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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 Omnicell Inc was -1.37. The lowest was -3.93. And the median was -2.27.
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 * 1.0861||+||0.528 * 1.0288||+||0.404 * 1.1125||+||0.892 * 1.1192||+||0.115 * 0.8194|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9722||+||4.679 * -0.0077||-||0.327 * 1.0433|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $115.7 Mil.|
Revenue was 125.234 + 112.788 + 116.221 + 121.541 = $475.8 Mil.
Gross Profit was 63.703 + 57.462 + 61.685 + 63.779 = $246.6 Mil.
Total Current Assets was $259.9 Mil.
Total Assets was $576.7 Mil.
Property, Plant and Equipment(Net PPE) was $34.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.0 Mil.
Selling, General & Admin. Expense(SGA) was $165.9 Mil.
Total Current Liabilities was $122.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 8.036 + 8.751 + 6.318 + 9.236 = $32.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -4.258 + -1.124 + 11.314 + 30.848 = $36.8 Mil.
|Accounts Receivable was $95.2 Mil.
Revenue was 112.543 + 105.052 + 101.764 + 105.75 = $425.1 Mil.
Gross Profit was 59.546 + 56.04 + 54.495 + 56.624 = $226.7 Mil.
Total Current Assets was $268.4 Mil.
Total Assets was $547.3 Mil.
Property, Plant and Equipment(Net PPE) was $37.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.3 Mil.
Selling, General & Admin. Expense(SGA) was $152.4 Mil.
Total Current Liabilities was $111.6 Mil.
Long-Term Debt was $0.0 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)|
|=||(115.68 / 475.784)||/||(95.167 / 425.109)|
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)|
|=||(57.462 / 425.109)||/||(63.703 / 475.784)|
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 - (259.886 + 34.026) / 576.722)||/||(1 - (268.368 + 37.688) / 547.313)|
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))|
|=||(19.338 / (19.338 + 37.688))||/||(24.024 / (24.024 + 34.026))|
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)|
|=||(165.863 / 475.784)||/||(152.431 / 425.109)|
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)|
|=||((0 + 122.644) / 576.722)||/||((0 + 111.56) / 547.313)|
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|
|=||(32.341 - 0||-||36.78)||/||576.722|
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 -2.30 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
Omnicell Inc Annual Data
Omnicell Inc Quarterly Data