Mitel Networks Beneish M-Score Historical Data
The historical data trend for Mitel Networks's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Mitel Networks Beneish M-Score Chart
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Mitel Networks Annual Data
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| Beneish M-Score |
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-2.53 |
-1.28 |
-2.13 |
-3.69 |
-2.19 |
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Mitel Networks Quarterly Data
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Oct13 |
Mar14 |
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Sep18 |
| Beneish M-Score |
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-3.41 |
-2.19 |
-2.49 |
-2.62 |
-2.69 |
Competitive Comparison of Mitel Networks's Beneish M-Score
For the Communication Equipment subindustry, Mitel Networks's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Mitel Networks's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Mitel Networks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitel Networks's Beneish M-Score falls into.
Mitel Networks Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Mitel Networks 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 * 0.5548 | + | 0.528 * 0.9329 | + | 0.404 * 1.0409 | + | 0.892 * 1.5755 | + | 0.115 * 0.7216 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9047 | + | 4.679 * -0.067024 | - | 0.327 * 0.9148 |
| = | -2.70 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $228 Mil.
Revenue was 309.6 + 324.7 + 313.8 + 355.9 = $1,304 Mil.
Gross Profit was 181.1 + 193.5 + 180.1 + 197.3 = $752 Mil.
Total Current Assets was $372 Mil.
Total Assets was $1,455 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $443 Mil.
Total Current Liabilities was $396 Mil.
Long-Term Debt & Capital Lease Obligation was $477 Mil.
Net Income was -6.7 + 15.4 + -21 + -1.7 = $-14 Mil.
Non Operating Income was -12.5 + 7.5 + -7.5 + -26.1 = $-39 Mil.
Cash Flow from Operations was 54.4 + 30.9 + 29.7 + 7.1 = $122 Mil.
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Total Receivables was $261 Mil.
Revenue was 241.5 + 238.6 + 223.1 + 124.5 = $828 Mil.
Gross Profit was 133 + 129.5 + 119.1 + 63.7 = $445 Mil.
Total Current Assets was $465 Mil.
Total Assets was $1,646 Mil.
Property, Plant and Equipment(Net PPE) was $55 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $311 Mil.
Total Current Liabilities was $464 Mil.
Long-Term Debt & Capital Lease Obligation was $616 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total 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) |
| = | (227.8 / 1304) | / | (260.6 / 827.7) |
| = | 0.174693 | / | 0.314848 |
| | = | 0.5548 |
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) |
| = | (445.3 / 827.7) | / | (752 / 1304) |
| = | 0.537997 | / | 0.576687 |
| | = | 0.9329 |
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 Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (371.6 + 46.7) / 1454.7) | / | (1 - (464.8 + 54.7) / 1646.4) |
| = | 0.712449 | / | 0.684463 |
| | = | 1.0409 |
4. SGI = Sales Growth Index
Ratio of Revenue 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 |
| = | 1304 | / | 827.7 |
| | = | 1.5755 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (64 / (64 + 54.7)) | / | (138 / (138 + 46.7)) |
| = | 0.539174 | / | 0.747158 |
| | = | 0.7216 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (443 / 1304) | / | (310.8 / 827.7) |
| = | 0.339724 | / | 0.375498 |
| | = | 0.9047 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((476.6 + 396.1) / 1454.7) | / | ((615.8 + 463.9) / 1646.4) |
| = | 0.599918 | / | 0.655794 |
| | = | 0.9148 |
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 |
| = | (-14 - -38.6 | - | 122.1) | / | 1454.7 |
| | = | -0.067024 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Mitel Networks has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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