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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 -1.11. The lowest was -6.36. And the median was -2.80.
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 * 0.8677||+||0.528 * 0.9885||+||0.404 * 0.6312||+||0.892 * 0.9153||+||0.115 * 1.1333|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9164||+||4.679 * 0.1444||-||0.327 * 1.132|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $556 Mil.|
Revenue was 873 + 909 + 1498 + 1499 = $4,779 Mil.
Gross Profit was 726 + 759 + 1234 + 1245 = $3,964 Mil.
Total Current Assets was $6,959 Mil.
Total Assets was $11,767 Mil.
Property, Plant and Equipment(Net PPE) was $957 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General & Admin. Expense(SGA) was $1,988 Mil.
Total Current Liabilities was $4,033 Mil.
Long-Term Debt was $2,207 Mil.
Net Income was 2045 + 170 + 156 + 117 = $2,488 Mil.
Non Operating Income was 3 + -1 + 2 + -11 = $-7 Mil.
Cash Flow from Operations was 250 + 112 + 134 + 300 = $796 Mil.
|Accounts Receivable was $700 Mil.
Revenue was 899 + 970 + 1617 + 1735 = $5,221 Mil.
Gross Profit was 723 + 793 + 1339 + 1426 = $4,281 Mil.
Total Current Assets was $5,422 Mil.
Total Assets was $13,233 Mil.
Property, Plant and Equipment(Net PPE) was $950 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General & Admin. Expense(SGA) was $2,370 Mil.
Total Current Liabilities was $4,453 Mil.
Long-Term Debt was $1,746 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)|
|=||(556 / 4779)||/||(700 / 5221)|
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)|
|=||(4281 / 5221)||/||(3964 / 4779)|
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 - (6959 + 957) / 11767)||/||(1 - (5422 + 950) / 13233)|
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))|
|=||(351 / (351 + 950))||/||(299 / (299 + 957))|
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)|
|=||(1988 / 4779)||/||(2370 / 5221)|
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)|
|=||((2207 + 4033) / 11767)||/||((1746 + 4453) / 13233)|
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|
|=||(2488 - -7||-||796)||/||11767|
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 -2.17 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