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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 13 years, the highest Beneish M-Score of Zumiez Inc was -1.34. The lowest was -10000000.00. And the median was -2.69.
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 * 0.9947||+||0.528 * 1.0334||+||0.404 * 1.042||+||0.892 * 1.0519||+||0.115 * 0.9616|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0938||+||4.679 * -0.0498||-||0.327 * 0.9141|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Oct15) TTM:||Last Year (Oct14) TTM:|
|Accounts Receivable was $15.3 Mil.|
Revenue was 204.32 + 179.819 + 177.61 + 258.569 = $820.3 Mil.
Gross Profit was 70.059 + 57.773 + 56.535 + 97.778 = $282.1 Mil.
Total Current Assets was $220.7 Mil.
Total Assets was $441.1 Mil.
Property, Plant and Equipment(Net PPE) was $143.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.8 Mil.
Selling, General & Admin. Expense(SGA) was $226.2 Mil.
Total Current Liabilities was $89.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 9.653 + 3.213 + 2.77 + 17.513 = $33.1 Mil.
Non Operating Income was -0.071 + -0.271 + 0.115 + -0.626 = $-0.9 Mil.
Cash Flow from Operations was -0.501 + -0.711 + 1.688 + 55.502 = $56.0 Mil.
|Accounts Receivable was $14.6 Mil.
Revenue was 213.341 + 176.709 + 162.932 + 226.838 = $779.8 Mil.
Gross Profit was 77.86 + 60.912 + 50.533 + 87.879 = $277.2 Mil.
Total Current Assets was $276.0 Mil.
Total Assets was $499.6 Mil.
Property, Plant and Equipment(Net PPE) was $140.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.6 Mil.
Selling, General & Admin. Expense(SGA) was $196.6 Mil.
Total Current Liabilities was $107.8 Mil.
Long-Term Debt was $2.7 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)|
|=||(15.316 / 820.318)||/||(14.638 / 779.82)|
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)|
|=||(57.773 / 779.82)||/||(70.059 / 820.318)|
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 - (220.68 + 143.856) / 441.07)||/||(1 - (276.015 + 140.364) / 499.572)|
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))|
|=||(28.635 / (28.635 + 140.364))||/||(30.769 / (30.769 + 143.856))|
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)|
|=||(226.205 / 820.318)||/||(196.591 / 779.82)|
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)|
|=||((0 + 89.166) / 441.07)||/||((2.666 + 107.82) / 499.572)|
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|
|=||(33.149 - -0.853||-||55.978)||/||441.07|
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 -2.63 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