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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 Symantec Corp was -1.01. The lowest was -6.57. And the median was -2.79.
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 Symantec Corp 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 * 0.5491||+||0.528 * 0.9893||+||0.404 * 0.6467||+||0.892 * 0.9468||+||0.115 * 0.8403|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9009||+||4.679 * 0.2398||-||0.327 * 1.1321|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $314 Mil.|
Revenue was 884 + 873 + 909 + 1498 = $4,164 Mil.
Gross Profit was 735 + 726 + 759 + 1234 = $3,454 Mil.
Total Current Assets was $6,799 Mil.
Total Assets was $11,530 Mil.
Property, Plant and Equipment(Net PPE) was $904 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General & Admin. Expense(SGA) was $1,746 Mil.
Total Current Liabilities was $3,322 Mil.
Long-Term Debt was $2,605 Mil.
Net Income was 135 + 2045 + 170 + 156 = $2,506 Mil.
Non Operating Income was 13 + 3 + -1 + 2 = $17 Mil.
Cash Flow from Operations was -772 + 250 + 112 + 134 = $-276 Mil.
|Accounts Receivable was $604 Mil.
Revenue was 912 + 899 + 970 + 1617 = $4,398 Mil.
Gross Profit was 754 + 723 + 793 + 1339 = $3,609 Mil.
Total Current Assets was $5,022 Mil.
Total Assets was $12,784 Mil.
Property, Plant and Equipment(Net PPE) was $1,201 Mil.
Depreciation, Depletion and Amortization(DDA) was $312 Mil.
Selling, General & Admin. Expense(SGA) was $2,047 Mil.
Total Current Liabilities was $4,064 Mil.
Long-Term Debt was $1,741 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)|
|=||(314 / 4164)||/||(604 / 4398)|
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)|
|=||(3609 / 4398)||/||(3454 / 4164)|
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 - (6799 + 904) / 11530)||/||(1 - (5022 + 1201) / 12784)|
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))|
|=||(312 / (312 + 1201))||/||(294 / (294 + 904))|
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)|
|=||(1746 / 4164)||/||(2047 / 4398)|
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)|
|=||((2605 + 3322) / 11530)||/||((1741 + 4064) / 12784)|
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|
|=||(2506 - 17||-||-276)||/||11530|
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.
Symantec Corp has a M-score of -2.01 signals that the company is likely to 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
Symantec Corp Annual Data
Symantec Corp Quarterly Data