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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 Exterran Holdings Inc was -0.46. The lowest was -5.15. And the median was -2.72.
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 Exterran Holdings 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 * 1.1691||+||0.528 * 0.9085||+||0.404 * 1.0386||+||0.892 * 0.9974||+||0.115 * 0.9826|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.019||+||4.679 * -0.0608||-||0.327 * 1.067|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $506 Mil.|
Revenue was 729.082 + 793.628 + 723.832 + 739.27 = $2,986 Mil.
Gross Profit was 269.012 + 275.349 + 266.485 + 255.974 = $1,067 Mil.
Total Current Assets was $1,256 Mil.
Total Assets was $4,827 Mil.
Property, Plant and Equipment(Net PPE) was $3,334 Mil.
Depreciation, Depletion and Amortization(DDA) was $396 Mil.
Selling, General & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $572 Mil.
Long-Term Debt was $2,048 Mil.
Net Income was 32.142 + 19.143 + 34.05 + 12.377 = $98 Mil.
Non Operating Income was -20.357 + -57.421 + 0.288 + 8.58 = $-69 Mil.
Cash Flow from Operations was 134.634 + 99.247 + 157.519 + 68.711 = $460 Mil.
|Accounts Receivable was $434 Mil.
Revenue was 643.008 + 739.018 + 775.584 + 835.906 = $2,994 Mil.
Gross Profit was 233.486 + 237.464 + 244.931 + 255.869 = $972 Mil.
Total Current Assets was $1,243 Mil.
Total Assets was $4,279 Mil.
Property, Plant and Equipment(Net PPE) was $2,834 Mil.
Depreciation, Depletion and Amortization(DDA) was $330 Mil.
Selling, General & Admin. Expense(SGA) was $366 Mil.
Total Current Liabilities was $591 Mil.
Long-Term Debt was $1,585 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)|
|=||(505.948 / 2985.812)||/||(433.885 / 2993.516)|
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)|
|=||(275.349 / 2993.516)||/||(269.012 / 2985.812)|
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 - (1255.98 + 3334.161) / 4826.538)||/||(1 - (1242.962 + 2834.188) / 4278.936)|
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))|
|=||(330.381 / (330.381 + 2834.188))||/||(396.357 / (396.357 + 3334.161))|
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)|
|=||(371.862 / 2985.812)||/||(365.877 / 2993.516)|
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)|
|=||((2047.575 + 571.787) / 4826.538)||/||((1585.423 + 591.025) / 4278.936)|
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|
|=||(97.712 - -68.91||-||460.111)||/||4826.538|
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.
Exterran Holdings Inc has a M-score of -2.67 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
Exterran Holdings Inc Annual Data
Exterran Holdings Inc Quarterly Data