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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 -2.71.
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 * 0.9676||+||0.528 * 1.0767||+||0.404 * 1.1688||+||0.892 * 0.9622||+||0.115 * 1.0119|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0542||+||4.679 * -0.0782||-||0.327 * 1.112|
|This Year (Jul16) TTM:||Last Year (Jul15) TTM:|
|Accounts Receivable was $14.6 Mil.|
Revenue was 178.272 + 172.97 + 242.434 + 204.32 = $798.0 Mil.
Gross Profit was 54.844 + 49.958 + 84.257 + 70.059 = $259.1 Mil.
Total Current Assets was $212.7 Mil.
Total Assets was $432.6 Mil.
Property, Plant and Equipment(Net PPE) was $136.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.1 Mil.
Selling, General & Admin. Expense(SGA) was $227.5 Mil.
Total Current Liabilities was $103.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -0.838 + -2.137 + 13.149 + 9.653 = $19.8 Mil.
Non Operating Income was -0.256 + 0.499 + -0.606 + -0.071 = $-0.4 Mil.
Cash Flow from Operations was 3.313 + 3.13 + 48.131 + -0.501 = $54.1 Mil.
|Accounts Receivable was $15.7 Mil.
Revenue was 179.819 + 177.61 + 258.569 + 213.341 = $829.3 Mil.
Gross Profit was 57.773 + 56.535 + 97.778 + 77.86 = $289.9 Mil.
Total Current Assets was $240.0 Mil.
Total Assets was $457.4 Mil.
Property, Plant and Equipment(Net PPE) was $142.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.7 Mil.
Selling, General & Admin. Expense(SGA) was $224.3 Mil.
Total Current Liabilities was $98.7 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)|
|=||(14.576 / 797.996)||/||(15.656 / 829.339)|
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)|
|=||(289.946 / 829.339)||/||(259.118 / 797.996)|
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 - (212.729 + 136.505) / 432.561)||/||(1 - (239.985 + 141.994) / 457.355)|
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))|
|=||(30.712 / (30.712 + 141.994))||/||(29.102 / (29.102 + 136.505))|
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)|
|=||(227.467 / 797.996)||/||(224.255 / 829.339)|
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 + 103.778) / 432.561)||/||((0 + 98.671) / 457.355)|
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|
|=||(19.827 - -0.434||-||54.073)||/||432.561|
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 -2.85 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