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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.
Stantec Inc has a M-score of -2.66 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Stantec Inc was -0.02. The lowest was -3.02. And the median was -2.44.
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 Stantec 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 * 0.9769||+||0.528 * 1.0023||+||0.404 * 0.9746||+||0.892 * 1.0918||+||0.115 * 1.0755|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0007||+||4.679 * -0.05||-||0.327 * 1.0324|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $597 Mil.|
Revenue was 590.148044693 + 522.195632393 + 781.857404022 + 467.912162162 = $2,362 Mil.
Gross Profit was 270.039106145 + 238.064604186 + 232.753199269 + 253.852316602 = $995 Mil.
Total Current Assets was $752 Mil.
Total Assets was $1,753 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General & Admin. Expense(SGA) was $739 Mil.
Total Current Liabilities was $388 Mil.
Long-Term Debt was $301 Mil.
Net Income was 41.2523277467 + 30.5122838944 + 32.5968921389 + 44.3648648649 = $149 Mil.
Non Operating Income was 0.024208566108 + 0.222929936306 + 2.7084095064 + 1.22104247104 = $4 Mil.
Cash Flow from Operations was 17.3575418994 + -3.29845313922 + 110.3976234 + 107.673745174 = $232 Mil.
|Accounts Receivable was $560 Mil.
Revenue was 544.926923077 + 503.637880275 + 712.260080645 + 402.600810537 = $2,163 Mil.
Gross Profit was 244.714423077 + 226.032384691 + 220.768145161 + 221.597771023 = $913 Mil.
Total Current Assets was $619 Mil.
Total Assets was $1,501 Mil.
Property, Plant and Equipment(Net PPE) was $126 Mil.
Depreciation, Depletion and Amortization(DDA) was $52 Mil.
Selling, General & Admin. Expense(SGA) was $676 Mil.
Total Current Liabilities was $331 Mil.
Long-Term Debt was $240 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)|
|=||(597.112662942 / 2362.11324327)||/||(559.819230769 / 2163.42569453)|
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)|
|=||(238.064604186 / 2163.42569453)||/||(270.039106145 / 2362.11324327)|
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 - (752.301675978 + 139.691806331) / 1752.97765363)||/||(1 - (618.802884615 + 125.928846154) / 1501.27980769)|
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))|
|=||(51.6614434741 / (51.6614434741 + 125.928846154))||/||(51.789797881 / (51.789797881 + 139.691806331))|
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)|
|=||(738.704114757 / 2362.11324327)||/||(676.115223393 / 2163.42569453)|
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)|
|=||((300.658286778 + 388.075418994) / 1752.97765363)||/||((240.454807692 + 330.850961538) / 1501.27980769)|
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|
|=||(148.726368645 - 4.17659047985||-||232.130457334)||/||1752.97765363|
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.
Stantec Inc has a M-score of -2.66 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
Stantec Inc Annual Data
Stantec Inc Quarterly Data