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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Agilent Technologies Inc has a M-score of -2.71 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Agilent Technologies Inc was -1.38. The lowest was -4.16. And the median was -2.71.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Agilent Technologies Inc 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 * 1.0035||+||0.528 * 0.9926||+||0.404 * 0.9369||+||0.892 * 0.9823||+||0.115 * 0.9649|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0153||+||4.679 * -0.0353||-||0.327 * 1.0537|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $903 Mil.|
Revenue was 1731 + 1679 + 1718 + 1652 = $6,780 Mil.
Gross Profit was 899 + 883 + 908 + 856 = $3,546 Mil.
Total Current Assets was $5,377 Mil.
Total Assets was $11,026 Mil.
Property, Plant and Equipment(Net PPE) was $1,139 Mil.
Depreciation, Depletion and Amortization(DDA) was $379 Mil.
Selling, General & Admin. Expense(SGA) was $1,900 Mil.
Total Current Liabilities was $1,712 Mil.
Long-Term Debt was $2,693 Mil.
Net Income was 150 + 195 + 211 + 168 = $724 Mil.
Non Operating Income was 4 + 0 + -3 + 1 = $2 Mil.
Cash Flow from Operations was 325 + 194 + 377 + 215 = $1,111 Mil.
|Accounts Receivable was $916 Mil.
Revenue was 1732 + 1680 + 1767 + 1723 = $6,902 Mil.
Gross Profit was 891 + 880 + 922 + 890 = $3,583 Mil.
Total Current Assets was $4,818 Mil.
Total Assets was $10,587 Mil.
Property, Plant and Equipment(Net PPE) was $1,147 Mil.
Depreciation, Depletion and Amortization(DDA) was $364 Mil.
Selling, General & Admin. Expense(SGA) was $1,905 Mil.
Total Current Liabilities was $1,908 Mil.
Long-Term Debt was $2,106 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(903 / 6780)||/||(916 / 6902)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(883 / 6902)||/||(899 / 6780)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (5377 + 1139) / 11026)||/||(1 - (4818 + 1147) / 10587)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(364 / (364 + 1147))||/||(379 / (379 + 1139))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1900 / 6780)||/||(1905 / 6902)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((2693 + 1712) / 11026)||/||((2106 + 1908) / 10587)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(724 - 2||-||1111)||/||11026|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Agilent Technologies Inc has a M-score of -2.71 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Agilent Technologies Inc Annual Data
Agilent Technologies Inc Quarterly Data