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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 -2.15. The lowest was -3.05. 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 * 1.0439||+||0.528 * 1.0133||+||0.404 * 1.0982||+||0.892 * 1.0072||+||0.115 * 1.0036|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0557||+||4.679 * -0.0123||-||0.327 * 0.9968|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|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 $761 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt was $426 Mil.
Net Income was 34.875 + -12.499 + 9.188 + 1.743 = $33 Mil.
Non Operating Income was -9.214 + -1.903 + -1.103 + -3.337 = $-16 Mil.
Cash Flow from Operations was 44.248 + 28.145 + 12.541 + -4.443 = $80 Mil.
|Accounts Receivable was $202 Mil.
Revenue was 443.86 + 361.738 + 390.957 + 380.675 = $1,577 Mil.
Gross Profit was 279.345 + 209.143 + 237.888 + 223.941 = $950 Mil.
Total Current Assets was $1,172 Mil.
Total Assets was $2,573 Mil.
Property, Plant and Equipment(Net PPE) was $713 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General & Admin. Expense(SGA) was $716 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt was $684 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)|
|=||(212.69 / 1588.528)||/||(202.303 / 1577.23)|
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)|
|=||(203.541 / 1577.23)||/||(278.792 / 1588.528)|
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 - (1148.095 + 665.758) / 2566.474)||/||(1 - (1172.267 + 713.356) / 2572.552)|
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))|
|=||(85.477 / (85.477 + 713.356))||/||(79.455 / (79.455 + 665.758))|
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)|
|=||(761.055 / 1588.528)||/||(715.753 / 1577.23)|
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)|
|=||((426.458 + 600.508) / 2566.474)||/||((684.142 + 348.511) / 2572.552)|
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|
|=||(33.307 - -15.557||-||80.491)||/||2566.474|
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 -2.45 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