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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 -3.60. And the median was -2.30.
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 * 0.5218||+||0.528 * 1.0558||+||0.404 * 1.0535||+||0.892 * 0.937||+||0.115 * 1.0732|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2388||+||4.679 * -0.1247||-||0.327 * 1.1796|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $12.8 Mil.|
Revenue was 22.191 + 28.168 + 29.003 + 30.722 = $110.1 Mil.
Gross Profit was 11.892 + 15.681 + 17.018 + 18.133 = $62.7 Mil.
Total Current Assets was $108.1 Mil.
Total Assets was $320.4 Mil.
Property, Plant and Equipment(Net PPE) was $17.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.1 Mil.
Selling, General & Admin. Expense(SGA) was $92.5 Mil.
Total Current Liabilities was $27.9 Mil.
Long-Term Debt was $194.9 Mil.
Net Income was -19.789 + -18.617 + -19.884 + -12.879 = $-71.2 Mil.
Non Operating Income was -0.161 + -0.044 + -0.324 + 2.062 = $1.5 Mil.
Cash Flow from Operations was -13.231 + -7.354 + -7.792 + -4.367 = $-32.7 Mil.
|Accounts Receivable was $26.2 Mil.
Revenue was 28.643 + 28.618 + 26.729 + 33.49 = $117.5 Mil.
Gross Profit was 17.213 + 16.653 + 16.083 + 20.721 = $70.7 Mil.
Total Current Assets was $145.5 Mil.
Total Assets was $378.5 Mil.
Property, Plant and Equipment(Net PPE) was $14.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.4 Mil.
Selling, General & Admin. Expense(SGA) was $79.7 Mil.
Total Current Liabilities was $27.5 Mil.
Long-Term Debt was $195.6 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)|
|=||(12.835 / 110.084)||/||(26.248 / 117.48)|
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)|
|=||(70.67 / 117.48)||/||(62.724 / 110.084)|
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 - (108.087 + 17.305) / 320.421)||/||(1 - (145.45 + 14.358) / 378.487)|
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))|
|=||(16.369 / (16.369 + 14.358))||/||(17.057 / (17.057 + 17.305))|
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)|
|=||(92.528 / 110.084)||/||(79.712 / 117.48)|
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)|
|=||((194.881 + 27.915) / 320.421)||/||((195.626 + 27.481) / 378.487)|
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|
|=||(-71.169 - 1.533||-||-32.744)||/||320.421|
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 -3.60 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