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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 -2.26.
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 * 1.2768||+||0.528 * 1.0077||+||0.404 * 0.9929||+||0.892 * 1.1647||+||0.115 * 1.0237|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9751||+||4.679 * -0.0376||-||0.327 * 1.0411|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|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.
Net Income was 7.3 + 7.789 + 6.194 + 6.823 = $28.1 Mil.
Non Operating Income was 0 + 0 + 0 + -0.178 = $-0.2 Mil.
Cash Flow from Operations was 8.894 + 24.304 + 1.117 + 14.526 = $48.8 Mil.
|Accounts Receivable was $64.0 Mil.
Revenue was 94.039 + 93.686 + 87.11 + 90.169 = $365.0 Mil.
Gross Profit was 52.04 + 49.368 + 45.367 + 49.376 = $196.2 Mil.
Total Current Assets was $247.9 Mil.
Total Assets was $506.0 Mil.
Property, Plant and Equipment(Net PPE) was $33.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.8 Mil.
Selling, General & Admin. Expense(SGA) was $134.2 Mil.
Total Current Liabilities was $99.1 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)|
|=||(95.167 / 425.109)||/||(63.999 / 365.004)|
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)|
|=||(56.04 / 365.004)||/||(59.546 / 425.109)|
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 - (268.368 + 37.688) / 547.313)||/||(1 - (247.859 + 33.492) / 505.984)|
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))|
|=||(17.81 / (17.81 + 33.492))||/||(19.338 / (19.338 + 37.688))|
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)|
|=||(152.431 / 425.109)||/||(134.219 / 365.004)|
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 + 111.56) / 547.313)||/||((0 + 99.065) / 505.984)|
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|
|=||(28.106 - -0.178||-||48.841)||/||547.313|
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 -2.26 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