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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.
Mobile Mini Inc has a M-score of -2.57 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 4.92. The lowest was -3.15. And the median was -2.36.
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 * 1.0249||+||0.528 * 0.9889||+||0.404 * 0.9907||+||0.892 * 1.0698||+||0.115 * 1.0964|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1201||+||4.679 * -0.0416||-||0.327 * 0.879|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $55.3 Mil.|
Revenue was 106.533 + 102.404 + 105.536 + 105.487 = $420.0 Mil.
Gross Profit was 101.154 + 96.851 + 100.566 + 99.396 = $398.0 Mil.
Total Current Assets was $74.6 Mil.
Total Assets was $1,693.5 Mil.
Property, Plant and Equipment(Net PPE) was $90.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.4 Mil.
Selling, General & Admin. Expense(SGA) was $263.5 Mil.
Total Current Liabilities was $378.6 Mil.
Long-Term Debt was $215.3 Mil.
Net Income was 9.263 + 7.44 + 11.958 + 14.303 = $43.0 Mil.
Non Operating Income was 0 + -0.001 + -0.001 + 0 = $-0.0 Mil.
Cash Flow from Operations was 22.473 + 26.812 + 30.637 + 33.46 = $113.4 Mil.
|Accounts Receivable was $50.4 Mil.
Revenue was 97.135 + 97.512 + 98.924 + 99.002 = $392.6 Mil.
Gross Profit was 91.617 + 89.025 + 94.25 + 92.976 = $367.9 Mil.
Total Current Assets was $70.7 Mil.
Total Assets was $1,667.6 Mil.
Property, Plant and Equipment(Net PPE) was $77.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.7 Mil.
Selling, General & Admin. Expense(SGA) was $219.9 Mil.
Total Current Liabilities was $464.9 Mil.
Long-Term Debt was $200.5 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)|
|=||(55.291 / 419.96)||/||(50.431 / 392.573)|
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)|
|=||(96.851 / 392.573)||/||(101.154 / 419.96)|
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 - (74.619 + 90.155) / 1693.474)||/||(1 - (70.699 + 77.403) / 1667.629)|
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))|
|=||(35.686 / (35.686 + 77.403))||/||(36.432 / (36.432 + 90.155))|
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)|
|=||(263.462 / 419.96)||/||(219.882 / 392.573)|
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)|
|=||((215.302 + 378.596) / 1693.474)||/||((200.451 + 464.887) / 1667.629)|
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|
|=||(42.964 - -0.002||-||113.382)||/||1693.474|
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 -2.57 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