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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 -2.67 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 -2.93. 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 * 0.9889||+||0.528 * 1.0408||+||0.404 * 1.0453||+||0.892 * 1.045||+||0.115 * 0.9222|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.976||+||4.679 * -0.0498||-||0.327 * 1.0744|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $3,511 Mil.|
Revenue was 11277.484 + 11237.969 + 11714.267 + 11601.056 = $45,831 Mil.
Gross Profit was 1994.741 + 1964.951 + 2065.487 + 1943.204 = $7,968 Mil.
Total Current Assets was $6,639 Mil.
Total Assets was $13,138 Mil.
Property, Plant and Equipment(Net PPE) was $3,956 Mil.
Depreciation, Depletion and Amortization(DDA) was $542 Mil.
Selling, General & Admin. Expense(SGA) was $6,346 Mil.
Total Current Liabilities was $3,944 Mil.
Long-Term Debt was $2,986 Mil.
Net Income was 180.937 + 210.835 + 285.59 + 283.043 = $960 Mil.
Non Operating Income was -3.718 + 4.211 + 4.534 + 9.832 = $15 Mil.
Cash Flow from Operations was 389.9 + 288.935 + 169.229 + 752.186 = $1,600 Mil.
|Accounts Receivable was $3,397 Mil.
Revenue was 10926.371 + 10796.89 + 11086.916 + 11045.382 = $43,856 Mil.
Gross Profit was 1942.482 + 1952.11 + 2029.795 + 2011.711 = $7,936 Mil.
Total Current Assets was $6,376 Mil.
Total Assets was $12,657 Mil.
Property, Plant and Equipment(Net PPE) was $3,938 Mil.
Depreciation, Depletion and Amortization(DDA) was $492 Mil.
Selling, General & Admin. Expense(SGA) was $6,222 Mil.
Total Current Liabilities was $3,657 Mil.
Long-Term Debt was $2,557 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)|
|=||(3510.518 / 45830.776)||/||(3396.85 / 43855.559)|
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)|
|=||(1964.951 / 43855.559)||/||(1994.741 / 45830.776)|
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 - (6639.475 + 3956.209) / 13138.264)||/||(1 - (6375.582 + 3938.277) / 12657.21)|
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))|
|=||(491.975 / (491.975 + 3938.277))||/||(541.622 / (541.622 + 3956.209))|
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)|
|=||(6345.94 / 45830.776)||/||(6221.999 / 43855.559)|
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)|
|=||((2986.163 + 3944.016) / 13138.264)||/||((2557.314 + 3656.904) / 12657.21)|
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|
|=||(960.405 - 14.859||-||1600.25)||/||13138.264|
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 -2.67 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