 Mil.
Revenue was 55.404 + 53.044 + 52.44 + 55.625 = $216.5 Mil.
Gross Profit was 27.255 + 25.855 + 25.931 + 27.152 = $106.2 Mil.
Total Current Assets was $83.0 Mil.
Total Assets was $212.2 Mil.
Property, Plant and Equipment(Net PPE) was $78.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.6 Mil.
Selling, General & Admin. Expense(SGA) was $78.4 Mil.
Total Current Liabilities was $19.1 Mil.
Long-Term Debt was $38.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(19.277 / 223.482) / (16.829 / 216.513)
=0.08625751 / 0.07772743
=1.1097

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(28.108 / 216.513) / (30.329 / 223.482)
=0.49046939 / 0.49914982
=0.9826

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (89.814 + 83.46) / 234.515) / (1 - (82.965 + 78.673) / 212.213)
=0.26113895 / 0.23832187
=1.0957

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=223.482 / 216.513
=1.0322

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))
=(12.56 / (12.56 + 78.673)) / (13.278 / (13.278 + 83.46))
=0.13766948 / 0.13725733
=1.003

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)
=(80.034 / 223.482) / (78.354 / 216.513)
=0.3581228 / 0.36189051
=0.9896

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)
=((47.5 + 20.712) / 234.515) / ((38 + 19.105) / 212.213)
=0.29086412 / 0.26909285
=1.0809

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(16.683 - 0 - 31.182) / 234.515
=-0.0618

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 -2.63 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Nutraceutical International Corp Annual Data

Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13Sep14Sep15
DSRI 0.98851.04470.97170.99150.83361.22690.93310.9691.07251.1008
GMI 0.98030.97080.99731.03641.00691.02981.01461.01050.9961.0101
AQI 0.89471.32320.87890.62431.11930.94071.03890.94051.12740.9504
SGI 1.0151.04081.0660.97281.10911.04451.06541.04011.02921.0093
DEPI 1.18741.15031.0770.95240.99891.06210.96420.91530.90050.8954
SGAI 0.991.07381.01490.95460.9520.99470.98260.97481.03150.9957
LVGI 0.87881.74771.06220.9361.06821.03160.97570.96011.06710.8128
TATA -0.011-0.0737-0.0519-0.2957-0.0025-0.0619-0.0452-0.0508-0.0193-0.046
M-score -2.52-2.87-2.75-4.00-2.51-2.53-2.66-2.72-2.47-2.56

Nutraceutical International Corp Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.98920.95361.00171.07251.14781.09070.95381.10081.19911.1097
GMI 0.9940.99340.99030.9961.01491.01521.01521.01010.99360.9826
AQI 1.01341.03561.14251.12741.05931.04060.96240.95041.09211.0957
SGI 1.0331.01111.02841.02921.02741.03851.00931.00931.01591.0322
DEPI 0.93170.94790.94170.90050.87530.84770.85410.89540.91751.003
SGAI 0.98391.01361.0231.03151.03471.02161.01620.99570.98690.9896
LVGI 0.870.95631.06251.06710.99940.95240.81750.81281.0221.0809
TATA -0.0392-0.0264-0.0305-0.0161-0.0082-0.026-0.0463-0.046-0.0559-0.0618
M-score -2.60-2.62-2.57-2.45-2.35-2.47-2.70-2.56-2.52-2.63
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