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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 Streamline Health Solutions Inc was 0.28. The lowest was -4.87. And the median was -3.14.
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 Streamline Health Solutions 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 * 0.5594||+||0.528 * 0.9013||+||0.404 * 0.9636||+||0.892 * 1.036||+||0.115 * 1.014|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7862||+||4.679 * -0.2503||-||0.327 * 1.0451|
|This Year (Oct15) TTM:||Last Year (Oct14) TTM:|
|Accounts Receivable was $3.43 Mil.|
Revenue was 7.155 + 8.619 + 6.169 + 6.596 = $28.54 Mil.
Gross Profit was 4.252 + 5.86 + 3.115 + 3.21 = $16.44 Mil.
Total Current Assets was $14.47 Mil.
Total Assets was $49.59 Mil.
Property, Plant and Equipment(Net PPE) was $2.49 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.22 Mil.
Selling, General & Admin. Expense(SGA) was $13.94 Mil.
Total Current Liabilities was $11.66 Mil.
Long-Term Debt was $8.16 Mil.
Net Income was -0.457 + -0.564 + -1.866 + -4.81 = $-7.70 Mil.
Non Operating Income was 0.11 + -0.16 + 1.989 + -0.526 = $1.41 Mil.
Cash Flow from Operations was 3.144 + 1.869 + -1.059 + -0.65 = $3.30 Mil.
|Accounts Receivable was $5.92 Mil.
Revenue was 6.837 + 7.242 + 6.951 + 6.516 = $27.55 Mil.
Gross Profit was 3.793 + 4.221 + 3.398 + 2.887 = $14.30 Mil.
Total Current Assets was $14.73 Mil.
Total Assets was $56.75 Mil.
Property, Plant and Equipment(Net PPE) was $3.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.99 Mil.
Selling, General & Admin. Expense(SGA) was $17.11 Mil.
Total Current Liabilities was $14.44 Mil.
Long-Term Debt was $7.26 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)|
|=||(3.429 / 28.539)||/||(5.917 / 27.546)|
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)|
|=||(5.86 / 27.546)||/||(4.252 / 28.539)|
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 - (14.471 + 2.494) / 49.593)||/||(1 - (14.725 + 3.279) / 56.749)|
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))|
|=||(2.994 / (2.994 + 3.279))||/||(2.218 / (2.218 + 2.494))|
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)|
|=||(13.936 / 28.539)||/||(17.109 / 27.546)|
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)|
|=||((8.156 + 11.658) / 49.593)||/||((7.26 + 14.435) / 56.749)|
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|
|=||(-7.697 - 1.413||-||3.304)||/||49.593|
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.
Streamline Health Solutions Inc has a M-score of -4.07 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
Streamline Health Solutions Inc Annual Data
Streamline Health Solutions Inc Quarterly Data