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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 -2.92.
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 * 0.8213||+||0.528 * 1.019||+||0.404 * 1.0863||+||0.892 * 0.8731||+||0.115 * 1.0635|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1348||+||4.679 * -0.1602||-||0.327 * 1.1927|
|This Year (Oct16) TTM:||Last Year (Oct15) TTM:|
|Accounts Receivable was $260 Mil.|
Revenue was 489.6 + 550.7 + 511.9 + 648.3 = $2,201 Mil.
Gross Profit was 408.1 + 465.6 + 419.4 + 553.4 = $1,847 Mil.
Total Current Assets was $2,332 Mil.
Total Assets was $4,829 Mil.
Property, Plant and Equipment(Net PPE) was $168 Mil.
Depreciation, Depletion and Amortization(DDA) was $141 Mil.
Selling, General & Admin. Expense(SGA) was $1,306 Mil.
Total Current Liabilities was $1,598 Mil.
Long-Term Debt was $1,490 Mil.
Net Income was -142.8 + -98.2 + -173 + -37.2 = $-451 Mil.
Non Operating Income was 0.3 + -3.9 + 0 + 2.1 = $-2 Mil.
Cash Flow from Operations was 7.7 + -18 + 164.4 + 169.9 = $324 Mil.
|Accounts Receivable was $362 Mil.
Revenue was 599.8 + 609.5 + 646.5 + 664.6 = $2,520 Mil.
Gross Profit was 508.8 + 516.5 + 554.7 + 575.1 = $2,155 Mil.
Total Current Assets was $2,748 Mil.
Total Assets was $5,220 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General & Admin. Expense(SGA) was $1,319 Mil.
Total Current Liabilities was $1,311 Mil.
Long-Term Debt was $1,487 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)|
|=||(259.8 / 2200.5)||/||(362.3 / 2520.4)|
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)|
|=||(2155.1 / 2520.4)||/||(1846.5 / 2200.5)|
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 - (2332.1 + 168.3) / 4829.2)||/||(1 - (2747.5 + 155.3) / 5220)|
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))|
|=||(145.7 / (145.7 + 155.3))||/||(140.6 / (140.6 + 168.3))|
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)|
|=||(1306.4 / 2200.5)||/||(1318.6 / 2520.4)|
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)|
|=||((1489.9 + 1597.6) / 4829.2)||/||((1486.9 + 1311.2) / 5220)|
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|
|=||(-451.2 - -1.5||-||324)||/||4829.2|
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 -3.54 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