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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 -1.88. 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 * 0.8619||+||0.528 * 0.9367||+||0.404 * 1.0629||+||0.892 * 0.8409||+||0.115 * 0.9424|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1257||+||4.679 * -0.0484||-||0.327 * 0.8414|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|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.
Net Income was 13.028 + 12.45 + 11.758 + 14.465 = $52 Mil.
Non Operating Income was 1.618 + 0.072 + -0.141 + -0.267 = $1 Mil.
Cash Flow from Operations was 102.809 + 18.116 + 25.85 + -22.863 = $124 Mil.
|Accounts Receivable was $284 Mil.
Revenue was 447.2 + 463.381 + 452.033 + 491.536 = $1,854 Mil.
Gross Profit was 64.413 + 63.592 + 59.024 + 74.846 = $262 Mil.
Total Current Assets was $436 Mil.
Total Assets was $1,509 Mil.
Property, Plant and Equipment(Net PPE) was $27 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $261 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)|
|=||(205.953 / 1559.083)||/||(284.17 / 1854.15)|
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)|
|=||(58.135 / 1854.15)||/||(58.017 / 1559.083)|
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 - (377.155 + 22.809) / 1519.737)||/||(1 - (436.086 + 26.661) / 1508.509)|
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))|
|=||(30.575 / (30.575 + 26.661))||/||(29.851 / (29.851 + 22.809))|
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)|
|=||(149.027 / 1559.083)||/||(157.442 / 1854.15)|
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 + 221.062) / 1519.737)||/||((0 + 260.803) / 1508.509)|
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|
|=||(51.701 - 1.282||-||123.912)||/||1519.737|
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