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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.
AeroVironment Inc has a M-score of -2.60 suggests that the company is not a manipulator.
During the past 12 years, the highest Beneish M-Score of AeroVironment Inc was -1.02. The lowest was -3.10. And the median was -2.60.
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 AeroVironment 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 * 1.0966||+||0.528 * 1.036||+||0.404 * 0.7258||+||0.892 * 1.0481||+||0.115 * 0.9847|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0311||+||4.679 * -0.0436||-||0.327 * 0.8445|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $49.3 Mil.|
Revenue was 73.498 + 69.221 + 64.867 + 44.117 = $251.7 Mil.
Gross Profit was 30.138 + 27.052 + 23.878 + 12.545 = $93.6 Mil.
Total Current Assets was $306.9 Mil.
Total Assets was $385.0 Mil.
Property, Plant and Equipment(Net PPE) was $20.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.2 Mil.
Selling, General & Admin. Expense(SGA) was $55.7 Mil.
Total Current Liabilities was $37.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 8.057 + 11.216 + 1.655 + -7.21 = $13.7 Mil.
Non Operating Income was 2.648 + 4.675 + -2.307 + -3.394 = $1.6 Mil.
Cash Flow from Operations was 25.391 + 13.145 + 3.503 + -13.176 = $28.9 Mil.
|Accounts Receivable was $42.9 Mil.
Revenue was 54.11 + 47.087 + 80.278 + 58.677 = $240.2 Mil.
Gross Profit was 17.722 + 19.673 + 35.636 + 19.505 = $92.5 Mil.
Total Current Assets was $263.5 Mil.
Total Assets was $363.5 Mil.
Property, Plant and Equipment(Net PPE) was $24.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.9 Mil.
Selling, General & Admin. Expense(SGA) was $51.5 Mil.
Total Current Liabilities was $42.2 Mil.
Long-Term Debt was $0.0 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)|
|=||(49.252 / 251.703)||/||(42.851 / 240.152)|
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)|
|=||(27.052 / 240.152)||/||(30.138 / 251.703)|
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 - (306.857 + 19.997) / 384.954)||/||(1 - (263.454 + 24.429) / 363.465)|
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))|
|=||(10.937 / (10.937 + 24.429))||/||(9.155 / (9.155 + 19.997))|
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)|
|=||(55.679 / 251.703)||/||(51.52 / 240.152)|
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)|
|=||((0 + 37.735) / 384.954)||/||((0 + 42.187) / 363.465)|
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|
|=||(13.718 - 1.622||-||28.863)||/||384.954|
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.
AeroVironment Inc has a M-score of -2.60 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
AeroVironment Inc Annual Data
AeroVironment Inc Quarterly Data