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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 Synaptics Inc was -1.58. The lowest was -2.98. And the median was -2.21.
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 Synaptics 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 * 0.9257||+||0.528 * 1.3545||+||0.404 * 1.6362||+||0.892 * 1.7974||+||0.115 * 0.4425|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7116||+||4.679 * -0.0625||-||0.327 * 1.7891|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $325 Mil.|
Revenue was 478.956 + 477.598 + 463.705 + 282.741 = $1,703 Mil.
Gross Profit was 167.335 + 164.345 + 126.831 + 120.189 = $579 Mil.
Total Current Assets was $916 Mil.
Total Assets was $1,519 Mil.
Property, Plant and Equipment(Net PPE) was $123 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $447 Mil.
Long-Term Debt was $231 Mil.
Net Income was 31.359 + 31.478 + 19.972 + 26.586 = $109 Mil.
Non Operating Income was 0.2 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 31.568 + 128.129 + -16.017 + 60.42 = $204 Mil.
|Accounts Receivable was $195 Mil.
Revenue was 314.859 + 204.271 + 205.763 + 222.607 = $948 Mil.
Gross Profit was 139.846 + 92.43 + 94.545 + 109.279 = $436 Mil.
Total Current Assets was $743 Mil.
Total Assets was $1,020 Mil.
Property, Plant and Equipment(Net PPE) was $81 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $254 Mil.
Long-Term Debt was $0 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)|
|=||(324.6 / 1703)||/||(195.1 / 947.5)|
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)|
|=||(164.345 / 947.5)||/||(167.335 / 1703)|
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 - (916 + 123.4) / 1519.4)||/||(1 - (742.5 + 80.8) / 1020.3)|
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))|
|=||(21.6 / (21.6 + 80.8))||/||(112.4 / (112.4 + 123.4))|
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)|
|=||(127.9 / 1703)||/||(100 / 947.5)|
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)|
|=||((231.1 + 446.7) / 1519.4)||/||((0 + 254.4) / 1020.3)|
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|
|=||(109.395 - 0.2||-||204.1)||/||1519.4|
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.
Synaptics Inc has a M-score of -1.96 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
Synaptics Inc Annual Data
Synaptics Inc Quarterly Data