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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 -2.19. The lowest was -3.07. And the median was -2.72.
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 * 0.9798||+||0.528 * 0.9767||+||0.404 * 1.3015||+||0.892 * 0.9941||+||0.115 * 1.2013|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9963||+||4.679 * -0.046||-||0.327 * 0.8336|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $207 Mil.|
Revenue was 444.686 + 367.404 + 382.886 + 384.239 = $1,579 Mil.
Gross Profit was 288.314 + 215.373 + 230.113 + 227.603 = $961 Mil.
Total Current Assets was $863 Mil.
Total Assets was $2,418 Mil.
Property, Plant and Equipment(Net PPE) was $632 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General & Admin. Expense(SGA) was $763 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt was $243 Mil.
Net Income was 51.693 + 9.415 + 16.4 + -14.262 = $63 Mil.
Non Operating Income was 3.515 + -1.01 + -1.501 + -1.787 = $-1 Mil.
Cash Flow from Operations was 67.292 + 42.354 + 54.607 + 11.073 = $175 Mil.
|Accounts Receivable was $213 Mil.
Revenue was 444.683 + 364.718 + 388.719 + 390.408 = $1,589 Mil.
Gross Profit was 278.792 + 203.541 + 230.775 + 231.425 = $945 Mil.
Total Current Assets was $1,148 Mil.
Total Assets was $2,566 Mil.
Property, Plant and Equipment(Net PPE) was $666 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General & Admin. Expense(SGA) was $771 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt was $426 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)|
|=||(207.18 / 1579.215)||/||(212.69 / 1588.528)|
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)|
|=||(215.373 / 1588.528)||/||(288.314 / 1579.215)|
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 - (862.532 + 632.439) / 2417.69)||/||(1 - (1148.095 + 665.758) / 2566.474)|
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))|
|=||(79.455 / (79.455 + 665.758))||/||(61.597 / (61.597 + 632.439))|
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)|
|=||(763.221 / 1579.215)||/||(770.58 / 1588.528)|
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)|
|=||((242.851 + 563.585) / 2417.69)||/||((426.458 + 600.508) / 2566.474)|
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|
|=||(63.246 - -0.783||-||175.326)||/||2417.69|
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 -2.53 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