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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 -2.93. And the median was -2.60.
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 * 1.0146||+||0.528 * 1.0099||+||0.404 * 0.721||+||0.892 * 1.0575||+||0.115 * 0.938|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0146||+||4.679 * -0.0344||-||0.327 * 1.2711|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $3,530 Mil.|
Revenue was 12087.074 + 12445.081 + 12286.992 + 11277.484 = $48,097 Mil.
Gross Profit was 2085.137 + 2188.717 + 2155.856 + 1994.741 = $8,424 Mil.
Total Current Assets was $11,457 Mil.
Total Assets was $17,970 Mil.
Property, Plant and Equipment(Net PPE) was $4,003 Mil.
Depreciation, Depletion and Amortization(DDA) was $580 Mil.
Selling, General & Admin. Expense(SGA) was $6,886 Mil.
Total Current Liabilities was $4,286 Mil.
Long-Term Debt was $7,248 Mil.
Net Income was 157.979 + 278.813 + 254.171 + 180.937 = $872 Mil.
Non Operating Income was -2.207 + 2.188 + 7.216 + -3.718 = $3 Mil.
Cash Flow from Operations was 389.82 + 62.618 + 644.751 + 389.9 = $1,487 Mil.
|Accounts Receivable was $3,290 Mil.
Revenue was 11237.969 + 11714.267 + 11601.056 + 10926.371 = $45,480 Mil.
Gross Profit was 1964.951 + 2065.487 + 2072.22 + 1942.482 = $8,045 Mil.
Total Current Assets was $6,539 Mil.
Total Assets was $13,031 Mil.
Property, Plant and Equipment(Net PPE) was $3,967 Mil.
Depreciation, Depletion and Amortization(DDA) was $534 Mil.
Selling, General & Admin. Expense(SGA) was $6,418 Mil.
Total Current Liabilities was $3,637 Mil.
Long-Term Debt was $2,944 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)|
|=||(3529.997 / 48096.631)||/||(3289.93 / 45479.663)|
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)|
|=||(2188.717 / 45479.663)||/||(2085.137 / 48096.631)|
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 - (11456.904 + 4002.932) / 17970.47)||/||(1 - (6539.243 + 3967.176) / 13031.412)|
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))|
|=||(534.102 / (534.102 + 3967.176))||/||(579.714 / (579.714 + 4002.932))|
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)|
|=||(6886.245 / 48096.631)||/||(6418.12 / 45479.663)|
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)|
|=||((7248.457 + 4286.409) / 17970.47)||/||((2944.083 + 3636.744) / 13031.412)|
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|
|=||(871.9 - 3.479||-||1487.089)||/||17970.47|
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 -2.78 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