Switch to:
GuruFocus has detected 5 Warning Signs with Fluidigm Corp $FLDM.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
Fluidigm Corp (NAS:FLDM)
Beneish M-Score
-3.48 (As of Today)

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 -3.48 suggests that the company is not a manipulator.

FLDM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Max: 1.8
Current: -3.48

-3.48
1.8

During the past 11 years, the highest Beneish M-Score of Fluidigm Corp was 1.80. The lowest was -3.48. And the median was -2.64.


Definition

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 * 0.6303+0.528 * 1.0608+0.404 * 1.1075+0.892 * 0.9105+0.115 * 0.9869
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.234+4.679 * -0.1166-0.327 * 1.2061
=-3.48

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Dec16) TTM:Last Year (Dec15) TTM:
Accounts Receivable was $14.6 Mil.
Revenue was 25.084 + 22.191 + 28.168 + 29.003 = $104.4 Mil.
Gross Profit was 13.845 + 11.892 + 15.681 + 17.018 = $58.4 Mil.
Total Current Assets was $96.7 Mil.
Total Assets was $306.4 Mil.
Property, Plant and Equipment(Net PPE) was $16.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.9 Mil.
Selling, General & Admin. Expense(SGA) was $93.2 Mil.
Total Current Liabilities was $29.5 Mil.
Long-Term Debt was $195.0 Mil.
Net Income was -17.696 + -19.789 + -18.617 + -19.884 = $-76.0 Mil.
Non Operating Income was -0.64 + -0.161 + -0.044 + -0.324 = $-1.2 Mil.
Cash Flow from Operations was -10.721 + -13.231 + -7.354 + -7.792 = $-39.1 Mil.
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 $370.1 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 $194.7 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(14.61 / 104.446) / (25.457 / 114.712)
=0.1398809 / 0.22192098
=0.6303

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(68.082 / 114.712) / (58.436 / 104.446)
=0.59350373 / 0.55948528
=1.0608

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (96.671 + 16.525) / 306.395) / (1 - (144.095 + 15.258) / 370.05)
=0.63055533 / 0.56937441
=1.1075

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=104.446 / 114.712
=0.9105

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))
=(16.115 / (16.115 + 15.258)) / (17.938 / (17.938 + 16.525))
=0.51365824 / 0.52050025
=0.9869

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)
=(93.211 / 104.446) / (82.959 / 114.712)
=0.89243245 / 0.72319374
=1.234

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)
=((194.951 + 29.5) / 306.395) / ((194.673 + 30.081) / 370.05)
=0.73255438 / 0.60736117
=1.2061

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-75.986 - -1.169 - -39.098) / 306.395
=-0.1166

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 -3.48 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Fluidigm Corp Annual Data

Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15Dec16
DSRI 1.17411.11520.70580.89441.14190.60141.29661.15460.6303
GMI 1.13620.83030.83680.9460.97890.98741.13311.0651.0608
AQI 0.55754.97411.18621.18560.87190.710612.37240.97591.1075
SGI 2.10961.65581.32061.27731.22091.36021.6360.9850.9105
DEPI 0.93480.82711.5251.08780.98821.12310.54510.97240.9869
SGAI 0.82730.52710.90741.04091.00680.9250.90051.18081.234
LVGI 1.73890.95711.72040.23340.37821.50583.59311.10091.2061
TATA -0.06-0.0408-0.2139-0.0541-0.0119-0.1472-0.0728-0.0535-0.1166
M-score -1.94-0.39-3.64-2.28-2.07-3.481.80-2.64-3.48

Fluidigm Corp Quarterly Data

Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16
DSRI 0.86571.29660.73061.27611.37141.15461.00740.88120.52180.6303
GMI 1.0991.13311.13271.12171.08591.0651.04871.03611.05581.0608
AQI 3.287912.37241.02610.89220.89510.97590.99370.97331.05351.1075
SGI 1.57441.6361.4261.28081.13130.9850.9960.98370.9370.9105
DEPI 0.70610.54510.5950.72980.85620.97241.02331.07681.07320.9869
SGAI 0.92440.90051.01691.03171.06671.18081.16461.17461.23881.234
LVGI 4.12113.59311.07241.08251.08631.10091.1391.1511.17961.2061
TATA -0.0749-0.0728-0.0754-0.0638-0.0425-0.0535-0.0749-0.087-0.1247-0.1166
M-score -2.511.80-2.69-2.32-2.27-2.64-2.88-3.07-3.60-3.48
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK