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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 Consol Energy Inc was -1.25. The lowest was -4.61. And the median was -2.79.
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 Consol Energy 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 * 0.9483||+||0.528 * 0.8424||+||0.404 * 1.5852||+||0.892 * 0.7662||+||0.115 * 0.8413|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.3952||+||4.679 * -0.0803||-||0.327 * 0.9357|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $154 Mil.|
Revenue was 285.8 + 558.514 + 761.932 + 813.938 = $2,420 Mil.
Gross Profit was -73.036 + 192.446 + 398.164 + 479.916 = $997 Mil.
Total Current Assets was $526 Mil.
Total Assets was $9,785 Mil.
Property, Plant and Equipment(Net PPE) was $8,609 Mil.
Depreciation, Depletion and Amortization(DDA) was $660 Mil.
Selling, General & Admin. Expense(SGA) was $201 Mil.
Total Current Liabilities was $1,151 Mil.
Long-Term Debt was $2,754 Mil.
Net Income was -469.828 + -97.572 + 30.406 + 118.98 = $-418 Mil.
Non Operating Income was 0 + 0 + -67.751 + 0 = $-68 Mil.
Cash Flow from Operations was 95.299 + 128.442 + 101.566 + 110.068 = $435 Mil.
|Accounts Receivable was $212 Mil.
Revenue was 545.574 + 792.654 + 935.665 + 884.616 = $3,159 Mil.
Gross Profit was 209.086 + 369.796 + 126.426 + 391.345 = $1,097 Mil.
Total Current Assets was $822 Mil.
Total Assets was $11,002 Mil.
Property, Plant and Equipment(Net PPE) was $9,720 Mil.
Depreciation, Depletion and Amortization(DDA) was $619 Mil.
Selling, General & Admin. Expense(SGA) was $109 Mil.
Total Current Liabilities was $2,096 Mil.
Long-Term Debt was $2,597 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)|
|=||(153.977 / 2420.184)||/||(211.909 / 3158.509)|
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)|
|=||(1096.653 / 3158.509)||/||(997.49 / 2420.184)|
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 - (526.24 + 8609.176) / 9784.757)||/||(1 - (821.502 + 9720.001) / 11002.101)|
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))|
|=||(618.919 / (618.919 + 9720.001))||/||(659.522 / (659.522 + 8609.176))|
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)|
|=||(200.731 / 2420.184)||/||(109.373 / 3158.509)|
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)|
|=||((2754.498 + 1151.379) / 9784.757)||/||((2597.498 + 2096.029) / 11002.101)|
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|
|=||(-418.014 - -67.751||-||435.375)||/||9784.757|
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.
Consol Energy Inc has a M-score of -3.20 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
Consol Energy Inc Annual Data
Consol Energy Inc Quarterly Data