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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 -3.08. And the median was -2.80.
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 * 0.9596||+||0.528 * 0.9962||+||0.404 * 1.3275||+||0.892 * 0.9766||+||0.115 * 1.0546|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9758||+||4.679 * -0.0922||-||0.327 * 1.2976|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $34.9 Mil.|
Revenue was 54.49 + 57.996 + 56.629 + 58.913 = $228.0 Mil.
Gross Profit was 20.265 + 21.495 + 19.775 + 20.765 = $82.3 Mil.
Total Current Assets was $161.1 Mil.
Total Assets was $272.0 Mil.
Property, Plant and Equipment(Net PPE) was $54.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.4 Mil.
Selling, General & Admin. Expense(SGA) was $69.8 Mil.
Total Current Liabilities was $40.8 Mil.
Long-Term Debt was $34.5 Mil.
Net Income was 1.051 + 1.868 + 0.48 + -13.401 = $-10.0 Mil.
Non Operating Income was -0.044 + -0.071 + 0.425 + -0.352 = $-0.0 Mil.
Cash Flow from Operations was 6.304 + -0.463 + 0.651 + 8.624 = $15.1 Mil.
|Accounts Receivable was $37.2 Mil.
Revenue was 57.149 + 59.508 + 56.608 + 60.224 = $233.5 Mil.
Gross Profit was 21.45 + 21.035 + 20.979 + 20.485 = $83.9 Mil.
Total Current Assets was $171.8 Mil.
Total Assets was $263.0 Mil.
Property, Plant and Equipment(Net PPE) was $50.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.2 Mil.
Selling, General & Admin. Expense(SGA) was $73.2 Mil.
Total Current Liabilities was $43.0 Mil.
Long-Term Debt was $13.1 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)|
|=||(34.889 / 228.028)||/||(37.23 / 233.489)|
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)|
|=||(83.949 / 233.489)||/||(82.3 / 228.028)|
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 - (161.075 + 54.38) / 271.987)||/||(1 - (171.846 + 49.993) / 263.02)|
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))|
|=||(11.152 / (11.152 + 49.993))||/||(11.371 / (11.371 + 54.38))|
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)|
|=||(69.787 / 228.028)||/||(73.231 / 233.489)|
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)|
|=||((34.457 + 40.812) / 271.987)||/||((13.122 + 42.97) / 263.02)|
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|
|=||(-10.002 - -0.042||-||15.116)||/||271.987|
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 -2.93 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