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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.
Sysco Corp has a M-score of -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Sysco Corp was -2.09. The lowest was -2.80. 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 * 1.0194||+||0.528 * 1.0238||+||0.404 * 0.9713||+||0.892 * 1.0474||+||0.115 * 0.9322|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9933||+||4.679 * -0.0436||-||0.327 * 1.0314|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $3,399 Mil.|
Revenue was 12286.992 + 11277.484 + 11237.969 + 11714.267 = $46,517 Mil.
Gross Profit was 2155.856 + 1994.741 + 1964.951 + 2065.487 = $8,181 Mil.
Total Current Assets was $6,682 Mil.
Total Assets was $13,168 Mil.
Property, Plant and Equipment(Net PPE) was $3,986 Mil.
Depreciation, Depletion and Amortization(DDA) was $556 Mil.
Selling, General & Admin. Expense(SGA) was $6,594 Mil.
Total Current Liabilities was $4,368 Mil.
Long-Term Debt was $2,384 Mil.
Net Income was 254.171 + 180.937 + 210.835 + 285.59 = $932 Mil.
Non Operating Income was 7.216 + -3.718 + 4.211 + 4.534 = $12 Mil.
Cash Flow from Operations was 644.751 + 389.9 + 288.935 + 169.229 = $1,493 Mil.
|Accounts Receivable was $3,183 Mil.
Revenue was 11601.056 + 10926.371 + 10796.89 + 11086.916 = $44,411 Mil.
Gross Profit was 2072.22 + 1942.482 + 1952.11 + 2029.795 = $7,997 Mil.
Total Current Assets was $6,222 Mil.
Total Assets was $12,678 Mil.
Property, Plant and Equipment(Net PPE) was $3,978 Mil.
Depreciation, Depletion and Amortization(DDA) was $513 Mil.
Selling, General & Admin. Expense(SGA) was $6,338 Mil.
Total Current Liabilities was $3,663 Mil.
Long-Term Debt was $2,640 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)|
|=||(3398.713 / 46516.712)||/||(3183.114 / 44411.233)|
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)|
|=||(1994.741 / 44411.233)||/||(2155.856 / 46516.712)|
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 - (6681.972 + 3985.618) / 13167.95)||/||(1 - (6221.688 + 3978.071) / 12678.208)|
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))|
|=||(512.548 / (512.548 + 3978.071))||/||(556.062 / (556.062 + 3985.618))|
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)|
|=||(6593.913 / 46516.712)||/||(6338.129 / 44411.233)|
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)|
|=||((2384.167 + 4367.63) / 13167.95)||/||((2639.986 + 3662.624) / 12678.208)|
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|
|=||(931.533 - 12.243||-||1492.815)||/||13167.95|
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 -2.64 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