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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 -3.28. And the median was -2.68.
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 * 0.9699||+||0.528 * 1.0158||+||0.404 * 1.0598||+||0.892 * 1.0399||+||0.115 * 1.0239|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.017||+||4.679 * -0.0539||-||0.327 * 1.0345|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Jan17) TTM:||Last Year (Jan16) TTM:|
|Accounts Receivable was $7.7 Mil.|
Revenue was 263.634 + 221.391 + 178.272 + 172.97 = $836.3 Mil.
Gross Profit was 94.021 + 76.178 + 54.844 + 49.958 = $275.0 Mil.
Total Current Assets was $211.4 Mil.
Total Assets was $426.7 Mil.
Property, Plant and Equipment(Net PPE) was $129.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.9 Mil.
Selling, General & Admin. Expense(SGA) was $235.3 Mil.
Total Current Liabilities was $73.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 18.184 + 10.695 + -0.838 + -2.137 = $25.9 Mil.
Non Operating Income was 0.196 + 0.011 + -0.256 + 0.499 = $0.5 Mil.
Cash Flow from Operations was 44.471 + -2.459 + 3.313 + 3.13 = $48.5 Mil.
|Accounts Receivable was $7.6 Mil.
Revenue was 242.434 + 204.32 + 179.819 + 177.61 = $804.2 Mil.
Gross Profit was 84.257 + 70.059 + 57.773 + 56.535 = $268.6 Mil.
Total Current Assets was $198.9 Mil.
Total Assets was $414.7 Mil.
Property, Plant and Equipment(Net PPE) was $137.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.4 Mil.
Selling, General & Admin. Expense(SGA) was $222.5 Mil.
Total Current Liabilities was $69.1 Mil.
Long-Term Debt was $0.0 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)|
|=||(7.671 / 836.267)||/||(7.606 / 804.183)|
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)|
|=||(268.624 / 804.183)||/||(275.001 / 836.267)|
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 - (211.363 + 129.651) / 426.683)||/||(1 - (198.897 + 137.233) / 414.695)|
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))|
|=||(30.41 / (30.41 + 137.233))||/||(27.916 / (27.916 + 129.651))|
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)|
|=||(235.259 / 836.267)||/||(222.458 / 804.183)|
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 + 73.597) / 426.683)||/||((0 + 69.142) / 414.695)|
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|
|=||(25.904 - 0.45||-||48.455)||/||426.683|
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 -2.70 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