VFC has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
VF Corp has a M-score of -2.49 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of VF Corp was -1.08. The lowest was -4.23. And the median was -2.55.
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 VF Corp 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 * 1.0399||+||0.528 * 0.9842||+||0.404 * 0.96||+||0.892 * 1.0687||+||0.115 * 0.9615|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0079||+||4.679 * -0.0168||-||0.327 * 1.0028|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $1,179 Mil.|
Revenue was 2402.076 + 2780.778 + 3290.099 + 3297.269 = $11,770 Mil.
Gross Profit was 1162.732 + 1374.212 + 1585.409 + 1569.125 = $5,691 Mil.
Total Current Assets was $3,780 Mil.
Total Assets was $10,215 Mil.
Property, Plant and Equipment(Net PPE) was $922 Mil.
Depreciation, Depletion and Amortization(DDA) was $268 Mil.
Selling, General & Admin. Expense(SGA) was $3,980 Mil.
Total Current Liabilities was $1,870 Mil.
Long-Term Debt was $1,425 Mil.
Net Income was 157.682 + 297.193 + 367.667 + 433.761 = $1,256 Mil.
Non Operating Income was -0.508 + -2.092 + -2.302 + -1.25 = $-6 Mil.
Cash Flow from Operations was 205.933 + 13.654 + 1087.965 + 126.663 = $1,434 Mil.
|Accounts Receivable was $1,061 Mil.
Revenue was 2220.411 + 2611.869 + 3033.26 + 3148.354 = $11,014 Mil.
Gross Profit was 1077.053 + 1256.592 + 1437.748 + 1470.264 = $5,242 Mil.
Total Current Assets was $3,298 Mil.
Total Assets was $9,550 Mil.
Property, Plant and Equipment(Net PPE) was $883 Mil.
Depreciation, Depletion and Amortization(DDA) was $244 Mil.
Selling, General & Admin. Expense(SGA) was $3,695 Mil.
Total Current Liabilities was $1,644 Mil.
Long-Term Debt was $1,428 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)|
|=||(1178.874 / 11770.222)||/||(1060.778 / 11013.894)|
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)|
|=||(1374.212 / 11013.894)||/||(1162.732 / 11770.222)|
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 - (3779.912 + 921.97) / 10215.327)||/||(1 - (3297.707 + 883.197) / 9549.567)|
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))|
|=||(243.9 / (243.9 + 883.197))||/||(267.759 / (267.759 + 921.97))|
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)|
|=||(3980.395 / 11770.222)||/||(3695.415 / 11013.894)|
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)|
|=||((1425.123 + 1870.324) / 10215.327)||/||((1427.823 + 1644.298) / 9549.567)|
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|
|=||(1256.303 - -6.152||-||1434.215)||/||10215.327|
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.
VF Corp 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
VF Corp Annual Data
VF Corp Quarterly Data