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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 -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 * 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|
|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
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)|
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)|
|=||(106.193 / 216.513)||/||(111.551 / 223.482)|
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 - (89.814 + 83.46) / 234.515)||/||(1 - (82.965 + 78.673) / 212.213)|
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))|
|=||(12.56 / (12.56 + 78.673))||/||(13.278 / (13.278 + 83.46))|
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)|
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)|
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|
|=||(16.683 - 0||-||31.182)||/||234.515|
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.
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