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Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.46 (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 -2.46 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: -2.46

-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 * 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
=-2.46

* 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 $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

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)
=(77.278 / 522.681) / (79.004 / 475.699)
=0.14784926 / 0.16607981
=0.8902

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)
=(129.745 / 475.699) / (119.922 / 522.681)
=0.9547529 / 0.96336389
=0.9911

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 - (93.338 + 1095.555) / 1989.308) / (1 - (98.57 + 116.735) / 2030.944)
=0.40235851 / 0.89398772
=0.4501

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
=522.681 / 475.699
=1.0988

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))
=0.28146716 / 0.05190833
=5.4224

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)
=0.61128681 / 0.62148123
=0.9836

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)
=0.50476246 / 0.50356189
=1.0024

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
=(43.898 - -0.933 - 149.623) / 1989.308
=-0.0527

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.


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.

Mobile Mini Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.07950.91451.26450.73811.18231.00171.02060.99041.39230.8306
GMI 1.01121.00550.99951.00150.99741.00840.98681.00070.98610.9873
AQI 1.19390.91959.24131.01671.00070.99571.00030.99290.42081.0591
SGI 1.31951.16441.30510.90140.88331.10181.04621.06621.09591.1915
DEPI 0.98440.92250.08940.87331.03031.01280.99481.0529.29560.6012
SGAI 0.97051.02510.97431.00761.05151.02981.03311.01441.07910.9746
LVGI 0.78081.08581.29710.91280.94390.9330.91880.8761.32491.0386
TATA -0.0308-0.035-0.0386-0.0336-0.0208-0.0303-0.0301-0.055-0.0362-0.0739
M-score -2.11-2.650.99-2.95-2.50-2.51-2.55-2.65-1.61-2.85

Mobile Mini Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.98691.00671.02291.03721.39231.31531.19251.13620.83060.8902
GMI 1.00160.98770.98960.9880.98610.99020.98960.98910.98730.9911
AQI 0.99290.9940.99070.98730.42080.98680.98390.44771.05910.4501
SGI 1.071.05851.07181.07641.09591.15641.1871.21071.19151.0988
DEPI 1.0521.05061.09641.12789.29561.04340.96855.70660.60125.4224
SGAI 1.01521.09661.11991.10411.07911.01030.99140.99520.97460.9836
LVGI 0.8760.87670.8790.94631.32491.42441.38131.38851.03861.0024
TATA -0.055-0.0579-0.0416-0.0442-0.0362-0.0604-0.0673-0.0687-0.0739-0.0527
M-score -2.65-2.67-2.57-2.58-1.61-2.48-2.59-2.30-2.85-2.46
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