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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 10 years, the highest Beneish M-Score of Fluidigm Corp was 1.80. The lowest was -3.48. And the median was -2.46.
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 * 1.1546||+||0.528 * 1.065||+||0.404 * 0.978||+||0.892 * 0.985||+||0.115 * 0.9724|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1808||+||4.679 * -0.0533||-||0.327 * 1.1029|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $25.5 Mil.|
Revenue was 30.722 + 28.643 + 28.618 + 26.729 = $114.7 Mil.
Gross Profit was 18.133 + 17.213 + 16.653 + 16.083 = $68.1 Mil.
Total Current Assets was $144.1 Mil.
Total Assets was $371.1 Mil.
Property, Plant and Equipment(Net PPE) was $15.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.1 Mil.
Selling, General & Admin. Expense(SGA) was $83.0 Mil.
Total Current Liabilities was $30.1 Mil.
Long-Term Debt was $195.7 Mil.
Net Income was -12.879 + -9.269 + -15.236 + -15.931 = $-53.3 Mil.
Non Operating Income was 2.062 + -0.377 + 0.608 + -1.12 = $1.2 Mil.
Cash Flow from Operations was -4.367 + -12.7 + -7.829 + -9.8 = $-34.7 Mil.
|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.
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)|
|=||(25.457 / 114.712)||/||(22.384 / 116.456)|
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)|
|=||(17.213 / 116.456)||/||(18.133 / 114.712)|
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 - (144.095 + 15.258) / 371.061)||/||(1 - (155.897 + 13.889) / 407.559)|
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))|
|=||(13.861 / (13.861 + 13.889))||/||(16.115 / (16.115 + 15.258))|
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)|
|=||(82.959 / 114.712)||/||(71.324 / 116.456)|
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)|
|=||((195.684 + 30.081) / 371.061)||/||((195.455 + 29.385) / 407.559)|
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|
|=||(-53.315 - 1.173||-||-34.696)||/||371.061|
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 -2.64 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
Fluidigm Corp Annual Data
Fluidigm Corp Quarterly Data