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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 -2.72.
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 * 1.3205||+||0.528 * 1.0064||+||0.404 * 0.9044||+||0.892 * 1.0954||+||0.115 * 0.8669|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0167||+||4.679 * -0.0762||-||0.327 * 0.9477|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $17 Mil.|
Revenue was 252.901 + 254.219 + 258.514 + 240.449 = $1,006 Mil.
Gross Profit was 206.58 + 209.24 + 212.544 + 197.529 = $826 Mil.
Total Current Assets was $278 Mil.
Total Assets was $471 Mil.
Property, Plant and Equipment(Net PPE) was $101 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General & Admin. Expense(SGA) was $687 Mil.
Total Current Liabilities was $138 Mil.
Long-Term Debt was $0 Mil.
Net Income was 21.882 + 30.098 + 25.762 + 22.299 = $100 Mil.
Non Operating Income was -0.422 + -0.024 + 0.072 + -0.732 = $-1 Mil.
Cash Flow from Operations was 55.29 + 33.763 + 34.506 + 13.471 = $137 Mil.
|Accounts Receivable was $12 Mil.
Revenue was 232.585 + 233.292 + 233.244 + 219.378 = $918 Mil.
Gross Profit was 192.404 + 192.244 + 193.155 + 181.014 = $759 Mil.
Total Current Assets was $244 Mil.
Total Assets was $423 Mil.
Property, Plant and Equipment(Net PPE) was $88 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General & Admin. Expense(SGA) was $617 Mil.
Total Current Liabilities was $131 Mil.
Long-Term Debt was $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)|
|=||(17.044 / 1006.083)||/||(11.784 / 918.499)|
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)|
|=||(758.817 / 918.499)||/||(825.893 / 1006.083)|
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 - (277.861 + 101.267) / 470.642)||/||(1 - (244.264 + 87.982) / 423.237)|
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))|
|=||(9.978 / (9.978 + 87.982))||/||(13.482 / (13.482 + 101.267))|
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)|
|=||(687.271 / 1006.083)||/||(617.155 / 918.499)|
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 + 138.491) / 470.642)||/||((0 + 131.412) / 423.237)|
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|
|=||(100.041 - -1.106||-||137.03)||/||470.642|
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 -2.49 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