Shutterfly Beneish M-Score Historical Data
The historical data trend for Shutterfly'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.
Shutterfly Beneish M-Score Chart
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Shutterfly Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.75 |
-2.52 |
-3.17 |
-2.81 |
-2.38 |
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Shutterfly Quarterly Data
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
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-1.89 |
-2.69 |
-2.38 |
-2.44 |
-2.95 |
Competitive Comparison of Shutterfly's Beneish M-Score
For the Personal Services subindustry, Shutterfly'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.
Shutterfly's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Shutterfly's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shutterfly's Beneish M-Score falls into.
Shutterfly Beneish M-Score Calculation
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 Shutterfly 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 * 1.2814 | + | 0.528 * 0.9555 | + | 0.404 * 1.0575 | + | 0.892 * 1.4779 | + | 0.115 * 0.65 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2671 | + | 4.679 * -0.115927 | - | 0.327 * 0.98 |
| = | -2.42 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $111 Mil.
Revenue was 473.416 + 324.681 + 949.967 + 368.757 = $2,117 Mil.
Gross Profit was 232.903 + 114.282 + 572.404 + 144.019 = $1,064 Mil.
Total Current Assets was $330 Mil.
Total Assets was $1,891 Mil.
Property, Plant and Equipment(Net PPE) was $337 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $804 Mil.
Total Current Liabilities was $253 Mil.
Long-Term Debt & Capital Lease Obligation was $1,003 Mil.
Net Income was -12.732 + -83.619 + 177.616 + -73.543 = $8 Mil.
Non Operating Income was -3.274 + -3.973 + -1.666 + 0 = $-9 Mil.
Cash Flow from Operations was -21.502 + -144.115 + 374.45 + 27.041 = $236 Mil.
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Total Receivables was $59 Mil.
Revenue was 443.372 + 199.725 + 593.755 + 195.443 = $1,432 Mil.
Gross Profit was 210.144 + 73.679 + 339.537 + 64.296 = $688 Mil.
Total Current Assets was $387 Mil.
Total Assets was $2,011 Mil.
Property, Plant and Equipment(Net PPE) was $393 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $429 Mil.
Total Current Liabilities was $224 Mil.
Long-Term Debt & Capital Lease Obligation was $1,138 Mil.
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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) |
| = | (110.937 / 2116.821) | / | (58.578 / 1432.295) |
| = | 0.052407 | / | 0.040898 |
| | = | 1.2814 |
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) |
| = | (687.656 / 1432.295) | / | (1063.608 / 2116.821) |
| = | 0.480108 | / | 0.502455 |
| | = | 0.9555 |
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 - (329.618 + 336.655) / 1891.174) | / | (1 - (386.634 + 392.662) / 2011.036) |
| = | 0.647693 | / | 0.61249 |
| | = | 1.0575 |
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 |
| = | 2116.821 | / | 1432.295 |
| | = | 1.4779 |
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)) |
| = | (115.816 / (115.816 + 392.662)) | / | (181.589 / (181.589 + 336.655)) |
| = | 0.22777 | / | 0.350393 |
| | = | 0.65 |
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) |
| = | (803.923 / 2116.821) | / | (429.293 / 1432.295) |
| = | 0.379778 | / | 0.299724 |
| | = | 1.2671 |
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) |
| = | ((1002.536 + 252.594) / 1891.174) | / | ((1137.627 + 224.247) / 2011.036) |
| = | 0.663678 | / | 0.6772 |
| | = | 0.98 |
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 |
| = | (7.722 - -8.913 | - | 235.874) | / | 1891.174 |
| | = | -0.115927 |
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.
Shutterfly has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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