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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 -2.43 suggests that the company is not a 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||+||0.404 * 0.8398||+||0.892 * 1.1022||+||0.115 * 0.9713|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9984||+||4.679 * -0.0073||-||0.327 * 0.8254|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 182.401 + 186.266 + 173.691 + 189.136 = $731.5 Mil.
Gross Profit was 148.573 + 152.488 + 142.2 + 157.231 = $600.5 Mil.
Total Current Assets was $226.4 Mil.
Total Assets was $371.5 Mil.
Property, Plant and Equipment(Net PPE) was $58.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General & Admin. Expense(SGA) was $485.2 Mil.
Total Current Liabilities was $79.9 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 16.537 + 20.282 + 16.753 + 24.21 = $77.8 Mil.
Non Operating Income was -0.081 + -0.283 + -0.043 + -0.164 = $-0.6 Mil.
Cash Flow from Operations was 2.469 + 34.3 + 17.297 + 26.991 = $81.1 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 169.082 + 168.53 + 165.175 + 160.901 = $663.7 Mil.
Gross Profit was 138.821 + 138.359 + 134.832 + 132.828 = $544.8 Mil.
Total Current Assets was $133.7 Mil.
Total Assets was $268.7 Mil.
Property, Plant and Equipment(Net PPE) was $60.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.9 Mil.
Selling, General & Admin. Expense(SGA) was $441.0 Mil.
Total Current Liabilities was $70.0 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 / 731.494)||/||(0 / 663.688)|
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)|
|=||(152.488 / 663.688)||/||(148.573 / 731.494)|
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 - (226.359 + 58.843) / 371.466)||/||(1 - (133.654 + 60.715) / 268.657)|
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))|
|=||(8.933 / (8.933 + 60.715))||/||(8.952 / (8.952 + 58.843))|
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)|
|=||(485.22 / 731.494)||/||(440.961 / 663.688)|
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 + 79.944) / 371.466)||/||((0 + 70.046) / 268.657)|
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|
|=||(77.782 - -0.571||-||81.057)||/||371.466|
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 -2.43 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