Switch to:
Nutraceutical International Corp (NAS:NUTR)
Beneish M-Score
-2.31 (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 -2.31 suggests that the company is not a manipulator.

NUTR' s Beneish M-Score Range Over the Past 10 Years
Min: -6.22   Max: -2.31
Current: -2.31

-6.22
-2.31

During the past 13 years, the highest Beneish M-Score of Nutraceutical International Corp was -2.31. The lowest was -6.22. And the median was -2.72.


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 * 1.358+0.528 * 0.9666+0.404 * 1.075+0.892 * 1.0681+0.115 * 0.9985
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9991+4.679 * -0.0383-0.327 * 1.1507
=-2.31

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

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Accounts Receivable was $20.6 Mil.
Revenue was 60.836 + 59.492 + 55.959 + 53.649 = $229.9 Mil.
Gross Profit was 31.42 + 30.329 + 28.108 + 26.687 = $116.5 Mil.
Total Current Assets was $92.7 Mil.
Total Assets was $236.6 Mil.
Property, Plant and Equipment(Net PPE) was $83.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.7 Mil.
Selling, General & Admin. Expense(SGA) was $82.9 Mil.
Total Current Liabilities was $21.2 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 6.029 + 4.618 + 4.241 + 3.374 = $18.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 6.155 + 10.362 + 6.942 + 3.863 = $27.3 Mil.
Accounts Receivable was $14.2 Mil.
Revenue was 54.382 + 55.404 + 53.044 + 52.44 = $215.3 Mil.
Gross Profit was 26.427 + 27.255 + 25.855 + 25.931 = $105.5 Mil.
Total Current Assets was $82.4 Mil.
Total Assets was $210.9 Mil.
Property, Plant and Equipment(Net PPE) was $78.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.8 Mil.
Selling, General & Admin. Expense(SGA) was $77.7 Mil.
Total Current Liabilities was $20.1 Mil.
Long-Term Debt was $32.0 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)
=(20.577 / 229.936) / (14.186 / 215.27)
=0.08949012 / 0.06589864
=1.358

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)
=(105.468 / 215.27) / (116.544 / 229.936)
=0.48993357 / 0.50685408
=0.9666

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 - (92.741 + 83.399) / 236.595) / (1 - (82.425 + 78.35) / 210.905)
=0.25552104 / 0.23768996
=1.075

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
=229.936 / 215.27
=1.0681

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))
=(12.813 / (12.813 + 78.35)) / (13.662 / (13.662 + 83.399))
=0.14055044 / 0.14075684
=0.9985

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)
=(82.868 / 229.936) / (77.653 / 215.27)
=0.36039594 / 0.36072374
=0.9991

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)
=((46 + 21.215) / 236.595) / ((32 + 20.07) / 210.905)
=0.28409307 / 0.24688841
=1.1507

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
=(18.262 - 0 - 27.322) / 236.595
=-0.0383

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 -2.31 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 1.18741.15031.08620.94430.99891.06210.96420.91530.90050.8954
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 -0.011-0.0737-0.0362-0.2957-0.0025-0.0619-0.0613-0.0508-0.0193-0.046
M-score -2.52-2.87-2.68-4.01-2.51-2.53-2.74-2.72-2.47-2.56

Nutraceutical International Corp Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 0.95361.00171.07251.14781.09070.95381.10081.19911.10971.358
GMI 0.99340.99030.9961.01491.01521.01521.01010.99360.98260.9666
AQI 1.03561.14251.12741.05931.04060.96240.95041.09211.09571.075
SGI 1.01111.02841.02921.02741.03851.00931.00931.01591.03221.0681
DEPI 0.94790.94170.90050.87530.84770.85410.89540.91751.0030.9985
SGAI 1.01361.0231.03151.03471.02161.01620.99570.98690.98960.9991
LVGI 0.95631.06251.06710.99940.95240.81750.81281.0221.08091.1507
TATA -0.0264-0.0305-0.0161-0.0082-0.026-0.0463-0.046-0.0559-0.0618-0.0383
M-score -2.62-2.57-2.45-2.35-2.47-2.70-2.56-2.52-2.63-2.31
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK