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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.
First Cash Financial Services, Inc. has a M-score of -2.57 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of First Cash Financial Services, Inc. was 2.83. The lowest was -4.00. And the median was -2.57.
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 First Cash Financial Services, 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 * 0.994||+||0.528 * 1.0133||+||0.404 * 1.1609||+||0.892 * 1.1161||+||0.115 * 0.9815|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0389||+||4.679 * -0.0347||-||0.327 * 1.2793|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $133.4 Mil.|
Revenue was 182.687 + 174.187 + 143.135 + 160.839 = $660.8 Mil.
Gross Profit was 98.189 + 94.553 + 84.75 + 92.082 = $369.6 Mil.
Total Current Assets was $290.2 Mil.
Total Assets was $659.0 Mil.
Property, Plant and Equipment(Net PPE) was $108.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.4 Mil.
Selling, General & Admin. Expense(SGA) was $230.9 Mil.
Total Current Liabilities was $48.8 Mil.
Long-Term Debt was $187.0 Mil.
Net Income was 24.778 + 23.141 + 15.663 + 20.264 = $83.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 32.699 + 28.972 + 19.853 + 25.194 = $106.7 Mil.
|Accounts Receivable was $120.2 Mil.
Revenue was 175.385 + 149.695 + 132.385 + 134.626 = $592.1 Mil.
Gross Profit was 96.711 + 85.938 + 74.828 + 78.061 = $335.5 Mil.
Total Current Assets was $241.4 Mil.
Total Assets was $507.7 Mil.
Property, Plant and Equipment(Net PPE) was $93.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.0 Mil.
Selling, General & Admin. Expense(SGA) was $199.1 Mil.
Total Current Liabilities was $31.2 Mil.
Long-Term Debt was $110.9 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)|
|=||(133.373 / 660.848)||/||(120.218 / 592.091)|
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)|
|=||(94.553 / 592.091)||/||(98.189 / 660.848)|
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 - (290.222 + 108.137) / 658.973)||/||(1 - (241.43 + 93.304) / 507.692)|
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))|
|=||(12.975 / (12.975 + 93.304))||/||(15.361 / (15.361 + 108.137))|
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)|
|=||(230.851 / 660.848)||/||(199.09 / 592.091)|
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)|
|=||((187.026 + 48.761) / 658.973)||/||((110.851 + 31.15) / 507.692)|
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|
|=||(83.846 - 0||-||106.718)||/||658.973|
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.
First Cash Financial Services, Inc. has a M-score of -2.57 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
First Cash Financial Services, Inc. Annual Data
First Cash Financial Services, Inc. Quarterly Data