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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 * 0.861||+||0.528 * 1.0198||+||0.404 * 0.9307||+||0.892 * 1.0947||+||0.115 * 0.943|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.057||+||4.679 * -0.0441||-||0.327 * 0.9147|
|This Year (Jul15) TTM:||Last Year (Jul14) TTM:|
|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.
Net Income was 3.213 + 2.77 + 17.513 + 15.727 = $39.2 Mil.
Non Operating Income was -0.271 + 0.115 + -0.626 + -0.22 = $-1.0 Mil.
Cash Flow from Operations was -0.711 + 1.688 + 55.502 + 3.92 = $60.4 Mil.
|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.
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)|
|=||(15.656 / 829.339)||/||(16.611 / 757.624)|
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)|
|=||(56.535 / 757.624)||/||(57.773 / 829.339)|
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 - (239.985 + 141.994) / 457.355)||/||(1 - (269.238 + 138.972) / 496.056)|
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))|
|=||(28.001 / (28.001 + 138.972))||/||(30.712 / (30.712 + 141.994))|
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)|
|=||(224.255 / 829.339)||/||(193.817 / 757.624)|
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 + 98.671) / 457.355)||/||((3.977 + 113.02) / 496.056)|
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|
|=||(39.223 - -1.002||-||60.399)||/||457.355|
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 -2.74 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