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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 -2.65 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 -2.97. And the median was -2.76.
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 * 1.0049||+||0.528 * 0.9974||+||0.404 * 0.8808||+||0.892 * 1.0821||+||0.115 * 0.9599|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0107||+||4.679 * -0.0437||-||0.327 * 0.9553|
|This Year (Jan14) TTM:||Last Year (Jan13) TTM:|
|Accounts Receivable was $10.3 Mil.|
Revenue was 226.838 + 191.145 + 157.858 + 148.496 = $724.3 Mil.
Gross Profit was 87.879 + 70.789 + 55.12 + 47.972 = $261.8 Mil.
Total Current Assets was $229.8 Mil.
Total Assets was $443.4 Mil.
Property, Plant and Equipment(Net PPE) was $127.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.6 Mil.
Selling, General & Admin. Expense(SGA) was $188.9 Mil.
Total Current Liabilities was $61.4 Mil.
Long-Term Debt was $4.1 Mil.
Net Income was 26.851 + 11.86 + 4.739 + 2.498 = $45.9 Mil.
Non Operating Income was -0.682 + -0.587 + -0.174 + -0.146 = $-1.6 Mil.
Cash Flow from Operations was 45.231 + 11.787 + 5.474 + 4.402 = $66.9 Mil.
|Accounts Receivable was $9.5 Mil.
Revenue was 224.405 + 180.023 + 135.066 + 129.899 = $669.4 Mil.
Gross Profit was 85.683 + 67.075 + 46.425 + 42.101 = $241.3 Mil.
Total Current Assets was $203.3 Mil.
Total Assets was $409.1 Mil.
Property, Plant and Equipment(Net PPE) was $115.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.0 Mil.
Selling, General & Admin. Expense(SGA) was $172.7 Mil.
Total Current Liabilities was $57.2 Mil.
Long-Term Debt was $6.0 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)|
|=||(10.294 / 724.337)||/||(9.467 / 669.393)|
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)|
|=||(70.789 / 669.393)||/||(87.879 / 724.337)|
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 - (229.846 + 127.343) / 443.403)||/||(1 - (203.314 + 115.474) / 409.098)|
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))|
|=||(22.957 / (22.957 + 115.474))||/||(26.596 / (26.596 + 127.343))|
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)|
|=||(188.918 / 724.337)||/||(172.742 / 669.393)|
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)|
|=||((4.068 + 61.374) / 443.403)||/||((6.006 + 57.199) / 409.098)|
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|
|=||(45.948 - -1.589||-||66.894)||/||443.403|
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 -2.65 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