RLGT has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 10 years, the highest Beneish M-Score of Radiant Logistics Inc was 434.63. The lowest was -5.91. And the median was -2.37.
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 * 0.9727||+||0.528 * 1.0838||+||0.404 * 0.9099||+||0.892 * 1.2475||+||0.115 * 1.2369|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9397||+||4.679 * 0.0066||-||0.327 * 1.0954|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|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 + 27.777 = $108.8 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 $96.6 Mil.
Total Current Liabilities was $57.4 Mil.
Long-Term Debt was $9.1 Mil.
Net Income was 1.336 + 0.839 + 1.521 + 2.115 = $5.8 Mil.
Non Operating Income was -0.056 + 0.061 + 0.127 + 0.055 = $0.2 Mil.
Cash Flow from Operations was 2.244 + 2.517 + 1.616 + -1.546 = $4.8 Mil.
|Accounts Receivable was $53.3 Mil.
Revenue was 86.033 + 84.144 + 76.702 + 80.719 = $327.6 Mil.
Gross Profit was 23.931 + 24.307 + 23.221 + 23.062 = $94.5 Mil.
Total Current Assets was $60.7 Mil.
Total Assets was $107.4 Mil.
Property, Plant and Equipment(Net PPE) was $1.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.2 Mil.
Selling, General & Admin. Expense(SGA) was $82.4 Mil.
Total Current Liabilities was $48.5 Mil.
Long-Term Debt was $5.5 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)|
|=||(64.656 / 408.686)||/||(53.281 / 327.598)|
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)|
|=||(27.592 / 327.598)||/||(27.105 / 408.686)|
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 - (71.339 + 3.077) / 120.946)||/||(1 - (60.656 + 1.328) / 107.39)|
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))|
|=||(4.182 / (4.182 + 1.328))||/||(4.887 / (4.887 + 3.077))|
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)|
|=||(96.564 / 408.686)||/||(82.371 / 327.598)|
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)|
|=||((9.133 + 57.433) / 120.946)||/||((5.488 + 48.471) / 107.39)|
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|
|=||(5.811 - 0.187||-||4.831)||/||120.946|
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 -2.24 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