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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 New York & Co Inc was -1.33. The lowest was -4.57. And the median was -2.97.
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 New York & Co Inc 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 * 2.9388||+||0.528 * 0.9903||+||0.404 * 0.6923||+||0.892 * 1.0033||+||0.115 * 1.1024|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9682||+||4.679 * -0.1199||-||0.327 * 0.8917|
|This Year (Jul16) TTM:||Last Year (Jul15) TTM:|
|Accounts Receivable was $37.4 Mil.|
Revenue was 232.819 + 216.038 + 271.272 + 219.75 = $939.9 Mil.
Gross Profit was 67.05 + 59.887 + 69.78 + 63.695 = $260.4 Mil.
Total Current Assets was $205.2 Mil.
Total Assets was $311.5 Mil.
Property, Plant and Equipment(Net PPE) was $89.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.2 Mil.
Selling, General & Admin. Expense(SGA) was $268.8 Mil.
Total Current Liabilities was $132.1 Mil.
Long-Term Debt was $11.9 Mil.
Net Income was 0.945 + -5.716 + 0.084 + -5.336 = $-10.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 24.069 + -11.574 + 22.701 + -7.883 = $27.3 Mil.
|Accounts Receivable was $12.7 Mil.
Revenue was 235.696 + 223.39 + 267.359 + 210.314 = $936.8 Mil.
Gross Profit was 67.133 + 64.247 + 68.376 + 57.277 = $257.0 Mil.
Total Current Assets was $181.2 Mil.
Total Assets was $290.9 Mil.
Property, Plant and Equipment(Net PPE) was $86.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.5 Mil.
Selling, General & Admin. Expense(SGA) was $276.7 Mil.
Total Current Liabilities was $138.0 Mil.
Long-Term Debt was $12.7 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)|
|=||(37.394 / 939.879)||/||(12.682 / 936.759)|
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)|
|=||(257.033 / 936.759)||/||(260.412 / 939.879)|
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 - (205.242 + 89.315) / 311.482)||/||(1 - (181.161 + 86.882) / 290.874)|
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))|
|=||(25.53 / (25.53 + 86.882))||/||(23.174 / (23.174 + 89.315))|
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)|
|=||(268.765 / 939.879)||/||(276.68 / 936.759)|
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)|
|=||((11.905 + 132.052) / 311.482)||/||((12.738 + 138.027) / 290.874)|
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|
|=||(-10.023 - 0||-||27.313)||/||311.482|
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.
New York & Co Inc has a M-score of -1.33 signals that the company is likely to 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
New York & Co Inc Annual Data
New York & Co Inc Quarterly Data