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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 Mobile Mini Inc was 4.65. The lowest was -3.16. And the median was -2.47.
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 * 1.0923||+||0.528 * 0.9902||+||0.404 * 0.4457||+||0.892 * 1.0356||+||0.115 * 5.5906|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9776||+||4.679 * -0.0477||-||0.327 * 1.0684|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $88.5 Mil.|
Revenue was 124.849 + 124.533 + 134.517 + 133.343 = $517.2 Mil.
Gross Profit was 121.171 + 119.922 + 129.745 + 128.977 = $499.8 Mil.
Total Current Assets was $111.2 Mil.
Total Assets was $2,003.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,099.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.7 Mil.
Selling, General & Admin. Expense(SGA) was $314.4 Mil.
Total Current Liabilities was $742.2 Mil.
Long-Term Debt was $294.8 Mil.
Net Income was 4.072 + 10.998 + 9.505 + 13.979 = $38.6 Mil.
Non Operating Income was -11.467 + 0 + -0.931 + 0 = $-12.4 Mil.
Cash Flow from Operations was 29.429 + 35.281 + 39.093 + 42.82 = $146.6 Mil.
|Accounts Receivable was $78.3 Mil.
Revenue was 130.288 + 132.629 + 123.215 + 113.322 = $499.5 Mil.
Gross Profit was 124.888 + 127.496 + 117.402 + 108.123 = $477.9 Mil.
Total Current Assets was $99.5 Mil.
Total Assets was $1,967.2 Mil.
Property, Plant and Equipment(Net PPE) was $120.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.0 Mil.
Selling, General & Admin. Expense(SGA) was $310.6 Mil.
Total Current Liabilities was $723.4 Mil.
Long-Term Debt was $229.5 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)|
|=||(88.534 / 517.242)||/||(78.265 / 499.454)|
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)|
|=||(477.909 / 499.454)||/||(499.815 / 517.242)|
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 - (111.177 + 1099.258) / 2003.661)||/||(1 - (99.456 + 120.524) / 1967.192)|
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))|
|=||(50.961 / (50.961 + 120.524))||/||(61.713 / (61.713 + 1099.258))|
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)|
|=||(314.441 / 517.242)||/||(310.593 / 499.454)|
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)|
|=||((294.805 + 742.186) / 2003.661)||/||((229.539 + 723.398) / 1967.192)|
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|
|=||(38.554 - -12.398||-||146.623)||/||2003.661|
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 -2.31 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
Mobile Mini Inc Annual Data
Mobile Mini Inc Quarterly Data