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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 Clearfield Inc was 25.79. The lowest was -2600.90. And the median was -2.39.
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 Clearfield 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 * 1.6506||+||0.528 * 1.044||+||0.404 * 0.8493||+||0.892 * 0.938||+||0.115 * 1.2834|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1462||+||4.679 * 0.004||-||0.327 * 0.7988|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $7.39 Mil.|
Revenue was 18.196 + 12.371 + 13.987 + 14.321 = $58.88 Mil.
Gross Profit was 7.797 + 4.753 + 5.743 + 5.897 = $24.19 Mil.
Total Current Assets was $41.18 Mil.
Total Assets was $57.39 Mil.
Property, Plant and Equipment(Net PPE) was $5.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.08 Mil.
Selling, General & Admin. Expense(SGA) was $17.49 Mil.
Total Current Liabilities was $6.15 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 1.953 + 0.289 + 1.069 + 1.049 = $4.36 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.426 + 1.841 + 1.074 + -0.21 = $4.13 Mil.
|Accounts Receivable was $4.77 Mil.
Revenue was 14.363 + 13.214 + 16.148 + 19.039 = $62.76 Mil.
Gross Profit was 6.043 + 5.721 + 6.938 + 8.221 = $26.92 Mil.
Total Current Assets was $39.16 Mil.
Total Assets was $53.01 Mil.
Property, Plant and Equipment(Net PPE) was $2.33 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.61 Mil.
Selling, General & Admin. Expense(SGA) was $16.26 Mil.
Total Current Liabilities was $7.11 Mil.
Long-Term Debt was $0.00 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)|
|=||(7.387 / 58.875)||/||(4.771 / 62.764)|
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)|
|=||(4.753 / 62.764)||/||(7.797 / 58.875)|
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 - (41.178 + 5.628) / 57.39)||/||(1 - (39.164 + 2.333) / 53.008)|
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))|
|=||(0.607 / (0.607 + 2.333))||/||(1.079 / (1.079 + 5.628))|
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)|
|=||(17.486 / 58.875)||/||(16.263 / 62.764)|
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 + 6.147) / 57.39)||/||((0 + 7.108) / 53.008)|
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|
|=||(4.36 - 0||-||4.131)||/||57.39|
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.
Clearfield Inc has a M-score of -1.88 signals that the company is likely to 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
Clearfield Inc Annual Data
Clearfield Inc Quarterly Data