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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 12 years, the highest Beneish M-Score of Radiant Logistics Inc was 434.63. The lowest was -7.60. And the median was -2.31.
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 Radiant Logistics 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 * 1.0046||+||0.528 * 0.9348||+||0.404 * 1.0284||+||0.892 * 1.0425||+||0.115 * 0.8975|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0472||+||4.679 * -0.0585||-||0.327 * 0.9471|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $113.1 Mil.|
Revenue was 198.881 + 195.133 + 183.616 + 173.276 = $750.9 Mil.
Gross Profit was 50.124 + 49.009 + 46.55 + 41.801 = $187.5 Mil.
Total Current Assets was $124.7 Mil.
Total Assets was $270.9 Mil.
Property, Plant and Equipment(Net PPE) was $12.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.8 Mil.
Selling, General & Admin. Expense(SGA) was $165.4 Mil.
Total Current Liabilities was $105.9 Mil.
Long-Term Debt was $26.1 Mil.
Net Income was 2.61 + 1.862 + -0.123 + -1.719 = $2.6 Mil.
Non Operating Income was 0.304 + 0.395 + -0.622 + -0.095 = $-0.0 Mil.
Cash Flow from Operations was 9.256 + 3.48 + 2.245 + 3.506 = $18.5 Mil.
|Accounts Receivable was $108.0 Mil.
Revenue was 206.322 + 215.495 + 196.234 + 102.252 = $720.3 Mil.
Gross Profit was 47.596 + 50.713 + 42.701 + 27.105 = $168.1 Mil.
Total Current Assets was $140.4 Mil.
Total Assets was $295.1 Mil.
Property, Plant and Equipment(Net PPE) was $13.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.2 Mil.
Selling, General & Admin. Expense(SGA) was $151.5 Mil.
Total Current Liabilities was $103.1 Mil.
Long-Term Debt was $48.7 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)|
|=||(113.085 / 750.906)||/||(107.978 / 720.303)|
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)|
|=||(168.115 / 720.303)||/||(187.484 / 750.906)|
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 - (124.716 + 12.653) / 270.87)||/||(1 - (140.356 + 13.313) / 295.1)|
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))|
|=||(10.204 / (10.204 + 13.313))||/||(11.843 / (11.843 + 12.653))|
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)|
|=||(165.411 / 750.906)||/||(151.519 / 720.303)|
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)|
|=||((26.058 + 105.893) / 270.87)||/||((48.708 + 103.076) / 295.1)|
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|
|=||(2.63 - -0.018||-||18.487)||/||270.87|
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.
Radiant Logistics Inc has a M-score of -2.74 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
Radiant Logistics Inc Annual Data
Radiant Logistics Inc Quarterly Data