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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 7 years, the highest Beneish M-Score of Vishay Precision Group Inc was -1.99. The lowest was -3.05. And the median was -2.77.
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 Vishay Precision Group 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 * 1.0221||+||0.528 * 1.0053||+||0.404 * 0.8858||+||0.892 * 0.9293||+||0.115 * 1.1474|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0017||+||4.679 * -0.094||-||0.327 * 1.1872|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $35.6 Mil.|
Revenue was 58.913 + 57.149 + 59.508 + 56.608 = $232.2 Mil.
Gross Profit was 20.765 + 21.45 + 21.035 + 20.979 = $84.2 Mil.
Total Current Assets was $162.2 Mil.
Total Assets was $264.3 Mil.
Property, Plant and Equipment(Net PPE) was $56.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.1 Mil.
Selling, General & Admin. Expense(SGA) was $71.3 Mil.
Total Current Liabilities was $41.1 Mil.
Long-Term Debt was $31.6 Mil.
Net Income was -13.401 + -1.943 + 1.476 + 0.86 = $-13.0 Mil.
Non Operating Income was -0.352 + -0.387 + -0.414 + -0.929 = $-2.1 Mil.
Cash Flow from Operations was 8.624 + 5.353 + 2.3 + -2.349 = $13.9 Mil.
|Accounts Receivable was $37.4 Mil.
Revenue was 60.224 + 63.402 + 65.162 + 61.041 = $249.8 Mil.
Gross Profit was 20.485 + 23.67 + 24.909 + 22.047 = $91.1 Mil.
Total Current Assets was $180.5 Mil.
Total Assets was $286.9 Mil.
Property, Plant and Equipment(Net PPE) was $50.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $76.6 Mil.
Total Current Liabilities was $48.8 Mil.
Long-Term Debt was $17.7 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)|
|=||(35.553 / 232.178)||/||(37.427 / 249.829)|
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)|
|=||(91.111 / 249.829)||/||(84.229 / 232.178)|
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 - (162.208 + 56.631) / 264.301)||/||(1 - (180.512 + 50.693) / 286.923)|
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))|
|=||(11.736 / (11.736 + 50.693))||/||(11.097 / (11.097 + 56.631))|
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)|
|=||(71.282 / 232.178)||/||(76.571 / 249.829)|
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)|
|=||((31.591 + 41.143) / 264.301)||/||((17.713 + 48.798) / 286.923)|
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|
|=||(-13.008 - -2.082||-||13.928)||/||264.301|
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.
Vishay Precision Group Inc has a M-score of -3.05 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
Vishay Precision Group Inc Annual Data
Vishay Precision Group Inc Quarterly Data