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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 Mantech International Corp was 1.36. 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 * 1.0915||+||0.528 * 1.0409||+||0.404 * 1.0025||+||0.892 * 1.0325||+||0.115 * 0.9795|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9145||+||4.679 * -0.0217||-||0.327 * 0.7714|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $232 Mil.|
Revenue was 415.402 + 401.354 + 390.662 + 402.401 = $1,610 Mil.
Gross Profit was 59.108 + 59.843 + 57.148 + 57.087 = $233 Mil.
Total Current Assets was $385 Mil.
Total Assets was $1,557 Mil.
Property, Plant and Equipment(Net PPE) was $22 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General & Admin. Expense(SGA) was $141 Mil.
Total Current Liabilities was $175 Mil.
Long-Term Debt was $0 Mil.
Net Income was 14.664 + 14.782 + 13.216 + 13.891 = $57 Mil.
Non Operating Income was 0.092 + 0.045 + 0.008 + -0.048 = $0 Mil.
Cash Flow from Operations was 31.965 + 22.09 + 29.096 + 7.108 = $90 Mil.
|Accounts Receivable was $206 Mil.
Revenue was 393.008 + 384.378 + 370.33 + 411.367 = $1,559 Mil.
Gross Profit was 58.017 + 58.135 + 56.181 + 62.744 = $235 Mil.
Total Current Assets was $377 Mil.
Total Assets was $1,520 Mil.
Property, Plant and Equipment(Net PPE) was $23 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General & Admin. Expense(SGA) was $149 Mil.
Total Current Liabilities was $221 Mil.
Long-Term Debt was $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)|
|=||(232.114 / 1609.819)||/||(205.953 / 1559.083)|
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)|
|=||(235.077 / 1559.083)||/||(233.186 / 1609.819)|
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 - (384.644 + 22.213) / 1556.72)||/||(1 - (377.155 + 22.809) / 1519.737)|
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))|
|=||(29.851 / (29.851 + 22.809))||/||(30.513 / (30.513 + 22.213))|
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)|
|=||(140.719 / 1609.819)||/||(149.027 / 1559.083)|
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 + 174.687) / 1556.72)||/||((0 + 221.062) / 1519.737)|
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|
|=||(56.553 - 0.097||-||90.259)||/||1556.72|
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 -2.36 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