MINI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 0.99. The lowest was -3.15. And the median was -2.30.
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 * 0.8306||+||0.528 * 0.9855||+||0.404 * 1.0591||+||0.892 * 1.1915||+||0.115 * 0.6012|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9774||+||4.679 * -0.0739||-||0.327 * 1.0386|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $80.2 Mil.|
Revenue was 134.517 + 133.343 + 130.288 + 132.629 = $530.8 Mil.
Gross Profit was 129.745 + 128.977 + 124.888 + 128.432 = $512.0 Mil.
Total Current Assets was $97.4 Mil.
Total Assets was $1,979.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,083.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.3 Mil.
Selling, General & Admin. Expense(SGA) was $327.2 Mil.
Total Current Liabilities was $755.8 Mil.
Long-Term Debt was $238.3 Mil.
Net Income was 9.505 + 13.979 + 9.416 + -27.326 = $5.6 Mil.
Non Operating Income was -0.931 + 0 + -0.002 + 0 = $-0.9 Mil.
Cash Flow from Operations was 39.093 + 42.82 + 32.429 + 38.472 = $152.8 Mil.
|Accounts Receivable was $81.0 Mil.
Revenue was 123.215 + 113.322 + 106.533 + 102.404 = $445.5 Mil.
Gross Profit was 117.402 + 108.123 + 101.154 + 96.851 = $423.5 Mil.
Total Current Assets was $101.5 Mil.
Total Assets was $2,103.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,200.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.3 Mil.
Selling, General & Admin. Expense(SGA) was $280.9 Mil.
Total Current Liabilities was $792.2 Mil.
Long-Term Debt was $224.9 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)|
|=||(80.191 / 530.777)||/||(81.031 / 445.474)|
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)|
|=||(128.977 / 445.474)||/||(129.745 / 530.777)|
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 - (97.4 + 1083.01) / 1979.222)||/||(1 - (101.506 + 1200.231) / 2103.174)|
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))|
|=||(39.334 / (39.334 + 1200.231))||/||(60.344 / (60.344 + 1083.01))|
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)|
|=||(327.188 / 530.777)||/||(280.948 / 445.474)|
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)|
|=||((238.274 + 755.818) / 1979.222)||/||((224.918 + 792.178) / 2103.174)|
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|
|=||(5.574 - -0.933||-||152.814)||/||1979.222|
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 -2.85 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