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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 -3.13.
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 * 0.8959||+||0.528 * 1.0481||+||0.404 * 0.9716||+||0.892 * 0.9593||+||0.115 * 1.497|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3094||+||4.679 * -0.1852||-||0.327 * 0.6907|
|This Year (Oct14) TTM:||Last Year (Oct13) TTM:|
|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.
Net Income was -2.256 + -2.275 + -2.671 + -1.947 = $-9.15 Mil.
Non Operating Income was 0.638 + -0.041 + 1.093 + 2.583 = $4.27 Mil.
Cash Flow from Operations was 1.911 + -0.329 + -3.944 + -0.55 = $-2.91 Mil.
|Accounts Receivable was $6.89 Mil.
Revenue was 6.732 + 8.773 + 6.473 + 6.738 = $28.72 Mil.
Gross Profit was 3.597 + 5.536 + 3.297 + 3.193 = $15.62 Mil.
Total Current Assets was $14.83 Mil.
Total Assets was $52.71 Mil.
Property, Plant and Equipment(Net PPE) was $0.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.10 Mil.
Selling, General & Admin. Expense(SGA) was $13.62 Mil.
Total Current Liabilities was $29.18 Mil.
Long-Term Debt was $0.00 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)|
|=||(5.917 / 27.546)||/||(6.885 / 28.716)|
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)|
|=||(4.221 / 28.716)||/||(3.793 / 27.546)|
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 - (14.725 + 3.279) / 56.749)||/||(1 - (14.832 + 0.84) / 52.713)|
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))|
|=||(2.102 / (2.102 + 0.84))||/||(2.994 / (2.994 + 3.279))|
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)|
|=||(17.109 / 27.546)||/||(13.621 / 28.716)|
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)|
|=||((7.26 + 14.435) / 56.749)||/||((0 + 29.178) / 52.713)|
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|
|=||(-9.149 - 4.273||-||-2.912)||/||56.749|
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 -3.36 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