Switch to:
Mantech International Corp (NAS:MANT)
Beneish M-Score
-2.85 (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 -2.85 suggests that the company is not a manipulator.

MANT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Max: 1.36
Current: -2.85

-3.77
1.36

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.


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 * 0.8493+0.528 * 1.0237+0.404 * 1.023+0.892 * 0.984+0.115 * 0.9494
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9634+4.679 * -0.07-0.327 * 0.7268
=-2.85

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

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Accounts Receivable was $228 Mil.
Revenue was 401.354 + 390.662 + 402.401 + 393.008 = $1,587 Mil.
Gross Profit was 59.843 + 57.148 + 57.087 + 58.017 = $232 Mil.
Total Current Assets was $364 Mil.
Total Assets was $1,539 Mil.
Property, Plant and Equipment(Net PPE) was $22 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General & Admin. Expense(SGA) was $142 Mil.
Total Current Liabilities was $176 Mil.
Long-Term Debt was $0 Mil.
Net Income was 14.782 + 13.216 + 13.891 + 13.028 = $55 Mil.
Non Operating Income was 0.045 + 0.008 + -0.048 + 1.618 = $2 Mil.
Cash Flow from Operations was 22.09 + 29.096 + 7.108 + 102.809 = $161 Mil.
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.



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)
=(228.272 / 1587.425) / (273.156 / 1613.275)
=0.14380018 / 0.16931769
=0.8493

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)
=(241.473 / 1613.275) / (232.095 / 1587.425)
=0.14967876 / 0.14620848
=1.0237

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 - (363.642 + 21.935) / 1539.448) / (1 - (383.571 + 23.837) / 1524.144)
=0.74953555 / 0.73269717
=1.023

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
=1587.425 / 1613.275
=0.984

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))
=(29.742 / (29.742 + 23.837)) / (30.879 / (30.879 + 21.935))
=0.55510555 / 0.58467452
=0.9494

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)
=(142.008 / 1587.425) / (149.811 / 1613.275)
=0.08945808 / 0.09286142
=0.9634

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 + 176.076) / 1539.448) / ((0 + 239.842) / 1524.144)
=0.11437606 / 0.15736177
=0.7268

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
=(54.917 - 1.623 - 161.103) / 1539.448
=-0.07

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 -2.85 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

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.85041.12090.93410.90781.02760.70911.10580.20275.40180.8337
GMI 1.04831.05070.98880.93891.1461.04681.01681.04810.96680.9513
AQI 0.96271.20040.95140.94471.09530.99220.99620.94351.28091.0558
SGI 1.161.27341.2921.07991.28891.10210.89980.89460.76790.8738
DEPI 1.01390.84380.98060.92881.06660.95950.82931.28960.92810.9434
SGAI 0.97780.92230.98051.04860.81080.9511.16120.9841.16121.0674
LVGI 0.74541.73040.78040.7181.7190.96950.95490.9040.52170.7942
TATA -0.05710.0039-0.036-0.0189-0.0288-0.0521-0.0169-0.1128-0.0466-0.0692
M-score -2.64-2.24-2.40-2.56-2.41-2.87-2.58-3.771.36-3.02

Mantech International Corp Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 0.87270.74540.76135.40180.84951.11710.86190.83370.90060.8493
GMI 1.02590.99940.94580.96680.93840.91790.93670.95130.99461.0237
AQI 0.98481.16121.21051.28091.2151.07241.06291.05581.03951.023
SGI 0.82930.78410.75980.76790.79970.81710.84090.87380.9280.984
DEPI 1.13051.0140.9640.92810.93510.93220.94240.94340.95660.9494
SGAI 1.01351.08261.14321.16121.15141.13511.12571.06741.01460.9634
LVGI 0.8910.69260.59130.52170.520.79810.84140.79420.88390.7268
TATA -0.1239-0.1168-0.1291-0.0466-0.0207-0.037-0.0484-0.0692-0.0696-0.07
M-score -3.27-3.30-3.361.36-2.72-2.69-2.96-3.02-2.92-2.85
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK