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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 -2.76.
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 * 0.9198||+||0.528 * 0.9948||+||0.404 * 0.8517||+||0.892 * 1.162||+||0.115 * 1.0815|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9954||+||4.679 * -0.0393||-||0.327 * 1.0014|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $11.8 Mil.|
Revenue was 232.585 + 233.292 + 233.244 + 219.378 = $918.5 Mil.
Gross Profit was 192.404 + 192.244 + 193.155 + 181.014 = $758.8 Mil.
Total Current Assets was $244.3 Mil.
Total Assets was $423.2 Mil.
Property, Plant and Equipment(Net PPE) was $88.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.0 Mil.
Selling, General & Admin. Expense(SGA) was $617.2 Mil.
Total Current Liabilities was $131.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 23.967 + 25.609 + 25.416 + 19.68 = $94.7 Mil.
Non Operating Income was 0.045 + 0.078 + -0.311 + 0.014 = $-0.2 Mil.
Cash Flow from Operations was 36.949 + 28.35 + 22.606 + 23.561 = $111.5 Mil.
|Accounts Receivable was $11.0 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.
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)|
|=||(11.784 / 918.499)||/||(11.026 / 790.471)|
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)|
|=||(192.244 / 790.471)||/||(192.404 / 918.499)|
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 - (244.264 + 87.982) / 423.237)||/||(1 - (190.927 + 71.164) / 350.584)|
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))|
|=||(8.81 / (8.81 + 71.164))||/||(9.978 / (9.978 + 87.982))|
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)|
|=||(617.155 / 918.499)||/||(533.575 / 790.471)|
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 + 131.412) / 423.237)||/||((0 + 108.705) / 350.584)|
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|
|=||(94.672 - -0.174||-||111.466)||/||423.237|
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 -2.65 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