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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 SunPower Corp was -0.87. The lowest was -3.68. And the median was -2.47.
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 SunPower Corp 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 * 1.1744||+||0.528 * 1.1643||+||0.404 * 0.8068||+||0.892 * 1.0614||+||0.115 * 1.6798|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9979||+||4.679 * 0.0891||-||0.327 * 0.9278|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $434 Mil.|
Revenue was 381.02 + 440.871 + 1164.238 + 662.734 = $2,649 Mil.
Gross Profit was 70.881 + 90.818 + 259.479 + 108.514 = $530 Mil.
Total Current Assets was $2,172 Mil.
Total Assets was $4,349 Mil.
Property, Plant and Equipment(Net PPE) was $1,145 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General & Admin. Expense(SGA) was $302 Mil.
Total Current Liabilities was $1,114 Mil.
Long-Term Debt was $1,072 Mil.
Net Income was 6.509 + -9.581 + 134.715 + 32.033 = $164 Mil.
Non Operating Income was 14.982 + -2.62 + -1.726 + 0.882 = $12 Mil.
Cash Flow from Operations was -212.033 + -113.408 + 122.349 + -32.418 = $-236 Mil.
|Accounts Receivable was $348 Mil.
Revenue was 507.871 + 692.422 + 638.134 + 657.12 = $2,496 Mil.
Gross Profit was 94.145 + 162.989 + 130.668 + 193.23 = $581 Mil.
Total Current Assets was $2,525 Mil.
Total Assets was $4,322 Mil.
Property, Plant and Equipment(Net PPE) was $526 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General & Admin. Expense(SGA) was $285 Mil.
Total Current Liabilities was $1,375 Mil.
Long-Term Debt was $967 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)|
|=||(433.627 / 2648.863)||/||(347.852 / 2495.547)|
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)|
|=||(90.818 / 2495.547)||/||(70.881 / 2648.863)|
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 - (2172.113 + 1145.361) / 4348.523)||/||(1 - (2525.4 + 526.494) / 4321.972)|
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))|
|=||(99.228 / (99.228 + 526.494))||/||(119.403 / (119.403 + 1145.361))|
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)|
|=||(301.628 / 2648.863)||/||(284.781 / 2495.547)|
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)|
|=||((1072.35 + 1113.96) / 4348.523)||/||((966.625 + 1375.378) / 4321.972)|
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|
|=||(163.676 - 11.518||-||-235.51)||/||4348.523|
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.
SunPower Corp has a M-score of -1.74 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
SunPower Corp Annual Data
SunPower Corp Quarterly Data