Switch to:
Omnicell Inc (NAS:OMCL)
Beneish M-Score
-2.21 (As of Today)

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.

Omnicell Inc has a M-score of -2.21 signals that the company is a manipulator.

OMCL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Max: -1.37
Current: -2.21

-3.83
-1.37

During the past 13 years, the highest Beneish M-Score of Omnicell Inc was -1.37. The lowest was -3.83. And the median was -2.26.


Definition

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 Omnicell 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 * 1.468+0.528 * 1.0726+0.404 * 1.4697+0.892 * 1.1844+0.115 * 0.8538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9867+4.679 * -0.0195-0.327 * 2.3822
=-2.21

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $153.2 Mil.
Revenue was 171.004 + 130.316 + 125.234 + 112.788 = $539.3 Mil.
Gross Profit was 79.945 + 65.08 + 63.703 + 57.462 = $266.2 Mil.
Total Current Assets was $310.3 Mil.
Total Assets was $923.8 Mil.
Property, Plant and Equipment(Net PPE) was $42.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.4 Mil.
Selling, General & Admin. Expense(SGA) was $188.5 Mil.
Total Current Liabilities was $199.6 Mil.
Long-Term Debt was $219.0 Mil.
Net Income was -0.378 + 7.655 + 8.036 + 8.751 = $24.1 Mil.
Non Operating Income was -2.171 + 0 + 0 + 0 = $-2.2 Mil.
Cash Flow from Operations was 21.787 + 27.83 + -4.258 + -1.124 = $44.2 Mil.
Accounts Receivable was $88.1 Mil.
Revenue was 116.221 + 121.541 + 112.543 + 105.052 = $455.4 Mil.
Gross Profit was 61.685 + 63.779 + 59.546 + 56.04 = $241.1 Mil.
Total Current Assets was $296.3 Mil.
Total Assets was $570.9 Mil.
Property, Plant and Equipment(Net PPE) was $34.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.4 Mil.
Selling, General & Admin. Expense(SGA) was $161.3 Mil.
Total Current Liabilities was $108.6 Mil.
Long-Term Debt was $0.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(153.199 / 539.342) / (88.107 / 455.357)
=0.28404797 / 0.19348994
=1.468

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(241.05 / 455.357) / (266.19 / 539.342)
=0.52936487 / 0.49354584
=1.0726

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (310.308 + 42.208) / 923.772) / (1 - (296.322 + 34.373) / 570.926)
=0.61839502 / 0.42077432
=1.4697

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=539.342 / 455.357
=1.1844

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))
=(21.371 / (21.371 + 34.373)) / (34.401 / (34.401 + 42.208))
=0.38337758 / 0.44904646
=0.8538

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)
=(188.549 / 539.342) / (161.342 / 455.357)
=0.3495908 / 0.3543198
=0.9867

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)
=((219.046 + 199.646) / 923.772) / ((0 + 108.624) / 570.926)
=0.45324171 / 0.19025933
=2.3822

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(24.064 - -2.171 - 44.235) / 923.772
=-0.0195

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.

Omnicell Inc has a M-score of -2.21 signals that the company is likely to be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Omnicell Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.90720.80081.30720.83091.00460.81951.11470.87721.21921.1869
GMI 0.99761.03951.04121.03610.92970.95871.0181.01641.00761.0367
AQI 0.97321.44071.08570.82861.03460.92432.9690.88330.94671.1355
SGI 1.27311.37731.1820.84751.04191.1041.2791.21191.15851.099
DEPI 1.13181.33540.87370.85541.111.18871.12370.82020.95380.8117
SGAI 0.85580.89340.98411.08580.9661.02440.960.95780.97180.9745
LVGI 0.99170.50831.05590.97740.93270.98331.12840.99781.06871.074
TATA -0.05970.0186-0.022-0.1322-0.0458-0.0564-0.0528-0.0632-0.0618-0.0052
M-score -2.57-1.82-2.11-3.46-2.64-2.85-1.59-2.75-2.47-2.21

Omnicell Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.87720.97971.131.27681.21921.0131.24761.08611.18691.468
GMI 1.01640.99450.9931.00771.00761.01581.02961.02881.03671.0726
AQI 0.88330.89130.87610.99290.94670.95711.12061.11251.13551.4697
SGI 1.21191.17281.14441.16471.15851.15211.13891.11921.0991.1844
DEPI 0.82020.89431.01121.02370.95380.89910.83690.81940.81170.8538
SGAI 0.95780.96521.00650.97510.97180.97140.97120.97220.97450.9867
LVGI 0.99780.9641.02531.04111.06871.05441.19661.04331.0742.3822
TATA -0.0635-0.0499-0.0575-0.0379-0.0618-0.0774-0.0296-0.0068-0.0043-0.0195
M-score -2.75-2.62-2.56-2.26-2.47-2.73-2.28-2.30-2.21-2.21
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK