Earnings Manipulation Risk (Beneish M-Score)

The Earnings Manipulation Risk Indicator gives a visual representation of how likely it is that a company's management has been manipulating the accounts to inflate earnings. The indicator is based on the Beneish M-Score, a statistical measure derived from a set of 8 ratios drawn from a company's accounts. If the switch is on, Beneish's research implies a ~86% probability that the firm is manipulating earnings

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Are receivables increasing in proportion to sales?
Is the gross margin on sales stable?
Is the quality of assets stable?
Is sales growth not excessive?
Is the rate of depreciation stable or increasing?
Are sales, general and administrative expenses under control?
Is financial leverage decreasing or stable?
Are accruals low as a proportion of total assets?

For further information on how the M-Score is calculated click here.

To view all the stocks with the worst M-Score record click here.