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Beneish M-Score -1.09 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.
Fluidigm Corp has a M-score of -1.09 signals that the company is a manipulator.
During the past 8 years, the highest Beneish M-Score of Fluidigm Corp was -1.09. The lowest was -3.48. And the median was -2.11.
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 * 1.2686||+||0.528 * 1.0178||+||0.404 * 6.5276||+||0.892 * 1.4729||+||0.115 * 0.9799|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8866||+||4.679 * -0.0421||-||0.327 * 5.1068|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $18.79 Mil.|
Revenue was 25.724 + 20.881 + 18.287 + 17.48 = $82.37 Mil.
Gross Profit was 17.02 + 14.95 + 13.149 + 12.604 = $57.72 Mil.
Total Current Assets was $178.81 Mil.
Total Assets was $424.72 Mil.
Property, Plant and Equipment(Net PPE) was $9.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.29 Mil.
Selling, General & Admin. Expense(SGA) was $52.52 Mil.
Total Current Liabilities was $25.74 Mil.
Long-Term Debt was $195.25 Mil.
Net Income was -15.414 + -4.643 + -4.286 + -4.046 = $-28.39 Mil.
Non Operating Income was 0.048 + 0.044 + 0.709 + -0.039 = $0.76 Mil.
Cash Flow from Operations was -10.547 + 3.238 + -1.308 + -2.637 = $-11.25 Mil.
|Accounts Receivable was $10.06 Mil.
Revenue was 14.535 + 15.659 + 12.782 + 12.948 = $55.92 Mil.
Gross Profit was 10.276 + 11.324 + 9.264 + 9.022 = $39.89 Mil.
Total Current Assets was $98.56 Mil.
Total Assets was $113.24 Mil.
Property, Plant and Equipment(Net PPE) was $5.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.23 Mil.
Selling, General & Admin. Expense(SGA) was $40.22 Mil.
Total Current Liabilities was $11.54 Mil.
Long-Term Debt was $0.00 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)|
|=||(18.79 / 82.372)||/||(10.056 / 55.924)|
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)|
|=||(14.95 / 55.924)||/||(17.02 / 82.372)|
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 - (178.813 + 9.377) / 424.723)||/||(1 - (98.557 + 5.019) / 113.237)|
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))|
|=||(2.228 / (2.228 + 5.019))||/||(4.287 / (4.287 + 9.377))|
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)|
|=||(52.523 / 82.372)||/||(40.221 / 55.924)|
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)|
|=||((195.249 + 25.736) / 424.723)||/||((0 + 11.537) / 113.237)|
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|
|=||(-28.389 - 0.762||-||-11.254)||/||424.723|
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 -1.09 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