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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 Sysco Corp was -2.09. The lowest was -10.23. And the median was -2.61.
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 Sysco 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 * 1.1188||+||0.528 * 0.9611||+||0.404 * 1.7036||+||0.892 * 1.061||+||0.115 * 0.8582|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9717||+||4.679 * -0.0718||-||0.327 * 1.4049|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $4,191 Mil.|
Revenue was 13968.654 + 13647.891 + 12002.791 + 12153.626 = $51,773 Mil.
Gross Profit was 2691.919 + 2502.838 + 2142.825 + 2156.814 = $9,494 Mil.
Total Current Assets was $8,135 Mil.
Total Assets was $18,025 Mil.
Property, Plant and Equipment(Net PPE) was $4,419 Mil.
Depreciation, Depletion and Amortization(DDA) was $738 Mil.
Selling, General & Admin. Expense(SGA) was $7,571 Mil.
Total Current Liabilities was $5,367 Mil.
Long-Term Debt was $7,844 Mil.
Net Income was 323.887 + 215.667 + 217.136 + 272.399 = $1,029 Mil.
Non Operating Income was 7.216 + -141.303 + 6.952 + 7.764 = $-119 Mil.
Cash Flow from Operations was 248.674 + 944.161 + 520.1 + 730.363 = $2,443 Mil.
|Accounts Receivable was $3,531 Mil.
Revenue was 12562.611 + 12401.938 + 11746.659 + 12087.074 = $48,798 Mil.
Gross Profit was 2237.995 + 2220.164 + 2057.498 + 2085.137 = $8,601 Mil.
Total Current Assets was $7,028 Mil.
Total Assets was $13,372 Mil.
Property, Plant and Equipment(Net PPE) was $3,961 Mil.
Depreciation, Depletion and Amortization(DDA) was $555 Mil.
Selling, General & Admin. Expense(SGA) was $7,344 Mil.
Total Current Liabilities was $3,971 Mil.
Long-Term Debt was $3,005 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)|
|=||(4191.46 / 51772.962)||/||(3531.105 / 48798.282)|
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)|
|=||(8600.794 / 48798.282)||/||(9494.396 / 51772.962)|
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 - (8135.47 + 4418.524) / 18024.81)||/||(1 - (7027.96 + 3961.299) / 13371.551)|
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))|
|=||(554.986 / (554.986 + 3961.299))||/||(738.434 / (738.434 + 4418.524))|
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)|
|=||(7570.537 / 51772.962)||/||(7343.571 / 48798.282)|
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)|
|=||((7843.517 + 5366.55) / 18024.81)||/||((3004.618 + 3970.816) / 13371.551)|
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|
|=||(1029.089 - -119.371||-||2443.298)||/||18024.81|
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.
Sysco Corp has a M-score of -2.53 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
Sysco Corp Annual Data
Sysco Corp Quarterly Data