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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 Times Co was -2.16. The lowest was -3.17. 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 New York Times Co 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 * 0.947||+||0.528 * 1.0152||+||0.404 * 1.0416||+||0.892 * 0.9971||+||0.115 * 1.0526|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1032||+||4.679 * -0.0274||-||0.327 * 0.7862|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $166 Mil.|
Revenue was 384.239 + 444.683 + 364.718 + 388.719 = $1,582 Mil.
Gross Profit was 227.603 + 278.792 + 203.541 + 230.775 = $941 Mil.
Total Current Assets was $944 Mil.
Total Assets was $2,360 Mil.
Property, Plant and Equipment(Net PPE) was $656 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General & Admin. Expense(SGA) was $798 Mil.
Total Current Liabilities was $307 Mil.
Long-Term Debt was $428 Mil.
Net Income was -14.262 + 34.875 + -12.499 + 9.188 = $17 Mil.
Non Operating Income was -1.787 + -9.214 + -1.903 + -1.103 = $-14 Mil.
Cash Flow from Operations was 11.073 + 44.248 + 28.145 + 12.541 = $96 Mil.
|Accounts Receivable was $176 Mil.
Revenue was 390.408 + 443.86 + 361.738 + 390.957 = $1,587 Mil.
Gross Profit was 231.425 + 279.345 + 209.143 + 237.888 = $958 Mil.
Total Current Assets was $1,033 Mil.
Total Assets was $2,508 Mil.
Property, Plant and Equipment(Net PPE) was $699 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General & Admin. Expense(SGA) was $726 Mil.
Total Current Liabilities was $552 Mil.
Long-Term Debt was $441 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)|
|=||(165.902 / 1582.359)||/||(175.696 / 1586.963)|
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)|
|=||(278.792 / 1586.963)||/||(227.603 / 1582.359)|
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 - (943.87 + 656.1) / 2360.146)||/||(1 - (1032.935 + 699.411) / 2507.837)|
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))|
|=||(83.769 / (83.769 + 699.411))||/||(74.207 / (74.207 + 656.1))|
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)|
|=||(798.154 / 1582.359)||/||(725.605 / 1586.963)|
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)|
|=||((427.67 + 307.438) / 2360.146)||/||((441.272 + 552.215) / 2507.837)|
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|
|=||(17.302 - -14.007||-||96.007)||/||2360.146|
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 Times Co has a M-score of -2.58 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
New York Times Co Annual Data
New York Times Co Quarterly Data