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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 152.11. The lowest was -2600.89. And the median was -2.51.
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 * 1.3647||+||0.528 * 0.9583||+||0.404 * 0.9259||+||0.892 * 1.2101||+||0.115 * 0.7415|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9448||+||4.679 * -0.0012||-||0.327 * 1.1001|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $7.85 Mil.|
Revenue was 16.947 + 15.69 + 15.771 + 18.196 = $66.60 Mil.
Gross Profit was 7.28 + 6.677 + 6.575 + 7.797 = $28.33 Mil.
Total Current Assets was $45.48 Mil.
Total Assets was $61.57 Mil.
Property, Plant and Equipment(Net PPE) was $5.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.38 Mil.
Selling, General & Admin. Expense(SGA) was $19.24 Mil.
Total Current Liabilities was $5.74 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 1.439 + 1.383 + 1.371 + 1.953 = $6.15 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.379 + 1.91 + 2.507 + 1.426 = $6.22 Mil.
|Accounts Receivable was $4.76 Mil.
Revenue was 12.371 + 13.987 + 14.321 + 14.363 = $55.04 Mil.
Gross Profit was 4.753 + 5.743 + 5.897 + 6.043 = $22.44 Mil.
Total Current Assets was $37.81 Mil.
Total Assets was $53.03 Mil.
Property, Plant and Equipment(Net PPE) was $5.26 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.94 Mil.
Selling, General & Admin. Expense(SGA) was $16.83 Mil.
Total Current Liabilities was $4.50 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)|
|=||(7.854 / 66.604)||/||(4.756 / 55.042)|
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)|
|=||(22.436 / 55.042)||/||(28.329 / 66.604)|
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 - (45.483 + 5.377) / 61.565)||/||(1 - (37.811 + 5.259) / 53.029)|
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))|
|=||(0.936 / (0.936 + 5.259))||/||(1.376 / (1.376 + 5.377))|
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)|
|=||(19.236 / 66.604)||/||(16.825 / 55.042)|
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 + 5.742) / 61.565)||/||((0 + 4.496) / 53.029)|
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|
|=||(6.146 - 0||-||6.222)||/||61.565|
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 -2.07 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