Market Cap : 4.59 B | Enterprise Value : 5.58 B | P/E (TTM) : 8.66 | P/B : 2.54 |
---|
NAS:SLM has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
NAS:SLM has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of SLM was 36251.84. The lowest was -3.62. And the median was -2.26.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where SLM's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 SLM 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 * 0.8666 | + | 0.528 * 1 | + | 0.404 * 0.894 | + | 0.892 * 1.1251 | + | 0.115 * 1.0577 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.923 | + | 4.679 * 0.024 | - | 0.327 * 1.0269 | |||||||
= | -2.41 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $1,473 Mil. Revenue was 374.194 + 377.569 + 692.21 + 415.255 = $1,859 Mil. Gross Profit was 374.194 + 377.569 + 692.21 + 415.255 = $1,859 Mil. Total Current Assets was $8,462 Mil. Total Assets was $30,642 Mil. Property, Plant and Equipment(Net PPE) was $149 Mil. Depreciation, Depletion and Amortization(DDA) was $15 Mil. Selling, General, & Admin. Expense(SGA) was $314 Mil. Total Current Liabilities was $0 Mil. Long-Term Debt & Capital Lease Obligation was $4,948 Mil. Net Income was 171.028 + -85.211 + 362.173 + 141.352 = $589 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil. Cash Flow from Operations was -147.006 + -206.559 + 144.414 + 61.76 = $-147 Mil. |
Accounts Receivable was $1,510 Mil. Revenue was 422.306 + 416.259 + 418.422 + 395.551 = $1,653 Mil. Gross Profit was 422.306 + 416.259 + 418.422 + 395.551 = $1,653 Mil. Total Current Assets was $5,965 Mil. Total Assets was $31,160 Mil. Property, Plant and Equipment(Net PPE) was $135 Mil. Depreciation, Depletion and Amortization(DDA) was $15 Mil. Selling, General, & Admin. Expense(SGA) was $302 Mil. Total Current Liabilities was $298 Mil. Long-Term Debt & Capital Lease Obligation was $4,602 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (1472.602 / 1859.228) | / | (1510.458 / 1652.538) | |
= | 0.79205025 | / | 0.91402316 | |
= | 0.8666 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (1652.538 / 1652.538) | / | (1859.228 / 1859.228) | |
= | 1 | / | 1 | |
= | 1 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (8462.469 + 148.773) / 30642.421) | / | (1 - (5965.003 + 135.208) / 31160.215) | |
= | 0.71897645 | / | 0.80423078 | |
= | 0.894 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 1859.228 | / | 1652.538 | |
= | 1.1251 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (14.702 / (14.702 + 135.208)) | / | (15.205 / (15.205 + 148.773)) | |
= | 0.09807218 | / | 0.09272585 | |
= | 1.0577 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (314.001 / 1859.228) | / | (302.378 / 1652.538) | |
= | 0.16888784 | / | 0.18297794 | |
= | 0.923 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((4947.647 + 0) / 30642.421) | / | ((4601.888 + 297.8) / 31160.215) | |
= | 0.16146397 | / | 0.15724179 | |
= | 1.0269 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (589.342 - 0 | - | -147.391) | / | 30642.421 | |
= | 0.024 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
SLM has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
No Headline