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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 Usana Health Sciences Inc was -1.31. The lowest was -10000000.00. And the median was -2.79.
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 Usana Health Sciences Inc 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 * 0.8602||+||0.528 * 1.0008||+||0.404 * 1.159||+||0.892 * 1.1007||+||0.115 * 1.2034|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0227||+||4.679 * -0.0791||-||0.327 * 1.1917|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $12.9 Mil.|
Revenue was 227.87 + 191.944 + 188.256 + 182.401 = $790.5 Mil.
Gross Profit was 190.354 + 157.359 + 153.391 + 148.573 = $649.7 Mil.
Total Current Assets was $190.9 Mil.
Total Assets was $350.6 Mil.
Property, Plant and Equipment(Net PPE) was $71.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.8 Mil.
Selling, General & Admin. Expense(SGA) was $533.6 Mil.
Total Current Liabilities was $108.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 21.3 + 19.498 + 19.301 + 16.537 = $76.6 Mil.
Non Operating Income was -0.521 + -0.3 + 0.082 + -0.081 = $-0.8 Mil.
Cash Flow from Operations was 37.79 + 36.145 + 28.781 + 2.469 = $105.2 Mil.
|Accounts Receivable was $13.6 Mil.
Revenue was 186.266 + 173.691 + 189.136 + 169.082 = $718.2 Mil.
Gross Profit was 152.488 + 142.2 + 157.231 + 138.821 = $590.7 Mil.
Total Current Assets was $229.0 Mil.
Total Assets was $368.5 Mil.
Property, Plant and Equipment(Net PPE) was $59.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General & Admin. Expense(SGA) was $474.0 Mil.
Total Current Liabilities was $95.9 Mil.
Long-Term Debt was $0.0 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)|
|=||(12.878 / 790.471)||/||(13.602 / 718.175)|
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)|
|=||(157.359 / 718.175)||/||(190.354 / 790.471)|
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 - (190.927 + 71.164) / 350.584)||/||(1 - (229.045 + 59.18) / 368.47)|
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))|
|=||(9.044 / (9.044 + 59.18))||/||(8.81 / (8.81 + 71.164))|
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)|
|=||(533.575 / 790.471)||/||(474.028 / 718.175)|
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)|
|=||((0 + 108.705) / 350.584)||/||((0 + 95.871) / 368.47)|
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|
|=||(76.636 - -0.82||-||105.185)||/||350.584|
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.
Usana Health Sciences Inc has a M-score of -2.87 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
Usana Health Sciences Inc Annual Data
Usana Health Sciences Inc Quarterly Data