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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 Daktronics Inc was -1.70. The lowest was -3.47. 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 Daktronics 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 * 0.8783||+||0.528 * 1.0937||+||0.404 * 0.8159||+||0.892 * 1.1159||+||0.115 * 1.0665|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9714||+||4.679 * -0.0838||-||0.327 * 1.0005|
|This Year (Apr15) TTM:||Last Year (Apr14) TTM:|
|Accounts Receivable was $80.9 Mil.|
Revenue was 158.086 + 118.123 + 173.115 + 166.618 = $615.9 Mil.
Gross Profit was 35.237 + 25.062 + 40.877 + 43.403 = $144.6 Mil.
Total Current Assets was $291.1 Mil.
Total Assets was $379.5 Mil.
Property, Plant and Equipment(Net PPE) was $72.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.0 Mil.
Selling, General & Admin. Expense(SGA) was $88.6 Mil.
Total Current Liabilities was $142.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 3.839 + 0.561 + 7.737 + 8.745 = $20.9 Mil.
Non Operating Income was -0.28 + 0.179 + -0.225 + -0.172 = $-0.5 Mil.
Cash Flow from Operations was 25.851 + -9.017 + 11.873 + 24.461 = $53.2 Mil.
|Accounts Receivable was $82.5 Mil.
Revenue was 136.24 + 115.369 + 161.639 + 138.722 = $552.0 Mil.
Gross Profit was 33.754 + 29.089 + 43.365 + 35.501 = $141.7 Mil.
Total Current Assets was $274.2 Mil.
Total Assets was $357.5 Mil.
Property, Plant and Equipment(Net PPE) was $65.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.5 Mil.
Selling, General & Admin. Expense(SGA) was $81.8 Mil.
Total Current Liabilities was $133.7 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)|
|=||(80.857 / 615.942)||/||(82.5 / 551.97)|
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)|
|=||(25.062 / 551.97)||/||(35.237 / 615.942)|
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 - (291.095 + 72.844) / 379.479)||/||(1 - (274.24 + 65.27) / 357.451)|
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))|
|=||(14.501 / (14.501 + 65.27))||/||(14.968 / (14.968 + 72.844))|
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)|
|=||(88.642 / 615.942)||/||(81.777 / 551.97)|
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 + 142.02) / 379.479)||/||((0 + 133.708) / 357.451)|
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|
|=||(20.882 - -0.498||-||53.168)||/||379.479|
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.
Daktronics Inc has a M-score of -2.89 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
Daktronics Inc Annual Data
Daktronics Inc Quarterly Data