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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 * 0.8902||+||0.528 * 0.9911||+||0.404 * 0.4501||+||0.892 * 1.0988||+||0.115 * 5.4224|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9836||+||4.679 * -0.0527||-||0.327 * 1.0024|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $77.3 Mil.|
Revenue was 124.533 + 134.517 + 133.343 + 130.288 = $522.7 Mil.
Gross Profit was 119.922 + 129.745 + 128.977 + 124.888 = $503.5 Mil.
Total Current Assets was $93.3 Mil.
Total Assets was $1,989.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,095.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.0 Mil.
Selling, General & Admin. Expense(SGA) was $319.5 Mil.
Total Current Liabilities was $764.2 Mil.
Long-Term Debt was $240.0 Mil.
Net Income was 10.998 + 9.505 + 13.979 + 9.416 = $43.9 Mil.
Non Operating Income was 0 + -0.931 + 0 + -0.002 = $-0.9 Mil.
Cash Flow from Operations was 35.281 + 39.093 + 42.82 + 32.429 = $149.6 Mil.
|Accounts Receivable was $79.0 Mil.
Revenue was 132.629 + 123.215 + 113.322 + 106.533 = $475.7 Mil.
Gross Profit was 127.496 + 117.402 + 108.123 + 101.154 = $454.2 Mil.
Total Current Assets was $98.6 Mil.
Total Assets was $2,030.9 Mil.
Property, Plant and Equipment(Net PPE) was $116.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.7 Mil.
Selling, General & Admin. Expense(SGA) was $295.6 Mil.
Total Current Liabilities was $796.4 Mil.
Long-Term Debt was $226.3 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)|
|=||(77.278 / 522.681)||/||(79.004 / 475.699)|
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)|
|=||(454.175 / 475.699)||/||(503.532 / 522.681)|
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 - (93.338 + 1095.555) / 1989.308)||/||(1 - (98.57 + 116.735) / 2030.944)|
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))|
|=||(45.728 / (45.728 + 116.735))||/||(59.982 / (59.982 + 1095.555))|
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)|
|=||(319.508 / 522.681)||/||(295.638 / 475.699)|
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)|
|=||((239.978 + 764.15) / 1989.308)||/||((226.27 + 796.436) / 2030.944)|
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|
|=||(43.898 - -0.933||-||149.623)||/||1989.308|
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 -2.46 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