MANT has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 Mantech International Corp was -2.25. The lowest was -3.77. And the median was -2.56.
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 Mantech International 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 * 0.7086||+||0.528 * 0.9668||+||0.404 * 1.2809||+||0.892 * 0.7679||+||0.115 * 0.9281|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1612||+||4.679 * -0.0466||-||0.327 * 0.5217|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $41 Mil.|
Revenue was 411.367 + 447.2 + 463.381 + 452.033 = $1,774 Mil.
Gross Profit was 62.744 + 64.413 + 63.592 + 59.024 = $250 Mil.
Total Current Assets was $419 Mil.
Total Assets was $1,487 Mil.
Property, Plant and Equipment(Net PPE) was $26 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General & Admin. Expense(SGA) was $155 Mil.
Total Current Liabilities was $224 Mil.
Long-Term Debt was $0 Mil.
Net Income was 14.465 + 15.487 + 7.708 + 9.634 = $47 Mil.
Non Operating Income was -0.267 + 0.067 + -10.066 + -0.041 = $-10 Mil.
Cash Flow from Operations was -22.863 + 89.794 + -2.26 + 62.254 = $127 Mil.
|Accounts Receivable was $75 Mil.
Revenue was 491.536 + 567.399 + 605.129 + 646.008 = $2,310 Mil.
Gross Profit was 74.846 + 73.795 + 82.09 + 83.711 = $314 Mil.
Total Current Assets was $750 Mil.
Total Assets was $1,723 Mil.
Property, Plant and Equipment(Net PPE) was $30 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General & Admin. Expense(SGA) was $174 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt was $200 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)|
|=||(40.563 / 1773.981)||/||(74.546 / 2310.072)|
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)|
|=||(64.413 / 2310.072)||/||(62.744 / 1773.981)|
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 - (419.144 + 25.743) / 1487.402)||/||(1 - (750.245 + 30.156) / 1723.402)|
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))|
|=||(30.504 / (30.504 + 30.156))||/||(30.446 / (30.446 + 25.743))|
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)|
|=||(154.957 / 1773.981)||/||(173.772 / 2310.072)|
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)|
|=||((0 + 223.653) / 1487.402)||/||((200 + 296.685) / 1723.402)|
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|
|=||(47.294 - -10.307||-||126.925)||/||1487.402|
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.
Mantech International Corp has a M-score of -2.96 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
Mantech International Corp Annual Data
Mantech International Corp Quarterly Data