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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 13 years, the highest Beneish M-Score of Gyrodyne LLC was 2311.45. The lowest was -10000000.00. And the median was -3.03.
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 Gyrodyne LLC 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 * 1.3085||+||0.528 * 1.04||+||0.404 * 0.9259||+||0.892 * 0.9883||+||0.115 * 0.9996|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.2792||+||4.679 * 0.0517||-||0.327 * 1.041|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $0.08 Mil.|
Revenue was 0.623 + 1.259 + 2.947 + 0.639 = $5.47 Mil.
Gross Profit was 0.255 + 0.54 + 1.481 + 0.265 = $2.54 Mil.
Total Current Assets was $14.08 Mil.
Total Assets was $47.25 Mil.
Property, Plant and Equipment(Net PPE) was $11.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.99 Mil.
Selling, General & Admin. Expense(SGA) was $4.14 Mil.
Total Current Liabilities was $1.18 Mil.
Long-Term Debt was $17.94 Mil.
Net Income was -0.075 + -0.063 + 0.209 + -0.02 = $0.05 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.044 + -0.731 + -0.305 + -0.312 = $-2.39 Mil.
|Accounts Receivable was $0.06 Mil.
Revenue was 0.635 + 1.3 + 2.843 + 0.755 = $5.53 Mil.
Gross Profit was 0.289 + 0.588 + 1.38 + 0.417 = $2.67 Mil.
Total Current Assets was $11.74 Mil.
Total Assets was $45.64 Mil.
Property, Plant and Equipment(Net PPE) was $10.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.97 Mil.
Selling, General & Admin. Expense(SGA) was $15.00 Mil.
Total Current Liabilities was $17.73 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.075 / 5.468)||/||(0.058 / 5.533)|
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)|
|=||(0.54 / 5.533)||/||(0.255 / 5.468)|
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 - (14.078 + 11.203) / 47.25)||/||(1 - (11.738 + 10.982) / 45.635)|
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))|
|=||(0.97 / (0.97 + 10.982))||/||(0.99 / (0.99 + 11.203))|
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)|
|=||(4.138 / 5.468)||/||(14.997 / 5.533)|
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)|
|=||((17.937 + 1.175) / 47.25)||/||((0 + 17.731) / 45.635)|
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|
|=||(0.051 - 0||-||-2.392)||/||47.25|
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.
Gyrodyne LLC has a M-score of -1.86 signals that the company is likely to 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
Gyrodyne LLC Annual Data
Gyrodyne LLC Quarterly Data