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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.
Consol Energy Inc has a M-score of -3.09 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Consol Energy Inc was -1.62. The lowest was -3.71. And the median was -2.80.
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 * 0.8113||+||0.528 * 0.922||+||0.404 * 0.6147||+||0.892 * 0.8374||+||0.115 * 0.7571|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.4551||+||4.679 * 0.0044||-||0.327 * 1.042|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $626 Mil.|
Revenue was 969.153 + -438.053 + 1231.418 + 828.167 = $2,591 Mil.
Gross Profit was 257.389 + -43.465 + 354.962 + 355.633 = $925 Mil.
Total Current Assets was $1,459 Mil.
Total Assets was $11,584 Mil.
Property, Plant and Equipment(Net PPE) was $9,605 Mil.
Depreciation, Depletion and Amortization(DDA) was $479 Mil.
Selling, General & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $1,170 Mil.
Long-Term Debt was $3,161 Mil.
Net Income was 116.003 + 738.183 + -63.651 + -12.526 = $778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 336.102 + 69.771 + 195.615 + 125.109 = $727 Mil.
|Accounts Receivable was $921 Mil.
Revenue was 842.943 + -363.82 + 1160.089 + 1454.487 = $3,094 Mil.
Gross Profit was 173.619 + 10.358 + 293.849 + 540.133 = $1,018 Mil.
Total Current Assets was $1,439 Mil.
Total Assets was $12,593 Mil.
Property, Plant and Equipment(Net PPE) was $10,233 Mil.
Depreciation, Depletion and Amortization(DDA) was $381 Mil.
Selling, General & Admin. Expense(SGA) was $175 Mil.
Total Current Liabilities was $1,347 Mil.
Long-Term Debt was $3,173 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)|
|=||(625.797 / 2590.685)||/||(921.174 / 3093.699)|
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)|
|=||(-43.465 / 3093.699)||/||(257.389 / 2590.685)|
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 - (1458.836 + 9604.991) / 11584.475)||/||(1 - (1439.172 + 10233.204) / 12593.194)|
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))|
|=||(381.46 / (381.46 + 10233.204))||/||(478.66 / (478.66 + 9604.991))|
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)|
|=||(213.477 / 2590.685)||/||(175.199 / 3093.699)|
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)|
|=||((3161.341 + 1170.347) / 11584.475)||/||((3172.539 + 1346.652) / 12593.194)|
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|
|=||(778.009 - 0||-||726.597)||/||11584.475|
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 -3.09 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