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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 -1.60. The lowest was -3.71. And the median was -2.91.
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 * 0.8787||+||0.528 * 1.0217||+||0.404 * 0.9673||+||0.892 * 0.9233||+||0.115 * 1.0678|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0622||+||4.679 * -0.1904||-||0.327 * 1.3472|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Apr16) TTM:||Last Year (Apr15) TTM:|
|Accounts Receivable was $256 Mil.|
Revenue was 511.9 + 648.3 + 599.8 + 609.5 = $2,370 Mil.
Gross Profit was 419.4 + 553.4 + 508.8 + 516.5 = $1,998 Mil.
Total Current Assets was $2,629 Mil.
Total Assets was $5,206 Mil.
Property, Plant and Equipment(Net PPE) was $175 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General & Admin. Expense(SGA) was $1,298 Mil.
Total Current Liabilities was $1,475 Mil.
Long-Term Debt was $1,488 Mil.
Net Income was -173 + -37.2 + -43.8 + -235.5 = $-490 Mil.
Non Operating Income was 0 + 2.1 + 3.3 + 4.6 = $10 Mil.
Cash Flow from Operations was 164.4 + 169.9 + 80.4 + 77.2 = $492 Mil.
|Accounts Receivable was $316 Mil.
Revenue was 646.5 + 664.6 + 618 + 637.1 = $2,566 Mil.
Gross Profit was 554.7 + 575.1 + 532 + 549.2 = $2,211 Mil.
Total Current Assets was $2,341 Mil.
Total Assets was $4,776 Mil.
Property, Plant and Equipment(Net PPE) was $157 Mil.
Depreciation, Depletion and Amortization(DDA) was $148 Mil.
Selling, General & Admin. Expense(SGA) was $1,323 Mil.
Total Current Liabilities was $1,270 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)|
|=||(256.4 / 2369.5)||/||(316 / 2566.2)|
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)|
|=||(2211 / 2566.2)||/||(1998.1 / 2369.5)|
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 - (2629 + 174.9) / 5205.6)||/||(1 - (2341 + 156.9) / 4775.9)|
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))|
|=||(147.6 / (147.6 + 156.9))||/||(145.4 / (145.4 + 174.9))|
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)|
|=||(1297.8 / 2369.5)||/||(1323.2 / 2566.2)|
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)|
|=||((1488.4 + 1474.5) / 5205.6)||/||((747.4 + 1270.3) / 4775.9)|
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|
|=||(-489.5 - 10||-||491.9)||/||5205.6|
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 -3.67 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