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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 Sanofi SA was 1.05. The lowest was -3.35. And the median was -2.35.
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 Sanofi SA 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 * 0.9437||+||0.528 * 0.9871||+||0.404 * 1.005||+||0.892 * 0.9524||+||0.115 * 1.0572|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.055||+||4.679 * 0.0176||-||0.327 * 1.0313|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $8,715 Mil.|
Revenue was 10618.4062851 + 9621.21212121 + 11307.02836 + 11427.8350515 = $42,974 Mil.
Gross Profit was 7320.98765432 + 6606.06060606 + 7557.33662145 + 7737.11340206 = $29,221 Mil.
Total Current Assets was $24,701 Mil.
Total Assets was $109,902 Mil.
Property, Plant and Equipment(Net PPE) was $11,829 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,381 Mil.
Selling, General & Admin. Expense(SGA) was $11,625 Mil.
Total Current Liabilities was $18,288 Mil.
Long-Term Debt was $12,088 Mil.
Net Income was 1461.27946128 + 1107.14285714 + 1651.04808878 + 1533.50515464 = $5,753 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3821.54882155 + 0 + 0 + 0 = $3,822 Mil.
|Accounts Receivable was $9,697 Mil.
Revenue was 11067.9347826 + 10961.2724758 + 11721.5363512 + 11372.4966622 = $45,123 Mil.
Gross Profit was 7524.45652174 + 7481.32780083 + 7740.74074074 + 7539.3858478 = $30,286 Mil.
Total Current Assets was $27,675 Mil.
Total Assets was $123,261 Mil.
Property, Plant and Equipment(Net PPE) was $13,709 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,483 Mil.
Selling, General & Admin. Expense(SGA) was $11,571 Mil.
Total Current Liabilities was $19,293 Mil.
Long-Term Debt was $13,740 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)|
|=||(8714.92704826 / 42974.4818179)||/||(9697.01086957 / 45123.2402718)|
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)|
|=||(6606.06060606 / 45123.2402718)||/||(7320.98765432 / 42974.4818179)|
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 - (24701.4590348 + 11829.4051627) / 109902.356902)||/||(1 - (27675.2717391 + 13709.2391304) / 123260.869565)|
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))|
|=||(5483.37360883 / (5483.37360883 + 13709.2391304))||/||(4380.72449036 / (4380.72449036 + 11829.4051627))|
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)|
|=||(11625.442701 / 42974.4818179)||/||(11570.7446307 / 45123.2402718)|
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)|
|=||((12087.5420875 + 18288.4399551) / 109902.356902)||/||((13740.4891304 + 19293.4782609) / 123260.869565)|
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|
|=||(5752.97556184 - 0||-||3821.54882155)||/||109902.356902|
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.
Sanofi SA has a M-score of -2.51 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
Sanofi SA Annual Data
Sanofi SA Quarterly Data