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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 6 years, the highest Beneish M-Score of Vishay Precision Group Inc was -1.99. The lowest was -2.92. 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 * 0.8873||+||0.528 * 0.9502||+||0.404 * 0.8652||+||0.892 * 1.0439||+||0.115 * 1.0661|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9943||+||4.679 * -0.067||-||0.327 * 0.9705|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $37.5 Mil.|
Revenue was 61.218 + 63.402 + 65.162 + 61.041 = $250.8 Mil.
Gross Profit was 21.603 + 23.777 + 24.697 + 22.047 = $92.1 Mil.
Total Current Assets was $187.0 Mil.
Total Assets was $289.9 Mil.
Property, Plant and Equipment(Net PPE) was $52.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $77.3 Mil.
Total Current Liabilities was $48.5 Mil.
Long-Term Debt was $17.7 Mil.
Net Income was -4.433 + 3.119 + 3.461 + 1.706 = $3.9 Mil.
Non Operating Income was 0.095 + -0.137 + -0.147 + -0.542 = $-0.7 Mil.
Cash Flow from Operations was 11.454 + 7.656 + 2.845 + 2.039 = $24.0 Mil.
|Accounts Receivable was $40.5 Mil.
Revenue was 62.248 + 57.729 + 62.837 + 57.461 = $240.3 Mil.
Gross Profit was 23.083 + 19.243 + 21.56 + 19.969 = $83.9 Mil.
Total Current Assets was $183.5 Mil.
Total Assets was $292.1 Mil.
Property, Plant and Equipment(Net PPE) was $49.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.0 Mil.
Selling, General & Admin. Expense(SGA) was $74.5 Mil.
Total Current Liabilities was $45.8 Mil.
Long-Term Debt was $22.9 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)|
|=||(37.514 / 250.823)||/||(40.5 / 240.275)|
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)|
|=||(23.777 / 240.275)||/||(21.603 / 250.823)|
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 - (187.038 + 51.982) / 289.887)||/||(1 - (183.542 + 49.323) / 292.104)|
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))|
|=||(11.99 / (11.99 + 49.323))||/||(11.677 / (11.677 + 51.982))|
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)|
|=||(77.348 / 250.823)||/||(74.521 / 240.275)|
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)|
|=||((17.713 + 48.53) / 289.887)||/||((22.936 + 45.84) / 292.104)|
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|
|=||(3.853 - -0.731||-||23.994)||/||289.887|
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 -2.92 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