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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.
CommVault Systems Inc has a M-score of -2.47 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of CommVault Systems Inc was 19.05. The lowest was -3.29. And the median was -2.89.
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 CommVault Systems 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 * 1.1518||+||0.528 * 0.9979||+||0.404 * 1.1693||+||0.892 * 1.1649||+||0.115 * 2.2465|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0102||+||4.679 * -0.0994||-||0.327 * 1.0702|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $100.9 Mil.|
Revenue was 152.643 + 156.819 + 153.25 + 141.863 = $604.6 Mil.
Gross Profit was 131.716 + 136.95 + 134.752 + 123.707 = $527.1 Mil.
Total Current Assets was $528.3 Mil.
Total Assets was $670.7 Mil.
Property, Plant and Equipment(Net PPE) was $105.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.4 Mil.
Selling, General & Admin. Expense(SGA) was $366.3 Mil.
Total Current Liabilities was $234.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 12.729 + 15.657 + 17.591 + 17.354 = $63.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 35.444 + 39.919 + 30.162 + 24.482 = $130.0 Mil.
|Accounts Receivable was $75.2 Mil.
Revenue was 134.408 + 138.274 + 128.147 + 118.162 = $519.0 Mil.
Gross Profit was 116.63 + 120.418 + 111.684 + 102.819 = $451.6 Mil.
Total Current Assets was $567.2 Mil.
Total Assets was $632.7 Mil.
Property, Plant and Equipment(Net PPE) was $35.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.3 Mil.
Selling, General & Admin. Expense(SGA) was $311.3 Mil.
Total Current Liabilities was $206.3 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)|
|=||(100.925 / 604.575)||/||(75.219 / 518.991)|
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)|
|=||(136.95 / 518.991)||/||(131.716 / 604.575)|
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 - (528.327 + 105.115) / 670.733)||/||(1 - (567.197 + 35.459) / 632.742)|
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))|
|=||(5.252 / (5.252 + 35.459))||/||(6.404 / (6.404 + 105.115))|
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)|
|=||(366.297 / 604.575)||/||(311.267 / 518.991)|
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 + 234.011) / 670.733)||/||((0 + 206.27) / 632.742)|
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|
|=||(63.331 - 0||-||130.007)||/||670.733|
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.
CommVault Systems Inc has a M-score of -2.47 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
CommVault Systems Inc Annual Data
CommVault Systems Inc Quarterly Data