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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.
The historical rank and industry rank for Ingram Micro's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Ingram Micro was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Ingram Micro'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.
Ingram Micro Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.43 | -1.28 | -2.58 | -2.14 | -2.85 |
Ingram Micro Quarterly Data | ||||||||||||||||||||
Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.76 | -2.85 | -3.00 | -2.54 | -2.31 |
For the Electronics & Computer Distribution subindustry, Ingram Micro'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, Ingram Micro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ingram Micro'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 Ingram Micro 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 * 1.1889 | + | 0.528 * 0.8578 | + | 0.404 * 1.5652 | + | 0.892 * 0.8977 | + | 0.115 * 0.8972 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1962 | + | 4.679 * -0.003862 | - | 0.327 * 1.0023 | |||||||
= | -2.31 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $5,271 Mil. Revenue was 10226.826 + 10122.606 + 9336.601 + 11312.268 = $40,998 Mil. Gross Profit was 715.379 + 718.946 + 631.696 + 773.423 = $2,839 Mil. Total Current Assets was $10,355 Mil. Total Assets was $12,294 Mil. Property, Plant and Equipment(Net PPE) was $385 Mil. Depreciation, Depletion and Amortization(DDA) was $191 Mil. Selling, General, & Admin. Expense(SGA) was $2,223 Mil. Total Current Liabilities was $7,198 Mil. Long-Term Debt & Capital Lease Obligation was $793 Mil. Net Income was 78.523 + 54.652 + 1.899 + 141.201 = $276 Mil. Non Operating Income was -6.748 + -4.703 + -11.609 + -6.357 = $-29 Mil. Cash Flow from Operations was -166.199 + -245.275 + 274.574 + 490.072 = $353 Mil. |
Total Receivables was $4,938 Mil. Revenue was 10515.88 + 10553.278 + 10644.426 + 13956.218 = $45,670 Mil. Gross Profit was 663.583 + 656.825 + 617.461 + 775.303 = $2,713 Mil. Total Current Assets was $10,179 Mil. Total Assets was $11,462 Mil. Property, Plant and Equipment(Net PPE) was $357 Mil. Depreciation, Depletion and Amortization(DDA) was $151 Mil. Selling, General, & Admin. Expense(SGA) was $2,071 Mil. Total Current Liabilities was $6,336 Mil. Long-Term Debt & Capital Lease Obligation was $1,097 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) |
= | (5270.505 / 40998.301) | / | (4938.021 / 45669.802) | |
= | 0.128554 | / | 0.108124 | |
= | 1.1889 |
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) | |
= | (2713.172 / 45669.802) | / | (2839.444 / 40998.301) | |
= | 0.059408 | / | 0.069258 | |
= | 0.8578 |
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 - (10354.952 + 384.61) / 12293.941) | / | (1 - (10179.214 + 356.665) / 11461.749) | |
= | 0.126435 | / | 0.080779 | |
= | 1.5652 |
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 | |
= | 40998.301 | / | 45669.802 | |
= | 0.8977 |
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)) |
= | (151.261 / (151.261 + 356.665)) | / | (191.083 / (191.083 + 384.61)) | |
= | 0.297801 | / | 0.331918 | |
= | 0.8972 |
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) |
= | (2223.467 / 40998.301) | / | (2070.545 / 45669.802) | |
= | 0.054233 | / | 0.045337 | |
= | 1.1962 |
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) |
= | ((792.576 + 7198.137) / 12293.941) | / | ((1097.189 + 6335.675) / 11461.749) | |
= | 0.649972 | / | 0.648493 | |
= | 1.0023 |
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 | |
= | (276.275 - -29.417 | - | 353.172) | / | 12293.941 | |
= | -0.003862 |
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.
Ingram Micro has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Ingram Micro's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Scott A Mcgregor | director | 5300 CALIFORNIA AVENUE, IRVINE CA 92617 |
William David Humes | officer: Chief Financial Officer | INGRAM MICRO INC., 1600 E. ST. ANDREW PLACE, SANTA ANA CA 92705 |
Wade Oosterman | director | C/O INGRAM MICRO INC., 1600 E. ST. ANDREW PLACE, SANTA ANA CA 92705 |
Heisz Leslie Stone | director | C/O PUBLIC STORAGE, 701 WESTERN AVENUE, GLENDALE CA 91201 |
Linda Fayne Levinson | director | C/O JACOBS ENGINEERING GROUP INC, 1111 S ARROYO PKWY, PASADENA CA 91105 |
Dale R Laurance | director | |
Howard I Atkins | director | OCCIDENTAL PETROLEUM CORPORATION, 5 GREENWAY PLAZA, STE 110, HOUSTON TX 77046 |
David A Barnes | director | 55 GLENLAKE PARKWAY NE, ATLANTA GA 30328 |
Carol Mills Baldwin | director | 600 TELEPHONE AVENUE, MS#65, ANCHORAGE AK 99503 |
Alain Monie | director, officer: Director and CEO | WORLDWIDE LEGAL DEPT 1600 E ST, SANTA ANA CA 92705 |
Paul Read | officer: President & COO | MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212 |
Lynn Jolliffe | officer: EVP, Human Resources | INGRAM MICRO INC., 1600 EAST SAINT ANDREW PLACE, SANTA ANA CA 92705 |
Ernest Park | officer: Sr. EVP, CIO | C/O INGRAM MICRO INC., 1600 E. ST. ANDREW PLACE, SANTA ANA CA 92705 |
Michael T Smith | director | 190 NW SPANISH RIVER BOULEVARD, SUITE 101, BOCA RATON FL 33431 |
Ingram Orrin H Ii | director | C/O FB FNIANCIAL CORPORATION, 1221 BROADWAY, SUITE 1300, NASHVILLE TN 37203 |
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