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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 -2.28.
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 * 1.0074||+||0.528 * 1.0487||+||0.404 * 0.9937||+||0.892 * 0.996||+||0.115 * 1.0233|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1646||+||4.679 * -0.0749||-||0.327 * 1.139|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $19.6 Mil.|
Revenue was 29.003 + 30.722 + 28.643 + 28.618 = $117.0 Mil.
Gross Profit was 17.018 + 18.133 + 17.213 + 16.653 = $69.0 Mil.
Total Current Assets was $137.8 Mil.
Total Assets was $354.4 Mil.
Property, Plant and Equipment(Net PPE) was $15.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.3 Mil.
Selling, General & Admin. Expense(SGA) was $88.3 Mil.
Total Current Liabilities was $30.5 Mil.
Long-Term Debt was $194.7 Mil.
Net Income was -19.884 + -12.879 + -9.269 + -15.236 = $-57.3 Mil.
Non Operating Income was -0.324 + 2.062 + -0.377 + 0.608 = $2.0 Mil.
Cash Flow from Operations was -7.792 + -4.367 + -12.7 + -7.829 = $-32.7 Mil.
|Accounts Receivable was $19.6 Mil.
Revenue was 26.729 + 33.49 + 29.635 + 27.607 = $117.5 Mil.
Gross Profit was 16.083 + 20.721 + 18.214 + 17.652 = $72.7 Mil.
Total Current Assets was $155.2 Mil.
Total Assets was $395.0 Mil.
Property, Plant and Equipment(Net PPE) was $14.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.7 Mil.
Selling, General & Admin. Expense(SGA) was $76.2 Mil.
Total Current Liabilities was $24.9 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)|
|=||(19.643 / 116.986)||/||(19.577 / 117.461)|
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)|
|=||(18.133 / 117.461)||/||(17.018 / 116.986)|
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 - (137.804 + 15.37) / 354.435)||/||(1 - (155.233 + 14.053) / 395.031)|
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))|
|=||(15.679 / (15.679 + 14.053))||/||(16.342 / (16.342 + 15.37))|
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)|
|=||(88.34 / 116.986)||/||(76.161 / 117.461)|
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)|
|=||((194.742 + 30.52) / 354.435)||/||((195.512 + 24.904) / 395.031)|
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|
|=||(-57.268 - 1.969||-||-32.688)||/||354.435|
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 -2.88 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