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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 -8.06. And the median was -2.21.
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 * 0.7849||+||0.528 * 1.1566||+||0.404 * 1.2826||+||0.892 * 1.9455||+||0.115 * 1.2625|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8845||+||4.679 * -0.0556||-||0.327 * 0.9135|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $98.7 Mil.|
Revenue was 173.276 + 206.951 + 218.653 + 196.234 = $795.1 Mil.
Gross Profit was 41.801 + 47.596 + 50.713 + 42.701 = $182.8 Mil.
Total Current Assets was $130.5 Mil.
Total Assets was $282.6 Mil.
Property, Plant and Equipment(Net PPE) was $12.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.0 Mil.
Selling, General & Admin. Expense(SGA) was $166.0 Mil.
Total Current Liabilities was $95.9 Mil.
Long-Term Debt was $46.2 Mil.
Net Income was -1.719 + -2.016 + 0.339 + 2.179 = $-1.2 Mil.
Non Operating Income was -0.095 + 0.242 + 0.345 + -0.854 = $-0.4 Mil.
Cash Flow from Operations was 3.493 + 11.044 + 4.64 + -4.326 = $14.9 Mil.
|Accounts Receivable was $64.7 Mil.
Revenue was 102.252 + 105.948 + 98.231 + 102.255 = $408.7 Mil.
Gross Profit was 27.105 + 27.592 + 26.325 + 27.659 = $108.7 Mil.
Total Current Assets was $71.3 Mil.
Total Assets was $120.9 Mil.
Property, Plant and Equipment(Net PPE) was $3.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.9 Mil.
Selling, General & Admin. Expense(SGA) was $96.4 Mil.
Total Current Liabilities was $57.4 Mil.
Long-Term Debt was $9.1 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)|
|=||(98.738 / 795.114)||/||(64.656 / 408.686)|
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)|
|=||(108.681 / 408.686)||/||(182.811 / 795.114)|
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 - (130.514 + 12.648) / 282.625)||/||(1 - (71.339 + 3.077) / 120.946)|
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))|
|=||(4.887 / (4.887 + 3.077))||/||(11.961 / (11.961 + 12.648))|
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)|
|=||(165.967 / 795.114)||/||(96.446 / 408.686)|
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)|
|=||((46.178 + 95.91) / 282.625)||/||((9.133 + 57.433) / 120.946)|
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|
|=||(-1.217 - -0.362||-||14.851)||/||282.625|
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 -1.82 signals that the company is likely to 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