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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 0.44. The lowest was -3.60. And the median was -2.46.
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 * 0.4208||+||0.528 * 0.9705||+||0.404 * 1.4044||+||0.892 * 0.9461||+||0.115 * 0.9475|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1459||+||4.679 * 0.0854||-||0.327 * 0.9264|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $207 Mil.|
Revenue was 380.218 + 381.02 + 440.871 + 1164.238 = $2,366 Mil.
Gross Profit was 62.644 + 70.881 + 90.818 + 259.479 = $484 Mil.
Total Current Assets was $2,039 Mil.
Total Assets was $4,394 Mil.
Property, Plant and Equipment(Net PPE) was $1,192 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General & Admin. Expense(SGA) was $314 Mil.
Total Current Liabilities was $1,106 Mil.
Long-Term Debt was $1,113 Mil.
Net Income was -56.326 + 6.509 + -9.581 + 134.715 = $75 Mil.
Non Operating Income was -3.601 + 14.982 + -2.62 + -1.726 = $7 Mil.
Cash Flow from Operations was -103.919 + -212.033 + -113.408 + 122.349 = $-307 Mil.
|Accounts Receivable was $520 Mil.
Revenue was 662.734 + 507.871 + 692.422 + 638.134 = $2,501 Mil.
Gross Profit was 108.514 + 94.145 + 162.989 + 130.668 = $496 Mil.
Total Current Assets was $2,610 Mil.
Total Assets was $4,409 Mil.
Property, Plant and Equipment(Net PPE) was $967 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General & Admin. Expense(SGA) was $290 Mil.
Total Current Liabilities was $1,438 Mil.
Long-Term Debt was $965 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)|
|=||(207.073 / 2366.347)||/||(520.166 / 2501.161)|
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)|
|=||(70.881 / 2501.161)||/||(62.644 / 2366.347)|
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 - (2038.652 + 1191.67) / 4394.325)||/||(1 - (2609.849 + 967.2) / 4408.538)|
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))|
|=||(100.191 / (100.191 + 967.2))||/||(131.04 / (131.04 + 1191.67))|
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)|
|=||(314.343 / 2366.347)||/||(289.946 / 2501.161)|
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)|
|=||((1113.012 + 1105.553) / 4394.325)||/||((964.849 + 1437.642) / 4408.538)|
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|
|=||(75.317 - 7.035||-||-307.011)||/||4394.325|
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 -2.52 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