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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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Zebra Technologies's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Zebra Technologies was -1.52. The lowest was -3.06. And the median was -2.52.
The historical data trend for Zebra Technologies's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Zebra Technologies Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | -2.93 | -2.25 | -2.25 | -2.45 |
Zebra Technologies Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.30 | -2.42 | -2.44 | -2.45 | -2.46 |
For the Communication Equipment subindustry, Zebra Technologies's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Hardware industry and Technology sector, Zebra Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zebra Technologies'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 Zebra Technologies 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 * 1.1071 | + | 0.528 * 0.9947 | + | 0.404 * 1.0213 | + | 0.892 * 0.7567 | + | 0.115 * 1.1148 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1789 | + | 4.679 * 0.024797 | - | 0.327 * 0.9039 | |||||||
= | -2.46 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $635 Mil. Revenue was 1175 + 1009 + 956 + 1214 = $4,354 Mil. Gross Profit was 563 + 448 + 427 + 581 = $2,019 Mil. Total Current Assets was $1,627 Mil. Total Assets was $7,259 Mil. Property, Plant and Equipment(Net PPE) was $470 Mil. Depreciation, Depletion and Amortization(DDA) was $175 Mil. Selling, General, & Admin. Expense(SGA) was $884 Mil. Total Current Liabilities was $1,643 Mil. Long-Term Debt & Capital Lease Obligation was $1,966 Mil. Net Income was 115 + 17 + -15 + 144 = $261 Mil. Non Operating Income was -11 + -26 + -56 + -23 = $-116 Mil. Cash Flow from Operations was 125 + 141 + -35 + -34 = $197 Mil. |
Total Receivables was $758 Mil. Revenue was 1405 + 1503 + 1378 + 1468 = $5,754 Mil. Gross Profit was 667 + 685 + 628 + 674 = $2,654 Mil. Total Current Assets was $1,818 Mil. Total Assets was $7,474 Mil. Property, Plant and Equipment(Net PPE) was $452 Mil. Depreciation, Depletion and Amortization(DDA) was $196 Mil. Selling, General, & Admin. Expense(SGA) was $991 Mil. Total Current Liabilities was $2,074 Mil. Long-Term Debt & Capital Lease Obligation was $2,037 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables 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) |
= | (635 / 4354) | / | (758 / 5754) | |
= | 0.145843 | / | 0.131734 | |
= | 1.1071 |
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) | |
= | (2654 / 5754) | / | (2019 / 4354) | |
= | 0.461244 | / | 0.463712 | |
= | 0.9947 |
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 - (1627 + 470) / 7259) | / | (1 - (1818 + 452) / 7474) | |
= | 0.711117 | / | 0.69628 | |
= | 1.0213 |
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 | |
= | 4354 | / | 5754 | |
= | 0.7567 |
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)) |
= | (196 / (196 + 452)) | / | (175 / (175 + 470)) | |
= | 0.302469 | / | 0.271318 | |
= | 1.1148 |
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) |
= | (884 / 4354) | / | (991 / 5754) | |
= | 0.203032 | / | 0.172228 | |
= | 1.1789 |
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) |
= | ((1966 + 1643) / 7259) | / | ((2037 + 2074) / 7474) | |
= | 0.497176 | / | 0.55004 | |
= | 0.9039 |
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 | |
= | (261 - -116 | - | 197) | / | 7259 | |
= | 0.024797 |
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.
Zebra Technologies has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Zebra Technologies's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Bill Burns | officer: SVP, Chief Product & Solutions | C/O ZEBRA TECHNOLOGIES CORPORATION, 1 ZEBRA PLAZA, HOLTSVILLE NY 11742-1300 |
Nathan Andrew Winters | officer: Acting Chief Financial Officer | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Richard Edward Hudson | officer: Chief Revenue Officer | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Frank Blaise Modruson | director | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Richard L Keyser | director | 100 GRAINGER PARKWAY, LAKE FOREST IL 60045 |
Anders Gustafsson | director, officer: Chief Executive Officer | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Satish Dhanasekaran | director | 1400 FOUNTAINGROVE PARKWAY, SANTA ROSA CA 95403 |
Armstrong Robert John Jr | officer: Chief Marketing Officer | C/O ZEBRA TECHNOLOGIES, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Joseph Ramsey White | officer: Chief Product & Solutions | C/O ZEBRA TECHNOLOGIES, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Michael Cho | officer: SVP, Corporate Development | C/O ZEBRA TECHNOLOGIES CORPORATION, LINCOLNSHIRE IL 60069 |
Tamara Dionne Froese | officer: Chief Supply Chain Officer | C/O ZEBRA TECHNOLOGIES, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Stephen Edgar Williams | officer: SVP, Global Supply Chain | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
Nelda J Connors | director | BOSTON SCIENTIFIC CORPORATION, 300 BOSTON SCIENTIFIC WAY, MARLBOROUGH MA 01752-1234 |
Janice M Roberts | director | 540 COWPER STREET, SUITE 200, PALO ALTO CA 94301 |
Michael A Smith | director | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
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