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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 -5.91. And the median was -2.03.
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 * 0.5097||+||0.528 * 1.0318||+||0.404 * 1.0684||+||0.892 * 1.5567||+||0.115 * 0.6624|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9878||+||4.679 * -0.0942||-||0.327 * 0.7367|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $101.0 Mil.|
Revenue was 183.616 + 173.276 + 206.951 + 218.653 = $782.5 Mil.
Gross Profit was 46.55 + 41.801 + 47.596 + 50.713 = $186.7 Mil.
Total Current Assets was $113.4 Mil.
Total Assets was $263.5 Mil.
Property, Plant and Equipment(Net PPE) was $12.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.0 Mil.
Selling, General & Admin. Expense(SGA) was $170.3 Mil.
Total Current Liabilities was $96.5 Mil.
Long-Term Debt was $28.9 Mil.
Net Income was -0.123 + -1.719 + -2.016 + 0.339 = $-3.5 Mil.
Non Operating Income was -0.622 + -0.095 + 0.242 + 0.345 = $-0.1 Mil.
Cash Flow from Operations was 2.245 + 3.493 + 11.044 + 4.64 = $21.4 Mil.
|Accounts Receivable was $127.3 Mil.
Revenue was 196.234 + 102.252 + 105.948 + 98.231 = $502.7 Mil.
Gross Profit was 42.701 + 27.105 + 27.592 + 26.325 = $123.7 Mil.
Total Current Assets was $142.7 Mil.
Total Assets was $305.0 Mil.
Property, Plant and Equipment(Net PPE) was $13.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.4 Mil.
Selling, General & Admin. Expense(SGA) was $110.7 Mil.
Total Current Liabilities was $112.9 Mil.
Long-Term Debt was $84.2 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)|
|=||(101.035 / 782.496)||/||(127.349 / 502.665)|
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)|
|=||(123.723 / 502.665)||/||(186.66 / 782.496)|
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 - (113.373 + 12.453) / 263.469)||/||(1 - (142.708 + 13.176) / 305.038)|
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))|
|=||(6.359 / (6.359 + 13.176))||/||(12.033 / (12.033 + 12.453))|
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)|
|=||(170.282 / 782.496)||/||(110.735 / 502.665)|
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)|
|=||((28.903 + 96.511) / 263.469)||/||((84.202 + 112.886) / 305.038)|
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|
|=||(-3.519 - -0.13||-||21.422)||/||263.469|
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 -2.78 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