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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 * 1.2476||+||0.528 * 1.0296||+||0.404 * 1.1206||+||0.892 * 1.1389||+||0.115 * 0.8369|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9712||+||4.679 * -0.0305||-||0.327 * 1.1966|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|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.
Net Income was 8.751 + 6.318 + 9.236 + 7.3 = $31.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -1.124 + 11.314 + 30.848 + 8.894 = $49.9 Mil.
|Accounts Receivable was $82.6 Mil.
Revenue was 105.052 + 101.764 + 105.75 + 94.039 = $406.6 Mil.
Gross Profit was 56.04 + 54.495 + 56.624 + 52.04 = $219.2 Mil.
Total Current Assets was $275.9 Mil.
Total Assets was $537.3 Mil.
Property, Plant and Equipment(Net PPE) was $37.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.5 Mil.
Selling, General & Admin. Expense(SGA) was $148.3 Mil.
Total Current Liabilities was $103.3 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)|
|=||(117.307 / 463.093)||/||(82.56 / 406.605)|
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)|
|=||(61.685 / 406.605)||/||(57.462 / 463.093)|
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 - (285.324 + 34.772) / 601.022)||/||(1 - (275.896 + 37.257) / 537.251)|
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))|
|=||(18.512 / (18.512 + 37.257))||/||(22.858 / (22.858 + 34.772))|
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)|
|=||(164.066 / 463.093)||/||(148.322 / 406.605)|
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 + 138.275) / 601.022)||/||((0 + 103.294) / 537.251)|
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|
|=||(31.605 - 0||-||49.932)||/||601.022|
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 -2.28 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