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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 * 1.1219||+||0.528 * 1.0086||+||0.404 * 0.7715||+||0.892 * 1.1184||+||0.115 * 0.976|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0308||+||4.679 * -0.0614||-||0.327 * 0.917|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Apr15) TTM:||Last Year (Apr14) TTM:|
|Accounts Receivable was $14.4 Mil.|
Revenue was 177.61 + 258.569 + 213.341 + 176.709 = $826.2 Mil.
Gross Profit was 56.535 + 97.778 + 77.86 + 60.912 = $293.1 Mil.
Total Current Assets was $288.0 Mil.
Total Assets was $505.5 Mil.
Property, Plant and Equipment(Net PPE) was $140.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.0 Mil.
Selling, General & Admin. Expense(SGA) was $221.1 Mil.
Total Current Liabilities was $86.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.77 + 17.513 + 15.727 + 7.456 = $43.5 Mil.
Non Operating Income was 0.115 + -0.626 + -0.22 + 0.203 = $-0.5 Mil.
Cash Flow from Operations was 1.688 + 55.502 + 3.92 + 13.945 = $75.1 Mil.
|Accounts Receivable was $11.5 Mil.
Revenue was 162.932 + 226.838 + 191.145 + 157.858 = $738.8 Mil.
Gross Profit was 50.533 + 87.879 + 70.789 + 55.12 = $264.3 Mil.
Total Current Assets was $232.9 Mil.
Total Assets was $454.5 Mil.
Property, Plant and Equipment(Net PPE) was $131.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.3 Mil.
Selling, General & Admin. Expense(SGA) was $191.8 Mil.
Total Current Liabilities was $80.4 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)|
|=||(14.401 / 826.229)||/||(11.478 / 738.773)|
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)|
|=||(97.778 / 738.773)||/||(56.535 / 826.229)|
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 - (287.995 + 140.32) / 505.547)||/||(1 - (232.884 + 131.577) / 454.455)|
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))|
|=||(27.274 / (27.274 + 131.577))||/||(29.955 / (29.955 + 140.32))|
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)|
|=||(221.101 / 826.229)||/||(191.795 / 738.773)|
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 + 86.149) / 505.547)||/||((4.022 + 80.428) / 454.455)|
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|
|=||(43.466 - -0.528||-||75.055)||/||505.547|
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 -2.62 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