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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 * 1.0913||+||0.528 * 1.0231||+||0.404 * 1.7641||+||0.892 * 1.0416||+||0.115 * 0.7437|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0048||+||4.679 * 0.1416||-||0.327 * 1.2745|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $557 Mil.|
Revenue was 1041 + 979 + 884 + 873 = $3,777 Mil.
Gross Profit was 806 + 769 + 735 + 726 = $3,036 Mil.
Total Current Assets was $6,511 Mil.
Total Assets was $16,760 Mil.
Property, Plant and Equipment(Net PPE) was $893 Mil.
Depreciation, Depletion and Amortization(DDA) was $428 Mil.
Selling, General & Admin. Expense(SGA) was $1,751 Mil.
Total Current Liabilities was $3,605 Mil.
Long-Term Debt was $6,358 Mil.
Net Income was 46 + -144 + 135 + 2045 = $2,082 Mil.
Non Operating Income was 5 + 10 + 13 + 3 = $31 Mil.
Cash Flow from Operations was 144 + 55 + -772 + 250 = $-323 Mil.
|Accounts Receivable was $490 Mil.
Revenue was 909 + 906 + 912 + 899 = $3,626 Mil.
Gross Profit was 759 + 746 + 754 + 723 = $2,982 Mil.
Total Current Assets was $7,173 Mil.
Total Assets was $11,936 Mil.
Property, Plant and Equipment(Net PPE) was $986 Mil.
Depreciation, Depletion and Amortization(DDA) was $313 Mil.
Selling, General & Admin. Expense(SGA) was $1,673 Mil.
Total Current Liabilities was $3,827 Mil.
Long-Term Debt was $1,740 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)|
|=||(557 / 3777)||/||(490 / 3626)|
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)|
|=||(2982 / 3626)||/||(3036 / 3777)|
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 - (6511 + 893) / 16760)||/||(1 - (7173 + 986) / 11936)|
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))|
|=||(313 / (313 + 986))||/||(428 / (428 + 893))|
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)|
|=||(1751 / 3777)||/||(1673 / 3626)|
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)|
|=||((6358 + 3605) / 16760)||/||((1740 + 3827) / 11936)|
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|
|=||(2082 - 31||-||-323)||/||16760|
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 -1.50 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