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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 -3.57. And the median was -2.39.
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 * 0.9288||+||0.528 * 1.0651||+||0.404 * 0.9583||+||0.892 * 0.8297||+||0.115 * 1.042|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1359||+||4.679 * -0.1262||-||0.327 * 0.9665|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $260 Mil.|
Revenue was 461.3 + 386.2 + 323.9 + 402.5 = $1,574 Mil.
Gross Profit was 138.7 + 123.4 + 108.1 + 144.4 = $515 Mil.
Total Current Assets was $805 Mil.
Total Assets was $1,303 Mil.
Property, Plant and Equipment(Net PPE) was $115 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General & Admin. Expense(SGA) was $147 Mil.
Total Current Liabilities was $329 Mil.
Long-Term Debt was $210 Mil.
Net Income was 22.8 + 3.7 + -7.1 + 20.5 = $40 Mil.
Non Operating Income was 0 + 0 + 2.1 + 0 = $2 Mil.
Cash Flow from Operations was 52.4 + 0 + 113.2 + 36.6 = $202 Mil.
|Accounts Receivable was $337 Mil.
Revenue was 470.5 + 470 + 478.9 + 477.6 = $1,897 Mil.
Gross Profit was 165.2 + 163.8 + 167.3 + 164.3 = $661 Mil.
Total Current Assets was $892 Mil.
Total Assets was $1,453 Mil.
Property, Plant and Equipment(Net PPE) was $116 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $398 Mil.
Long-Term Debt was $224 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)|
|=||(259.7 / 1573.9)||/||(337 / 1897)|
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)|
|=||(660.6 / 1897)||/||(514.6 / 1573.9)|
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 - (805.2 + 115.1) / 1302.5)||/||(1 - (892.3 + 116) / 1453.3)|
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))|
|=||(107.4 / (107.4 + 116))||/||(98.6 / (98.6 + 115.1))|
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)|
|=||(147.4 / 1573.9)||/||(156.4 / 1897)|
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)|
|=||((209.7 + 328.9) / 1302.5)||/||((223.7 + 398.1) / 1453.3)|
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|
|=||(39.9 - 2.1||-||202.2)||/||1302.5|
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 -3.28 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
Synaptics Inc Annual Data
Synaptics Inc Quarterly Data