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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.
Usana Health Sciences, Inc. has a M-score of -2.26 suggests that the company is not a 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 -2.76.
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 * 1.4913||+||0.528 * 0.9987||+||0.404 * 0.7969||+||0.892 * 1.1071||+||0.115 * 0.9434|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9849||+||4.679 * -0.0523||-||0.327 * 0.9819|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|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.
Net Income was 20.282 + 16.753 + 24.21 + 17.779 = $79.0 Mil.
Non Operating Income was -0.283 + -0.043 + -0.164 + -0.104 = $-0.6 Mil.
Cash Flow from Operations was 34.3 + 17.297 + 26.991 + 20.305 = $98.9 Mil.
|Accounts Receivable was $8.2 Mil.
Revenue was 168.53 + 165.175 + 160.901 + 154.12 = $648.7 Mil.
Gross Profit was 138.359 + 134.832 + 132.828 + 126.903 = $532.9 Mil.
Total Current Assets was $132.5 Mil.
Total Assets was $267.4 Mil.
Property, Plant and Equipment(Net PPE) was $61.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.8 Mil.
Selling, General & Admin. Expense(SGA) was $434.7 Mil.
Total Current Liabilities was $70.8 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)|
|=||(13.602 / 718.175)||/||(8.239 / 648.726)|
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)|
|=||(142.2 / 648.726)||/||(152.488 / 718.175)|
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 - (229.045 + 59.18) / 368.47)||/||(1 - (132.545 + 61.751) / 267.355)|
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))|
|=||(8.826 / (8.826 + 61.751))||/||(9.044 / (9.044 + 59.18))|
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)|
|=||(474.028 / 718.175)||/||(434.743 / 648.726)|
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 + 95.871) / 368.47)||/||((0 + 70.844) / 267.355)|
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|
|=||(79.024 - -0.594||-||98.893)||/||368.47|
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 -2.26 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