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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.
Streamline Health Solutions Inc has a M-score of -3.12 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Streamline Health Solutions Inc was 0.15. 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 * 0.7755||+||0.528 * 0.9605||+||0.404 * 1.0155||+||0.892 * 1.1685||+||0.115 * 1.0717|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1156||+||4.679 * -0.1421||-||0.327 * 0.6819|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $9.20 Mil.|
Revenue was 6.951 + 6.516 + 6.732 + 8.773 = $28.97 Mil.
Gross Profit was 3.398 + 2.887 + 3.597 + 5.536 = $15.42 Mil.
Total Current Assets was $19.38 Mil.
Total Assets was $61.63 Mil.
Property, Plant and Equipment(Net PPE) was $1.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.31 Mil.
Selling, General & Admin. Expense(SGA) was $15.61 Mil.
Total Current Liabilities was $15.11 Mil.
Long-Term Debt was $7.37 Mil.
Net Income was -2.671 + -1.947 + -6.232 + -0.828 = $-11.68 Mil.
Non Operating Income was 1.093 + 2.583 + -4.51 + -1.064 = $-1.90 Mil.
Cash Flow from Operations was -3.944 + -0.55 + 2.129 + 1.342 = $-1.02 Mil.
|Accounts Receivable was $10.15 Mil.
Revenue was 6.473 + 6.738 + 6.534 + 5.049 = $24.79 Mil.
Gross Profit was 3.297 + 3.193 + 3.492 + 2.691 = $12.67 Mil.
Total Current Assets was $16.75 Mil.
Total Assets was $51.43 Mil.
Property, Plant and Equipment(Net PPE) was $1.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.22 Mil.
Selling, General & Admin. Expense(SGA) was $11.97 Mil.
Total Current Liabilities was $15.35 Mil.
Long-Term Debt was $12.16 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)|
|=||(9.198 / 28.972)||/||(10.15 / 24.794)|
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)|
|=||(2.887 / 24.794)||/||(3.398 / 28.972)|
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 - (19.38 + 1.396) / 61.628)||/||(1 - (16.752 + 1.106) / 51.428)|
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))|
|=||(2.22 / (2.22 + 1.106))||/||(2.305 / (2.305 + 1.396))|
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)|
|=||(15.605 / 28.972)||/||(11.971 / 24.794)|
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)|
|=||((7.366 + 15.113) / 61.628)||/||((12.157 + 15.351) / 51.428)|
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|
|=||(-11.678 - -1.898||-||-1.023)||/||61.628|
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 -3.12 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