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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 10000000.00. 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||+||0.528 * 1.0076||+||0.404 * 1.2318||+||0.892 * 1.0691||+||0.115 * 1.1092|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0135||+||4.679 * -0.0804||-||0.327 * 1.3359|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 191.944 + 188.256 + 182.401 + 186.266 = $748.9 Mil.
Gross Profit was 157.359 + 153.391 + 148.573 + 152.488 = $611.8 Mil.
Total Current Assets was $162.5 Mil.
Total Assets was $316.9 Mil.
Property, Plant and Equipment(Net PPE) was $66.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.9 Mil.
Selling, General & Admin. Expense(SGA) was $499.3 Mil.
Total Current Liabilities was $105.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 19.498 + 19.301 + 16.537 + 20.282 = $75.6 Mil.
Non Operating Income was -0.3 + 0.082 + -0.081 + -0.283 = $-0.6 Mil.
Cash Flow from Operations was 36.145 + 28.781 + 2.469 + 34.3 = $101.7 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 173.691 + 189.136 + 169.082 + 168.53 = $700.4 Mil.
Gross Profit was 142.2 + 157.231 + 138.821 + 138.359 = $576.6 Mil.
Total Current Assets was $196.1 Mil.
Total Assets was $331.3 Mil.
Property, Plant and Equipment(Net PPE) was $60.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.1 Mil.
Selling, General & Admin. Expense(SGA) was $460.8 Mil.
Total Current Liabilities was $82.5 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)|
|=||(0 / 748.867)||/||(0 / 700.439)|
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)|
|=||(153.391 / 700.439)||/||(157.359 / 748.867)|
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 - (162.512 + 66.31) / 316.93)||/||(1 - (196.125 + 60.432) / 331.333)|
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))|
|=||(9.088 / (9.088 + 60.432))||/||(8.859 / (8.859 + 66.31))|
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)|
|=||(499.343 / 748.867)||/||(460.821 / 700.439)|
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 + 105.463) / 316.93)||/||((0 + 82.535) / 331.333)|
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|
|=||(75.618 - -0.582||-||101.695)||/||316.93|
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 -2.80 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