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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.
During the past 13 years, the highest Beneish M-Score of Autodesk Inc was -1.62. The lowest was -3.71. And the median was -2.92.
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 Autodesk 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 * 1.0078||+||0.528 * 1.0152||+||0.404 * 0.9546||+||0.892 * 1.0705||+||0.115 * 1.0037|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0843||+||4.679 * -0.1434||-||0.327 * 1.2948|
|This Year (Jul15) TTM:||Last Year (Jul14) TTM:|
|Accounts Receivable was $394 Mil.|
Revenue was 609.5 + 646.5 + 664.6 + 618 = $2,539 Mil.
Gross Profit was 516.5 + 554.7 + 575.1 + 532 = $2,178 Mil.
Total Current Assets was $2,900 Mil.
Total Assets was $5,342 Mil.
Property, Plant and Equipment(Net PPE) was $158 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General & Admin. Expense(SGA) was $1,325 Mil.
Total Current Liabilities was $1,314 Mil.
Long-Term Debt was $1,486 Mil.
Net Income was -235.5 + 19.1 + 11.5 + 10.7 = $-194 Mil.
Non Operating Income was 4.6 + 2.3 + 8.1 + -0.2 = $15 Mil.
Cash Flow from Operations was 77.2 + 86.5 + 257.2 + 136 = $557 Mil.
|Accounts Receivable was $365 Mil.
Revenue was 637.1 + 592.5 + 586.6 + 555.2 = $2,371 Mil.
Gross Profit was 549.2 + 513.8 + 514.7 + 488.1 = $2,066 Mil.
Total Current Assets was $2,450 Mil.
Total Assets was $4,703 Mil.
Property, Plant and Equipment(Net PPE) was $147 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General & Admin. Expense(SGA) was $1,142 Mil.
Total Current Liabilities was $1,157 Mil.
Long-Term Debt was $747 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)|
|=||(394.1 / 2538.6)||/||(365.3 / 2371.4)|
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)|
|=||(554.7 / 2371.4)||/||(516.5 / 2538.6)|
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 - (2899.8 + 158.2) / 5341.8)||/||(1 - (2450 + 146.9) / 4703.4)|
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))|
|=||(137.1 / (137.1 + 146.9))||/||(146.6 / (146.6 + 158.2))|
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)|
|=||(1325 / 2538.6)||/||(1141.5 / 2371.4)|
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)|
|=||((1486.2 + 1313.8) / 5341.8)||/||((746.8 + 1157.3) / 4703.4)|
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|
|=||(-194.2 - 14.8||-||556.9)||/||5341.8|
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.
Autodesk Inc has a M-score of -3.20 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
Autodesk Inc Annual Data
Autodesk Inc Quarterly Data