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Mantech International Corp (NAS:MANT)
Beneish M-Score
-2.69 (As of Today)

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.

Mantech International Corp has a M-score of -2.69 suggests that the company is not a manipulator.

MANT' s 10-Year Beneish M-Score Range
Min: -3.77   Max: -1.88
Current: -2.69

-3.77
-1.88

During the past 13 years, the highest Beneish M-Score of Mantech International Corp was -1.88. The lowest was -3.77. And the median was -2.54.


Definition

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 * 1.1171+0.528 * 0.9179+0.404 * 1.0724+0.892 * 0.8171+0.115 * 0.9322
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1351+4.679 * -0.037-0.327 * 0.7981
=-2.69

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun15) TTM:Last Year (Jun14) TTM:
Accounts Receivable was $273 Mil.
Revenue was 384.378 + 370.33 + 411.367 + 447.2 = $1,613 Mil.
Gross Profit was 58.135 + 56.181 + 62.744 + 64.413 = $241 Mil.
Total Current Assets was $384 Mil.
Total Assets was $1,524 Mil.
Property, Plant and Equipment(Net PPE) was $24 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $240 Mil.
Long-Term Debt was $0 Mil.
Net Income was 12.45 + 11.758 + 14.465 + 15.487 = $54 Mil.
Non Operating Income was 0.072 + -0.141 + -0.267 + 0.067 = $-0 Mil.
Cash Flow from Operations was 18.116 + 25.85 + -22.863 + 89.794 = $111 Mil.
Accounts Receivable was $299 Mil.
Revenue was 463.381 + 452.033 + 491.536 + 567.399 = $1,974 Mil.
Gross Profit was 63.592 + 59.024 + 74.846 + 73.795 = $271 Mil.
Total Current Assets was $459 Mil.
Total Assets was $1,537 Mil.
Property, Plant and Equipment(Net PPE) was $28 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $303 Mil.
Long-Term Debt was $0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(273.156 / 1613.275) / (299.249 / 1974.349)
=0.16931769 / 0.15156844
=1.1171

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(56.181 / 1974.349) / (58.135 / 1613.275)
=0.1373906 / 0.14967876
=0.9179

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (383.571 + 23.837) / 1524.144) / (1 - (458.519 + 28.372) / 1537.027)
=0.73269717 / 0.68322547
=1.0724

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1613.275 / 1974.349
=0.8171

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))
=(30.423 / (30.423 + 28.372)) / (29.742 / (29.742 + 23.837))
=0.51744196 / 0.55510555
=0.9322

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)
=(149.811 / 1613.275) / (161.517 / 1974.349)
=0.09286142 / 0.08180772
=1.1351

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 + 239.842) / 1524.144) / ((0 + 303.048) / 1537.027)
=0.15736177 / 0.19716505
=0.7981

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(54.16 - -0.269 - 110.897) / 1524.144
=-0.037

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 -2.69 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Mantech International Corp Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.03110.85041.12090.93410.90781.02760.70911.10580.20270.7086
GMI 1.01741.04831.05070.98880.93891.1461.04681.01681.04810.9668
AQI 1.17310.96271.20040.95140.94471.09530.99220.99620.94351.2809
SGI 1.18551.161.27341.2921.07991.28891.10210.89980.89460.7679
DEPI 1.03851.01390.84380.98060.92881.06660.95950.82931.28960.9281
SGAI 1.00130.97780.92230.98051.04860.81080.9511.16120.9841.1612
LVGI 1.0230.74541.73040.78040.7181.7190.96950.95490.9040.5217
TATA -0.0409-0.05710.0039-0.036-0.0189-0.0288-0.0521-0.0169-0.1128-0.0466
M-score -2.40-2.64-2.24-2.40-2.56-2.41-2.87-2.58-3.77-2.96

Mantech International Corp Quarterly Data

Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15
DSRI 1.06111.0661.12020.20270.87270.74540.76130.70860.84951.1171
GMI 1.02281.05481.08721.04811.02590.99940.94580.96680.93840.9179
AQI 0.99820.96860.96610.94350.98481.16121.21051.28091.2151.0724
SGI 0.89670.92170.92360.89460.82930.78410.75980.76790.79970.8171
DEPI 1.15541.42741.36791.28961.13051.0140.9640.92810.93510.9322
SGAI 1.14511.07110.99830.9841.01351.08261.14321.16121.15141.1351
LVGI 0.90780.90930.92580.9040.8910.69260.59130.52170.520.7981
TATA -0.0229-0.021-0.0131-0.1128-0.1239-0.1168-0.1291-0.0466-0.0207-0.037
M-score -2.59-2.50-2.40-3.77-3.27-3.30-3.36-2.96-2.72-2.69
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