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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.
SunPower Corp has a M-score of -2.89 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of SunPower Corp was -0.76. The lowest was -3.73. And the median was -2.59.
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 * 0.5227||+||0.528 * 0.4389||+||0.404 * 1.1735||+||0.892 * 1.0021||+||0.115 * 1.1949|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9033||+||4.679 * 0.0455||-||0.327 * 1.0059|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $265 Mil.|
Revenue was 692.422 + 638.134 + 657.12 + 576.516 = $2,564 Mil.
Gross Profit was 162.989 + 130.668 + 193.23 + 107.861 = $595 Mil.
Total Current Assets was $2,035 Mil.
Total Assets was $3,826 Mil.
Property, Plant and Equipment(Net PPE) was $896 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General & Admin. Expense(SGA) was $275 Mil.
Total Current Liabilities was $1,505 Mil.
Long-Term Debt was $424 Mil.
Net Income was 65.044 + 22.338 + 108.386 + 19.565 = $215 Mil.
Non Operating Income was 1.369 + -2.632 + -4.159 + 0.443 = $-5 Mil.
Cash Flow from Operations was 50.472 + 32.876 + 28.869 + -66.179 = $46 Mil.
|Accounts Receivable was $507 Mil.
Revenue was 635.433 + 678.525 + 648.948 + 595.897 = $2,559 Mil.
Gross Profit was 59.313 + 46.877 + 80.773 + 73.5 = $260 Mil.
Total Current Assets was $1,726 Mil.
Total Assets was $3,163 Mil.
Property, Plant and Equipment(Net PPE) was $806 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General & Admin. Expense(SGA) was $304 Mil.
Total Current Liabilities was $1,025 Mil.
Long-Term Debt was $559 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)|
|=||(265.402 / 2564.192)||/||(506.64 / 2558.803)|
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)|
|=||(130.668 / 2558.803)||/||(162.989 / 2564.192)|
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 - (2034.827 + 895.858) / 3826.341)||/||(1 - (1725.715 + 806.143) / 3162.717)|
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))|
|=||(109.684 / (109.684 + 806.143))||/||(99.795 / (99.795 + 895.858))|
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)|
|=||(275.317 / 2564.192)||/||(304.144 / 2558.803)|
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)|
|=||((423.502 + 1505.118) / 3826.341)||/||((559.348 + 1025.43) / 3162.717)|
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|
|=||(215.333 - -4.979||-||46.038)||/||3826.341|
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 -2.89 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
SunPower Corp Annual Data
SunPower Corp Quarterly Data