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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 -1.38. The lowest was -3.51. And the median was -2.33.
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 * 0.974||+||0.528 * 1.1293||+||0.404 * 1.2665||+||0.892 * 1.4294||+||0.115 * 0.7609|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0417||+||4.679 * -0.0416||-||0.327 * 2.1187|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $150.3 Mil.|
Revenue was 171.975 + 176.737 + 172.907 + 171.004 = $692.6 Mil.
Gross Profit was 74.33 + 81.508 + 78.017 + 79.945 = $313.8 Mil.
Total Current Assets was $315.4 Mil.
Total Assets was $935.1 Mil.
Property, Plant and Equipment(Net PPE) was $42.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.4 Mil.
Selling, General & Admin. Expense(SGA) was $249.5 Mil.
Total Current Liabilities was $180.9 Mil.
Long-Term Debt was $245.7 Mil.
Net Income was 0.157 + 1.983 + -1.159 + -0.378 = $0.6 Mil.
Non Operating Income was -1.656 + -2.721 + -1.881 + -2.171 = $-8.4 Mil.
Cash Flow from Operations was 23.467 + 8.517 + -5.834 + 21.787 = $47.9 Mil.
|Accounts Receivable was $108.0 Mil.
Revenue was 130.316 + 125.234 + 112.788 + 116.221 = $484.6 Mil.
Gross Profit was 65.08 + 63.703 + 57.462 + 61.685 = $247.9 Mil.
Total Current Assets was $264.1 Mil.
Total Assets was $578.7 Mil.
Property, Plant and Equipment(Net PPE) was $32.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.6 Mil.
Selling, General & Admin. Expense(SGA) was $167.6 Mil.
Total Current Liabilities was $124.6 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)|
|=||(150.303 / 692.623)||/||(107.957 / 484.559)|
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)|
|=||(247.93 / 484.559)||/||(313.8 / 692.623)|
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 - (315.408 + 42.011) / 935.103)||/||(1 - (264.128 + 32.309) / 578.747)|
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))|
|=||(25.639 / (25.639 + 32.309))||/||(58.362 / (58.362 + 42.011))|
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)|
|=||(249.52 / 692.623)||/||(167.581 / 484.559)|
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)|
|=||((245.731 + 180.912) / 935.103)||/||((0 + 124.63) / 578.747)|
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|
|=||(0.603 - -8.429||-||47.937)||/||935.103|
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 -2.54 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