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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 -2.80 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 -3.03. And the median was -2.43.
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 * 0.8905||+||0.528 * 1.009||+||0.404 * 0.9696||+||0.892 * 1.111||+||0.115 * 1.0475|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9972||+||4.679 * -0.0706||-||0.327 * 0.9485|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $532 Mil.|
Revenue was 522.195632393 + 781.857404022 + 467.912162162 + 544.926923077 = $2,317 Mil.
Gross Profit was 238.064604186 + 232.753199269 + 253.852316602 + 244.714423077 = $969 Mil.
Total Current Assets was $689 Mil.
Total Assets was $1,623 Mil.
Property, Plant and Equipment(Net PPE) was $129 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General & Admin. Expense(SGA) was $722 Mil.
Total Current Liabilities was $364 Mil.
Long-Term Debt was $245 Mil.
Net Income was 30.5122838944 + 32.5968921389 + 44.3648648649 + 34.7413461538 = $142 Mil.
Non Operating Income was 0.222929936306 + 2.7084095064 + 1.22104247104 + 0.195192307692 = $4 Mil.
Cash Flow from Operations was -3.29845313922 + 110.3976234 + 107.673745174 + 37.7182692308 = $252 Mil.
|Accounts Receivable was $538 Mil.
Revenue was 503.637880275 + 712.260080645 + 402.600810537 + 466.873767258 = $2,085 Mil.
Gross Profit was 226.032384691 + 220.768145161 + 221.597771023 + 211.931952663 = $880 Mil.
Total Current Assets was $602 Mil.
Total Assets was $1,473 Mil.
Property, Plant and Equipment(Net PPE) was $117 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General & Admin. Expense(SGA) was $652 Mil.
Total Current Liabilities was $333 Mil.
Long-Term Debt was $250 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)|
|=||(532.181073703 / 2316.89212165)||/||(537.924435721 / 2085.37253872)|
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)|
|=||(232.753199269 / 2085.37253872)||/||(238.064604186 / 2316.89212165)|
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 - (688.757051865 + 129.470427662) / 1622.6533212)||/||(1 - (602.338567223 + 117.447497547) / 1472.83807655)|
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))|
|=||(49.6896732571 / (49.6896732571 + 117.447497547))||/||(51.3048834705 / (51.3048834705 + 129.470427662))|
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)|
|=||(722.022502166 / 2316.89212165)||/||(651.718502486 / 2085.37253872)|
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)|
|=||((245.213830755 + 364.259326661) / 1622.6533212)||/||((249.950932287 + 333.286555447) / 1472.83807655)|
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|
|=||(142.215387052 - 4.34757422144||-||252.491184666)||/||1622.6533212|
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 -2.80 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