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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 Stantec Inc was -0.08. The lowest was -3.39. And the median was -2.49.
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 * 1.1057||+||0.528 * 1.0757||+||0.404 * 1.0937||+||0.892 * 1.2234||+||0.115 * 1.0261|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9779||+||4.679 * -0.0215||-||0.327 * 1.3645|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $568 Mil.|
Revenue was 959.195148001 + 602.858693966 + 571.134885831 + 518.09159192 = $2,651 Mil.
Gross Profit was 360.904028074 + 323.333333333 + 256.418418267 + 223.805877634 = $1,164 Mil.
Total Current Assets was $1,211 Mil.
Total Assets was $3,210 Mil.
Property, Plant and Equipment(Net PPE) was $163 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General & Admin. Expense(SGA) was $925 Mil.
Total Current Liabilities was $801 Mil.
Long-Term Debt was $747 Mil.
Net Income was 37.5869697894 + 16.4192647743 + 23.1521246031 + 18.4620433166 = $96 Mil.
Non Operating Income was -12.9760451633 + -1.18504730883 + -0.744745198851 + 8.84926711879 = $-6 Mil.
Cash Flow from Operations was 45.1502898993 + 24.0088413215 + -7.29925903523 + 108.711441698 = $171 Mil.
|Accounts Receivable was $420 Mil.
Revenue was 565.964872607 + 480.321876264 + 559.298621018 + 561.499306278 = $2,167 Mil.
Gross Profit was 254.605005277 + 259.425798625 + 259.273260422 + 250.578390565 = $1,024 Mil.
Total Current Assets was $712 Mil.
Total Assets was $1,742 Mil.
Property, Plant and Equipment(Net PPE) was $119 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General & Admin. Expense(SGA) was $773 Mil.
Total Current Liabilities was $419 Mil.
Long-Term Debt was $196 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)|
|=||(568.392584681 / 2651.28031972)||/||(420.188451681 / 2167.08467617)|
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)|
|=||(1023.88245489 / 2167.08467617)||/||(1164.46165731 / 2651.28031972)|
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 - (1211.08559658 + 163.397162038) / 3210.27693012)||/||(1 - (712.360922659 + 118.972561435) / 1742.36016885)|
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))|
|=||(64.6286327448 / (64.6286327448 + 118.972561435))||/||(85.329452778 / (85.329452778 + 163.397162038))|
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)|
|=||(924.547818046 / 2651.28031972)||/||(772.786769745 / 2167.08467617)|
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)|
|=||((747.054470552 + 800.681263351) / 3210.27693012)||/||((196.284486658 + 419.353233831) / 1742.36016885)|
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|
|=||(95.6204024834 - -6.05657055214||-||170.571313883)||/||3210.27693012|
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 -2.32 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