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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 -2.71.
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 * 0.9732||+||0.528 * 1.0061||+||0.404 * 1.1339||+||0.892 * 0.9948||+||0.115 * 1.0702|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0603||+||4.679 * -0.0419||-||0.327 * 0.7745|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $155 Mil.|
Revenue was 382.886 + 384.239 + 444.683 + 364.718 = $1,577 Mil.
Gross Profit was 230.113 + 227.603 + 278.792 + 203.541 = $940 Mil.
Total Current Assets was $923 Mil.
Total Assets was $2,366 Mil.
Property, Plant and Equipment(Net PPE) was $646 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General & Admin. Expense(SGA) was $789 Mil.
Total Current Liabilities was $310 Mil.
Long-Term Debt was $429 Mil.
Net Income was 16.4 + -14.262 + 34.875 + -12.499 = $25 Mil.
Non Operating Income was -1.501 + -1.787 + -9.214 + -1.903 = $-14 Mil.
Cash Flow from Operations was 54.607 + 11.073 + 44.248 + 28.145 = $138 Mil.
|Accounts Receivable was $160 Mil.
Revenue was 388.719 + 390.408 + 443.86 + 361.738 = $1,585 Mil.
Gross Profit was 230.775 + 231.425 + 279.345 + 209.143 = $951 Mil.
Total Current Assets was $1,044 Mil.
Total Assets was $2,464 Mil.
Property, Plant and Equipment(Net PPE) was $688 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General & Admin. Expense(SGA) was $748 Mil.
Total Current Liabilities was $552 Mil.
Long-Term Debt was $442 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)|
|=||(154.609 / 1576.526)||/||(159.694 / 1584.725)|
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)|
|=||(227.603 / 1584.725)||/||(230.113 / 1576.526)|
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 - (922.663 + 646.101) / 2366.215)||/||(1 - (1044.288 + 687.724) / 2464.492)|
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))|
|=||(81.33 / (81.33 + 687.724))||/||(70.848 / (70.848 + 646.101))|
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)|
|=||(788.822 / 1576.526)||/||(747.8 / 1584.725)|
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)|
|=||((428.821 + 310.357) / 2366.215)||/||((442.396 + 551.622) / 2464.492)|
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|
|=||(24.514 - -14.405||-||138.073)||/||2366.215|
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