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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 -3.83. 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 * 1.0501||+||0.528 * 1.0946||+||0.404 * 1.314||+||0.892 * 1.2945||+||0.115 * 0.7715|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0037||+||4.679 * -0.0233||-||0.327 * 1.9427|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $159.5 Mil.|
Revenue was 172.907 + 171.004 + 130.316 + 125.234 = $599.5 Mil.
Gross Profit was 78.017 + 79.945 + 65.08 + 63.703 = $286.7 Mil.
Total Current Assets was $311.9 Mil.
Total Assets was $913.4 Mil.
Property, Plant and Equipment(Net PPE) was $40.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $42.9 Mil.
Selling, General & Admin. Expense(SGA) was $213.2 Mil.
Total Current Liabilities was $191.3 Mil.
Long-Term Debt was $216.9 Mil.
Net Income was -1.159 + -0.378 + 7.655 + 8.036 = $14.2 Mil.
Non Operating Income was -1.881 + -2.171 + 0 + 0 = $-4.1 Mil.
Cash Flow from Operations was -5.834 + 21.787 + 27.83 + -4.258 = $39.5 Mil.
|Accounts Receivable was $117.3 Mil.
Revenue was 112.788 + 116.221 + 121.541 + 112.543 = $463.1 Mil.
Gross Profit was 57.462 + 61.685 + 63.779 + 59.546 = $242.5 Mil.
Total Current Assets was $285.3 Mil.
Total Assets was $601.0 Mil.
Property, Plant and Equipment(Net PPE) was $34.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.9 Mil.
Selling, General & Admin. Expense(SGA) was $164.1 Mil.
Total Current Liabilities was $138.3 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)|
|=||(159.453 / 599.461)||/||(117.307 / 463.093)|
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)|
|=||(242.472 / 463.093)||/||(286.745 / 599.461)|
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 - (311.916 + 40.503) / 913.428)||/||(1 - (285.324 + 34.772) / 601.022)|
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))|
|=||(22.858 / (22.858 + 34.772))||/||(42.859 / (42.859 + 40.503))|
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)|
|=||(213.155 / 599.461)||/||(164.066 / 463.093)|
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)|
|=||((216.936 + 191.315) / 913.428)||/||((0 + 138.275) / 601.022)|
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|
|=||(14.154 - -4.052||-||39.525)||/||913.428|
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 -2.44 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