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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 4.92. 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 * 1.3139||+||0.528 * 0.9886||+||0.404 * 0.9868||+||0.892 * 1.1576||+||0.115 * 1.0434|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0135||+||4.679 * -0.0604||-||0.327 * 1.4244|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $79.0 Mil.|
Revenue was 132.629 + 123.215 + 113.322 + 106.533 = $475.7 Mil.
Gross Profit was 128.432 + 117.402 + 108.123 + 101.154 = $455.1 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 $296.6 Mil.
Total Current Liabilities was $796.4 Mil.
Long-Term Debt was $226.3 Mil.
Net Income was -27.326 + 12.863 + 14.82 + 9.263 = $9.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 38.472 + 32.867 + 38.473 + 22.473 = $132.3 Mil.
|Accounts Receivable was $51.9 Mil.
Revenue was 102.404 + 105.536 + 105.487 + 97.522 = $410.9 Mil.
Gross Profit was 96.851 + 100.566 + 99.396 + 91.854 = $388.7 Mil.
Total Current Assets was $71.1 Mil.
Total Assets was $1,675.9 Mil.
Property, Plant and Equipment(Net PPE) was $86.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.0 Mil.
Selling, General & Admin. Expense(SGA) was $252.8 Mil.
Total Current Liabilities was $382.1 Mil.
Long-Term Debt was $210.4 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)|
|=||(79.004 / 475.699)||/||(51.944 / 410.949)|
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)|
|=||(117.402 / 410.949)||/||(128.432 / 475.699)|
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 - (98.57 + 116.735) / 2030.944)||/||(1 - (71.061 + 86.486) / 1675.88)|
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))|
|=||(35.96 / (35.96 + 86.486))||/||(45.728 / (45.728 + 116.735))|
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)|
|=||(296.574 / 475.699)||/||(252.79 / 410.949)|
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)|
|=||((226.27 + 796.436) / 2030.944)||/||((210.397 + 382.067) / 1675.88)|
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|
|=||(9.62 - 0||-||132.285)||/||2030.944|
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 -2.48 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