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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 * 1.0881||+||0.528 * 0.9506||+||0.404 * 1.6538||+||0.892 * 1.0862||+||0.115 * 0.7739|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9998||+||4.679 * -0.0518||-||0.327 * 1.2194|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $3,963 Mil.|
Revenue was 13457.268 + 13968.654 + 13647.891 + 12002.791 = $53,077 Mil.
Gross Profit was 2571.863 + 2691.919 + 2502.838 + 2142.825 = $9,909 Mil.
Total Current Assets was $8,011 Mil.
Total Assets was $17,630 Mil.
Property, Plant and Equipment(Net PPE) was $4,331 Mil.
Depreciation, Depletion and Amortization(DDA) was $830 Mil.
Selling, General & Admin. Expense(SGA) was $7,926 Mil.
Total Current Liabilities was $5,052 Mil.
Long-Term Debt was $8,314 Mil.
Net Income was 275.167 + 323.887 + 215.667 + 217.136 = $1,032 Mil.
Non Operating Income was 2.32 + 7.216 + -141.303 + 6.952 = $-125 Mil.
Cash Flow from Operations was 356.25 + 248.674 + 944.161 + 520.1 = $2,069 Mil.
|Accounts Receivable was $3,353 Mil.
Revenue was 12153.626 + 12562.611 + 12401.938 + 11746.659 = $48,865 Mil.
Gross Profit was 2156.814 + 2237.995 + 2220.164 + 2057.498 = $8,672 Mil.
Total Current Assets was $6,779 Mil.
Total Assets was $13,089 Mil.
Property, Plant and Equipment(Net PPE) was $3,937 Mil.
Depreciation, Depletion and Amortization(DDA) was $560 Mil.
Selling, General & Admin. Expense(SGA) was $7,298 Mil.
Total Current Liabilities was $3,872 Mil.
Long-Term Debt was $4,266 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)|
|=||(3963.458 / 53076.604)||/||(3353.453 / 48864.834)|
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)|
|=||(8672.471 / 48864.834)||/||(9909.445 / 53076.604)|
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 - (8011.206 + 4331.129) / 17630.066)||/||(1 - (6779.026 + 3936.612) / 13089.468)|
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))|
|=||(559.766 / (559.766 + 3936.612))||/||(830.269 / (830.269 + 4331.129))|
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)|
|=||(7925.752 / 53076.604)||/||(7298.111 / 48864.834)|
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)|
|=||((8313.651 + 5052.286) / 17630.066)||/||((4265.857 + 3872.214) / 13089.468)|
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|
|=||(1031.857 - -124.815||-||2069.185)||/||17630.066|
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 -2.42 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