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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.
Zumiez Inc has a M-score of -2.83 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Zumiez Inc was -1.04. The lowest was -10000000.00. And the median was -2.75.
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 Zumiez 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 * 0.9992||+||0.528 * 1.0096||+||0.404 * 0.9262||+||0.892 * 1.0659||+||0.115 * 0.9965|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9751||+||4.679 * -0.0764||-||0.327 * 1.1008|
|This Year (Jul14) TTM:||Last Year (Jul13) TTM:|
|Accounts Receivable was $16.6 Mil.|
Revenue was 176.709 + 162.932 + 226.838 + 191.145 = $757.6 Mil.
Gross Profit was 60.912 + 50.533 + 87.879 + 70.789 = $270.1 Mil.
Total Current Assets was $269.2 Mil.
Total Assets was $496.1 Mil.
Property, Plant and Equipment(Net PPE) was $139.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.0 Mil.
Selling, General & Admin. Expense(SGA) was $193.8 Mil.
Total Current Liabilities was $113.0 Mil.
Long-Term Debt was $4.0 Mil.
Net Income was 7.456 + 2.496 + 26.851 + 11.86 = $48.7 Mil.
Non Operating Income was 0.203 + 0.086 + -0.682 + -0.587 = $-1.0 Mil.
Cash Flow from Operations was 13.945 + 16.57 + 45.231 + 11.787 = $87.5 Mil.
|Accounts Receivable was $15.6 Mil.
Revenue was 157.858 + 148.496 + 224.405 + 180.023 = $710.8 Mil.
Gross Profit was 55.12 + 47.972 + 85.683 + 67.075 = $255.9 Mil.
Total Current Assets was $240.2 Mil.
Total Assets was $451.0 Mil.
Property, Plant and Equipment(Net PPE) was $124.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.0 Mil.
Selling, General & Admin. Expense(SGA) was $186.5 Mil.
Total Current Liabilities was $89.6 Mil.
Long-Term Debt was $7.1 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)|
|=||(16.611 / 757.624)||/||(15.597 / 710.782)|
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)|
|=||(50.533 / 710.782)||/||(60.912 / 757.624)|
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 - (269.238 + 138.972) / 496.056)||/||(1 - (240.168 + 124.569) / 450.963)|
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))|
|=||(24.993 / (24.993 + 124.569))||/||(28.001 / (28.001 + 138.972))|
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)|
|=||(193.817 / 757.624)||/||(186.484 / 710.782)|
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)|
|=||((3.977 + 113.02) / 496.056)||/||((7.062 + 89.56) / 450.963)|
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|
|=||(48.663 - -0.98||-||87.533)||/||496.056|
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.
Zumiez Inc has a M-score of -2.83 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
Zumiez Inc Annual Data
Zumiez Inc Quarterly Data