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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.
Fluidigm Corp has a M-score of -2.51 suggests that the company is not a manipulator.
During the past 8 years, the highest Beneish M-Score of Fluidigm Corp was 1.00. The lowest was -3.48. And the median was -2.15.
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 * 0.8657||+||0.528 * 1.099||+||0.404 * 3.2879||+||0.892 * 1.5744||+||0.115 * 0.6959|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9244||+||4.679 * -0.0749||-||0.327 * 4.1211|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $16.9 Mil.|
Revenue was 29.635 + 27.607 + 25.724 + 20.881 = $103.8 Mil.
Gross Profit was 18.214 + 17.652 + 17.02 + 14.95 = $67.8 Mil.
Total Current Assets was $132.8 Mil.
Total Assets was $410.4 Mil.
Property, Plant and Equipment(Net PPE) was $12.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.6 Mil.
Selling, General & Admin. Expense(SGA) was $66.1 Mil.
Total Current Liabilities was $27.3 Mil.
Long-Term Debt was $195.4 Mil.
Net Income was -13.79 + -12.682 + -15.414 + -4.643 = $-46.5 Mil.
Non Operating Income was -0.006 + -0.018 + 0.048 + 0.044 = $0.1 Mil.
Cash Flow from Operations was -8.863 + 0.312 + -10.547 + 3.238 = $-15.9 Mil.
|Accounts Receivable was $12.4 Mil.
Revenue was 18.287 + 17.48 + 14.535 + 15.659 = $66.0 Mil.
Gross Profit was 13.149 + 12.604 + 10.276 + 11.324 = $47.4 Mil.
Total Current Assets was $86.7 Mil.
Total Assets was $114.2 Mil.
Property, Plant and Equipment(Net PPE) was $5.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.4 Mil.
Selling, General & Admin. Expense(SGA) was $45.4 Mil.
Total Current Liabilities was $15.0 Mil.
Long-Term Debt was $0.0 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)|
|=||(16.919 / 103.847)||/||(12.413 / 65.961)|
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)|
|=||(17.652 / 65.961)||/||(18.214 / 103.847)|
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 - (132.82 + 12.668) / 410.393)||/||(1 - (86.658 + 5.155) / 114.241)|
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))|
|=||(2.397 / (2.397 + 5.155))||/||(10.623 / (10.623 + 12.668))|
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)|
|=||(66.058 / 103.847)||/||(45.392 / 65.961)|
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)|
|=||((195.399 + 27.306) / 410.393)||/||((0 + 15.043) / 114.241)|
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|
|=||(-46.529 - 0.068||-||-15.86)||/||410.393|
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 -2.51 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