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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 -0.90. The lowest was -3.28. And the median was -2.37.
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 * 1.197||+||0.528 * 1.3312||+||0.404 * 1.6574||+||0.892 * 1.7836||+||0.115 * 0.409|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7286||+||4.679 * -0.0665||-||0.327 * 1.961|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $319.6 Mil.|
Revenue was 477.598 + 463.705 + 282.741 + 314.898 = $1,538.9 Mil.
Gross Profit was 164.345 + 126.831 + 120.189 + 139.826 = $551.2 Mil.
Total Current Assets was $880.0 Mil.
Total Assets was $1,511.2 Mil.
Property, Plant and Equipment(Net PPE) was $117.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $92.4 Mil.
Selling, General & Admin. Expense(SGA) was $118.7 Mil.
Total Current Liabilities was $397.6 Mil.
Long-Term Debt was $234.6 Mil.
Net Income was 31.478 + 19.972 + 26.586 + 34.472 = $112.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 128.129 + -16.017 + 60.42 + 40.493 = $213.0 Mil.
|Accounts Receivable was $149.7 Mil.
Revenue was 204.271 + 205.763 + 222.607 + 230.183 = $862.8 Mil.
Gross Profit was 92.43 + 94.545 + 109.279 + 115.121 = $411.4 Mil.
Total Current Assets was $634.4 Mil.
Total Assets was $894.8 Mil.
Property, Plant and Equipment(Net PPE) was $77.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.9 Mil.
Selling, General & Admin. Expense(SGA) was $91.3 Mil.
Total Current Liabilities was $190.9 Mil.
Long-Term Debt was $0.0 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)|
|=||(319.567 / 1538.942)||/||(149.687 / 862.824)|
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)|
|=||(126.831 / 862.824)||/||(164.345 / 1538.942)|
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 - (880.041 + 117.692) / 1511.217)||/||(1 - (634.368 + 76.993) / 894.806)|
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))|
|=||(16.89 / (16.89 + 76.993))||/||(92.429 / (92.429 + 117.692))|
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)|
|=||(118.712 / 1538.942)||/||(91.346 / 862.824)|
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)|
|=||((234.581 + 397.633) / 1511.217)||/||((0 + 190.895) / 894.806)|
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|
|=||(112.508 - 0||-||213.025)||/||1511.217|
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 -1.81 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