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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 -2.78.
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 * 0.9422||+||0.528 * 1.0028||+||0.404 * 1.003||+||0.892 * 0.9358||+||0.115 * 1.0845|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9616||+||4.679 * -0.0437||-||0.327 * 0.9841|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $604 Mil.|
Revenue was 1499 + 1518 + 1638 + 1617 = $6,272 Mil.
Gross Profit was 1245 + 1231 + 1359 + 1339 = $5,174 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 $425 Mil.
Selling, General & Admin. Expense(SGA) was $2,572 Mil.
Total Current Liabilities was $4,064 Mil.
Long-Term Debt was $1,741 Mil.
Net Income was 117 + 176 + 222 + 244 = $759 Mil.
Non Operating Income was -11 + 7 + 2 + 1 = $-1 Mil.
Cash Flow from Operations was 300 + 488 + 358 + 173 = $1,319 Mil.
|Accounts Receivable was $685 Mil.
Revenue was 1735 + 1625 + 1705 + 1637 = $6,702 Mil.
Gross Profit was 1426 + 1343 + 1422 + 1353 = $5,544 Mil.
Total Current Assets was $5,288 Mil.
Total Assets was $13,164 Mil.
Property, Plant and Equipment(Net PPE) was $1,140 Mil.
Depreciation, Depletion and Amortization(DDA) was $451 Mil.
Selling, General & Admin. Expense(SGA) was $2,858 Mil.
Total Current Liabilities was $3,979 Mil.
Long-Term Debt was $2,095 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)|
|=||(604 / 6272)||/||(685 / 6702)|
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)|
|=||(1231 / 6702)||/||(1245 / 6272)|
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 - (5022 + 1201) / 12784)||/||(1 - (5288 + 1140) / 13164)|
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))|
|=||(451 / (451 + 1140))||/||(425 / (425 + 1201))|
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)|
|=||(2572 / 6272)||/||(2858 / 6702)|
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)|
|=||((1741 + 4064) / 12784)||/||((2095 + 3979) / 13164)|
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|
|=||(759 - -1||-||1319)||/||12784|
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 -2.77 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
Symantec Corp Annual Data
Symantec Corp Quarterly Data