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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 -2.45. The lowest was -5.92. 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 * 0.9779||+||0.528 * 0.9685||+||0.404 * 1.0927||+||0.892 * 1.0763||+||0.115 * 0.9665|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0216||+||4.679 * -0.0599||-||0.327 * 1.1022|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was USD 17.7 Mil.|
Revenue was 56.701 + 60.836 + 59.492 + 55.959 = USD 233.0 Mil.
Gross Profit was 28.192 + 31.42 + 30.329 + 28.108 = USD 118.0 Mil.
Total Current Assets was USD 93.9 Mil.
Total Assets was USD 235.9 Mil.
Property, Plant and Equipment(Net PPE) was USD 83.0 Mil.
Depreciation, Depletion and Amortization(DDA) was USD 14.2 Mil.
Selling, General & Admin. Expense(SGA) was USD 84.9 Mil.
Total Current Liabilities was USD 20.2 Mil.
Long-Term Debt was USD 43.5 Mil.
Net Income was 3.77 + 6.029 + 4.618 + 4.241 = USD 18.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = USD 0.0 Mil.
Cash Flow from Operations was 9.318 + 6.155 + 10.362 + 6.942 = USD 32.8 Mil.
|Accounts Receivable was USD 16.8 Mil.
Revenue was 53.649 + 54.382 + 55.404 + 53.044 = USD 216.5 Mil.
Gross Profit was 26.687 + 26.427 + 27.255 + 25.855 = USD 106.2 Mil.
Total Current Assets was USD 86.2 Mil.
Total Assets was USD 212.4 Mil.
Property, Plant and Equipment(Net PPE) was USD 77.6 Mil.
Depreciation, Depletion and Amortization(DDA) was USD 12.8 Mil.
Selling, General & Admin. Expense(SGA) was USD 77.3 Mil.
Total Current Liabilities was USD 20.5 Mil.
Long-Term Debt was USD 31.5 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)|
|=||(17.68 / 232.988)||/||(16.798 / 216.479)|
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)|
|=||(106.224 / 216.479)||/||(118.049 / 232.988)|
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 - (93.866 + 83.048) / 235.855)||/||(1 - (86.215 + 77.645) / 212.449)|
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))|
|=||(12.765 / (12.765 + 77.645))||/||(14.208 / (14.208 + 83.048))|
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)|
|=||(84.945 / 232.988)||/||(77.256 / 216.479)|
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)|
|=||((43.5 + 20.165) / 235.855)||/||((31.5 + 20.528) / 212.449)|
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|
|=||(18.658 - 0||-||32.777)||/||235.855|
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 -2.73 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