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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 * 1.0155||+||0.528 * 1.0147||+||0.404 * 0.9686||+||0.892 * 1.049||+||0.115 * 0.9434|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0064||+||4.679 * -0.0346||-||0.327 * 1.0309|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $3,647 Mil.|
Revenue was 12445.081 + 12286.992 + 11277.484 + 11237.969 = $47,248 Mil.
Gross Profit was 2188.717 + 2155.856 + 1994.741 + 1964.951 = $8,304 Mil.
Total Current Assets was $7,108 Mil.
Total Assets was $13,618 Mil.
Property, Plant and Equipment(Net PPE) was $3,969 Mil.
Depreciation, Depletion and Amortization(DDA) was $560 Mil.
Selling, General & Admin. Expense(SGA) was $6,730 Mil.
Total Current Liabilities was $4,536 Mil.
Long-Term Debt was $2,650 Mil.
Net Income was 278.813 + 254.171 + 180.937 + 210.835 = $925 Mil.
Non Operating Income was 2.188 + 7.216 + -3.718 + 4.211 = $10 Mil.
Cash Flow from Operations was 62.618 + 644.751 + 389.9 + 288.935 = $1,386 Mil.
|Accounts Receivable was $3,423 Mil.
Revenue was 11714.267 + 11601.056 + 10926.371 + 10796.89 = $45,039 Mil.
Gross Profit was 2065.487 + 2072.22 + 1942.482 + 1952.11 = $8,032 Mil.
Total Current Assets was $6,549 Mil.
Total Assets was $13,040 Mil.
Property, Plant and Equipment(Net PPE) was $3,979 Mil.
Depreciation, Depletion and Amortization(DDA) was $526 Mil.
Selling, General & Admin. Expense(SGA) was $6,374 Mil.
Total Current Liabilities was $3,797 Mil.
Long-Term Debt was $2,878 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)|
|=||(3646.817 / 47247.526)||/||(3423.152 / 45038.584)|
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)|
|=||(2155.856 / 45038.584)||/||(2188.717 / 47247.526)|
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 - (7108.403 + 3968.713) / 13617.913)||/||(1 - (6548.523 + 3979.351) / 13039.656)|
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))|
|=||(525.628 / (525.628 + 3979.351))||/||(560.117 / (560.117 + 3968.713))|
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)|
|=||(6729.728 / 47247.526)||/||(6374.405 / 45038.584)|
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)|
|=||((2650.49 + 4536.489) / 13617.913)||/||((2878.391 + 3797.417) / 13039.656)|
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|
|=||(924.756 - 9.897||-||1386.204)||/||13617.913|
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 -2.61 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