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Beneish M-Score 1.80 higher than -2.22, which implies that it might have manipulated its financial results.
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 9 years, the highest Beneish M-Score of Fluidigm Corp was 1.80. The lowest was -3.48. And the median was -2.18.
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 Fluidigm Corp 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 * 1.2966||+||0.528 * 1.1331||+||0.404 * 12.3724||+||0.892 * 1.636||+||0.115 * 0.5451|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9005||+||4.679 * -0.0728||-||0.327 * 3.5931|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $22.4 Mil.|
Revenue was 33.49 + 29.635 + 27.607 + 25.724 = $116.5 Mil.
Gross Profit was 20.721 + 18.214 + 17.652 + 17.02 = $73.6 Mil.
Total Current Assets was $155.9 Mil.
Total Assets was $407.6 Mil.
Property, Plant and Equipment(Net PPE) was $13.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.9 Mil.
Selling, General & Admin. Expense(SGA) was $71.3 Mil.
Total Current Liabilities was $29.4 Mil.
Long-Term Debt was $195.5 Mil.
Net Income was -10.944 + -13.79 + -12.682 + -15.414 = $-52.8 Mil.
Non Operating Income was -0.549 + -0.006 + -0.018 + 0.048 = $-0.5 Mil.
Cash Flow from Operations was -3.525 + -8.863 + 0.312 + -10.547 = $-22.6 Mil.
|Accounts Receivable was $10.6 Mil.
Revenue was 20.881 + 18.287 + 17.48 + 14.535 = $71.2 Mil.
Gross Profit was 14.95 + 13.149 + 12.604 + 10.276 = $51.0 Mil.
Total Current Assets was $104.6 Mil.
Total Assets was $116.9 Mil.
Property, Plant and Equipment(Net PPE) was $6.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.6 Mil.
Selling, General & Admin. Expense(SGA) was $48.4 Mil.
Total Current Liabilities was $18.0 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)|
|=||(22.384 / 116.456)||/||(10.552 / 71.183)|
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)|
|=||(18.214 / 71.183)||/||(20.721 / 116.456)|
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 - (155.897 + 13.889) / 407.559)||/||(1 - (104.584 + 6.818) / 116.915)|
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))|
|=||(2.551 / (2.551 + 6.818))||/||(13.861 / (13.861 + 13.889))|
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)|
|=||(71.324 / 116.456)||/||(48.412 / 71.183)|
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)|
|=||((195.455 + 29.385) / 407.559)||/||((0 + 17.951) / 116.915)|
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|
|=||(-52.83 - -0.525||-||-22.623)||/||407.559|
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.
Fluidigm Corp has a M-score of 1.80 signals that the company is likely to 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
Fluidigm Corp Annual Data
Fluidigm Corp Quarterly Data