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Mantech International Corp (NAS:MANT)
Beneish M-Score
-2.92 (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 -2.92 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: -2.92

-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 * 0.9006+0.528 * 0.9946+0.404 * 1.0395+0.892 * 0.928+0.115 * 0.9566
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0146+4.679 * -0.0696-0.327 * 0.8839
=-2.92

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $223 Mil.
Revenue was 390.662 + 402.401 + 393.008 + 384.378 = $1,570 Mil.
Gross Profit was 57.148 + 57.087 + 58.017 + 58.135 = $230 Mil.
Total Current Assets was $393 Mil.
Total Assets was $1,526 Mil.
Property, Plant and Equipment(Net PPE) was $23 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General & Admin. Expense(SGA) was $143 Mil.
Total Current Liabilities was $191 Mil.
Long-Term Debt was $0 Mil.
Net Income was 13.216 + 13.891 + 13.028 + 12.45 = $53 Mil.
Non Operating Income was 0.008 + -0.048 + 1.618 + 0.072 = $2 Mil.
Cash Flow from Operations was 29.096 + 7.108 + 102.809 + 18.116 = $157 Mil.
Accounts Receivable was $266 Mil.
Revenue was 370.33 + 411.367 + 447.2 + 463.381 = $1,692 Mil.
Gross Profit was 56.181 + 62.744 + 64.413 + 63.592 = $247 Mil.
Total Current Assets was $420 Mil.
Total Assets was $1,484 Mil.
Property, Plant and Equipment(Net PPE) was $25 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General & Admin. Expense(SGA) was $152 Mil.
Total Current Liabilities was $210 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)
=(222.717 / 1570.449) / (266.47 / 1692.278)
=0.1418174 / 0.15746231
=0.9006

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)
=(57.087 / 1692.278) / (57.148 / 1570.449)
=0.14591574 / 0.14670136
=0.9946

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 - (392.873 + 23.382) / 1526.166) / (1 - (420.486 + 25.259) / 1484.046)
=0.72725444 / 0.69964206
=1.0395

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
=1570.449 / 1692.278
=0.928

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))
=(30.032 / (30.032 + 25.259)) / (30.72 / (30.72 + 23.382))
=0.54316254 / 0.56781635
=0.9566

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)
=(143.402 / 1570.449) / (152.31 / 1692.278)
=0.09131274 / 0.09000294
=1.0146

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 + 191.181) / 1526.166) / ((0 + 210.328) / 1484.046)
=0.12526881 / 0.14172607
=0.8839

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
=(52.585 - 1.65 - 157.129) / 1526.166
=-0.0696

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 -2.92 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 1.01280.83620.98060.92881.06660.95950.82931.28960.92810.9434
SGAI 1.0650.92230.98051.04860.81080.9511.16120.9841.16121.0674
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 -2.66-2.24-2.40-2.56-2.41-2.87-2.58-3.771.36-3.02

Mantech International Corp Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.20270.87270.74540.76135.40180.84951.11710.86190.83370.9006
GMI 1.04811.02590.99940.94580.96680.93840.91790.93670.95130.9946
AQI 0.94350.98481.16121.21051.28091.2151.07241.06291.05581.0395
SGI 0.89460.82930.78410.75980.76790.79970.81710.84090.87380.928
DEPI 1.28961.13051.0140.9640.92810.93510.93220.94240.94340.9566
SGAI 0.9841.01351.08261.14321.16121.15141.13511.12571.06741.0146
LVGI 0.9040.8910.69260.59130.52170.520.79810.84140.79420.8839
TATA -0.1128-0.1239-0.1168-0.1291-0.0466-0.0207-0.037-0.0484-0.0692-0.0696
M-score -3.77-3.27-3.30-3.361.36-2.72-2.69-2.96-3.02-2.92
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