Switch to:
Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.60 (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.

Mobile Mini Inc has a M-score of -2.60 suggests that the company is not a manipulator.

MINI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Max: 4.65
Current: -2.6

-3.16
4.65

During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 4.65. The lowest was -3.16. And the median was -2.47.


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 Mobile Mini Inc 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 * 1.1253+0.528 * 0.993+0.404 * 0.9779+0.892 * 0.9871+0.115 * 0.9086
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9784+4.679 * -0.0424-0.327 * 1.0317
=-2.60

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Sep16) TTM:Last Year (Sep15) TTM:
Accounts Receivable was $93.1 Mil.
Revenue was 128.853 + 124.849 + 124.533 + 134.517 = $512.8 Mil.
Gross Profit was 124.956 + 121.171 + 119.922 + 129.745 = $495.8 Mil.
Total Current Assets was $120.8 Mil.
Total Assets was $2,016.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,104.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $62.9 Mil.
Selling, General & Admin. Expense(SGA) was $313.2 Mil.
Total Current Liabilities was $746.1 Mil.
Long-Term Debt was $297.7 Mil.
Net Income was 12.709 + 4.072 + 10.998 + 9.505 = $37.3 Mil.
Non Operating Income was -0.005 + -11.467 + 0 + -0.931 = $-12.4 Mil.
Cash Flow from Operations was 31.311 + 29.429 + 35.281 + 39.093 = $135.1 Mil.
Accounts Receivable was $83.8 Mil.
Revenue was 133.343 + 130.288 + 132.629 + 123.215 = $519.5 Mil.
Gross Profit was 128.977 + 124.888 + 127.496 + 117.402 = $498.8 Mil.
Total Current Assets was $103.1 Mil.
Total Assets was $2,005.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,097.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.5 Mil.
Selling, General & Admin. Expense(SGA) was $324.4 Mil.
Total Current Liabilities was $766.3 Mil.
Long-Term Debt was $239.6 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)
=(93.129 / 512.752) / (83.845 / 519.475)
=0.18162582 / 0.16140334
=1.1253

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)
=(498.763 / 519.475) / (495.794 / 512.752)
=0.96012898 / 0.96692748
=0.993

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 - (120.813 + 1104.293) / 2016.527) / (1 - (103.12 + 1097.249) / 2005.145)
=0.39246735 / 0.40135551
=0.9779

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
=512.752 / 519.475
=0.9871

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))
=(56.489 / (56.489 + 1097.249)) / (62.899 / (62.899 + 1104.293))
=0.04896172 / 0.05388916
=0.9086

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)
=(313.239 / 512.752) / (324.363 / 519.475)
=0.61089767 / 0.62440541
=0.9784

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)
=((297.689 + 746.065) / 2016.527) / ((239.644 + 766.29) / 2005.145)
=0.51759981 / 0.50167644
=1.0317

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
=(37.284 - -12.403 - 135.114) / 2016.527
=-0.0424

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.

Mobile Mini Inc has a M-score of -2.60 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 local exchange's currency.

Mobile Mini Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.07950.91451.26450.73811.18391.01531.00920.98691.39230.8306
GMI 1.01121.00550.99951.00150.99751.00670.98741.00160.98610.9873
AQI 1.19390.91959.24131.01671.00070.99571.00030.99290.42081.0572
SGI 1.31951.16441.30510.90140.88211.08711.0581.071.09591.1915
DEPI 0.98440.92250.09430.82791.05080.99310.99481.0529.29560.6012
SGAI 0.97051.02510.97431.00761.05311.03331.02721.01521.07910.9746
LVGI 0.78081.08581.29710.91280.94390.9330.91880.8761.32491.0373
TATA -0.0308-0.035-0.0386-0.0336-0.021-0.0311-0.0301-0.055-0.0362-0.074
M-score -2.11-2.650.99-2.95-2.50-2.52-2.55-2.65-1.61-2.85

Mobile Mini Inc Quarterly Data

Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16
DSRI 1.02291.03721.39231.31531.19251.13620.83060.89021.09231.1253
GMI 0.98960.9880.98610.99020.98960.98910.98730.99110.99020.993
AQI 0.99070.98730.42080.98680.98390.44771.05720.45010.44570.9779
SGI 1.07181.07641.09591.15641.1871.21071.19151.09881.03560.9871
DEPI 1.09641.12789.29561.04340.96855.70660.60125.42245.59060.9086
SGAI 1.11991.10411.07911.01030.99140.99520.97460.98360.97760.9784
LVGI 0.8790.94631.32491.42441.38131.38851.03731.00241.06841.0317
TATA -0.0416-0.0442-0.0362-0.0604-0.0673-0.0687-0.074-0.0527-0.0477-0.0424
M-score -2.57-2.58-1.61-2.48-2.59-2.30-2.85-2.46-2.31-2.60
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