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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.
KEYW Holding Corp has a M-score of -2.86 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of KEYW Holding Corp was -2.34. The lowest was -3.67. And the median was -2.86.
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 KEYW Holding 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 * 0.77||+||0.528 * 1.033||+||0.404 * 0.9945||+||0.892 * 1.2267||+||0.115 * 0.9736|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1665||+||4.679 * -0.0794||-||0.327 * 0.9519|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $55.3 Mil.|
Revenue was 68.828 + 73.773 + 78.258 + 77.872 = $298.7 Mil.
Gross Profit was 25.422 + 24.427 + 25.6 + 24.062 = $99.5 Mil.
Total Current Assets was $73.7 Mil.
Total Assets was $447.9 Mil.
Property, Plant and Equipment(Net PPE) was $26.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.7 Mil.
Selling, General & Admin. Expense(SGA) was $84.7 Mil.
Total Current Liabilities was $58.7 Mil.
Long-Term Debt was $56.0 Mil.
Net Income was -0.51 + -5.502 + -2.36 + -2.262 = $-10.6 Mil.
Non Operating Income was 0.897 + 7.321 + 0.868 + 0.706 = $9.8 Mil.
Cash Flow from Operations was -4.253 + 10.423 + 8.808 + 0.142 = $15.1 Mil.
|Accounts Receivable was $58.6 Mil.
Revenue was 74.236 + 57.353 + 56.155 + 55.776 = $243.5 Mil.
Gross Profit was 26.444 + 19.487 + 18.933 + 18.929 = $83.8 Mil.
Total Current Assets was $78.0 Mil.
Total Assets was $462.7 Mil.
Property, Plant and Equipment(Net PPE) was $23.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.8 Mil.
Selling, General & Admin. Expense(SGA) was $59.2 Mil.
Total Current Liabilities was $61.5 Mil.
Long-Term Debt was $63.0 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)|
|=||(55.331 / 298.731)||/||(58.578 / 243.52)|
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)|
|=||(24.427 / 243.52)||/||(25.422 / 298.731)|
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 - (73.681 + 26.826) / 447.855)||/||(1 - (77.985 + 23.86) / 462.675)|
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))|
|=||(25.78 / (25.78 + 23.86))||/||(30.667 / (30.667 + 26.826))|
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)|
|=||(84.7 / 298.731)||/||(59.189 / 243.52)|
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)|
|=||((56 + 58.748) / 447.855)||/||((63 + 61.534) / 462.675)|
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|
|=||(-10.634 - 9.792||-||15.12)||/||447.855|
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.
KEYW Holding Corp has a M-score of -2.86 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
KEYW Holding Corp Annual Data
KEYW Holding Corp Quarterly Data