MNRO 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 Monro Muffler Brake Inc was -0.12. The lowest was -3.17. And the median was -2.72.
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 Monro Muffler Brake 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 * 0.8726||+||0.528 * 0.9742||+||0.404 * 1.0959||+||0.892 * 1.0758||+||0.115 * 1.0254|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0078||+||4.679 * -0.0728||-||0.327 * 1.0639|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $2.6 Mil.|
Revenue was 219.134 + 236.553 + 221.299 + 217.507 = $894.5 Mil.
Gross Profit was 83.659 + 90.196 + 89.472 + 90.022 = $353.3 Mil.
Total Current Assets was $175.3 Mil.
Total Assets was $907.8 Mil.
Property, Plant and Equipment(Net PPE) was $326.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.7 Mil.
Selling, General & Admin. Expense(SGA) was $243.6 Mil.
Total Current Liabilities was $155.8 Mil.
Long-Term Debt was $255.7 Mil.
Net Income was 12.551 + 15.986 + 16.33 + 16.932 = $61.8 Mil.
Non Operating Income was 1.719 + -0.506 + 0.227 + 0.08 = $1.5 Mil.
Cash Flow from Operations was 37.733 + 33.94 + 20.57 + 34.106 = $126.3 Mil.
|Accounts Receivable was $2.7 Mil.
Revenue was 203.244 + 216.695 + 205.321 + 206.172 = $831.4 Mil.
Gross Profit was 77.024 + 82.324 + 81.748 + 78.878 = $320.0 Mil.
Total Current Assets was $168.1 Mil.
Total Assets was $760.0 Mil.
Property, Plant and Equipment(Net PPE) was $281.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.7 Mil.
Selling, General & Admin. Expense(SGA) was $224.6 Mil.
Total Current Liabilities was $136.7 Mil.
Long-Term Debt was $187.0 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)|
|=||(2.561 / 894.493)||/||(2.728 / 831.432)|
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)|
|=||(90.196 / 831.432)||/||(83.659 / 894.493)|
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 - (175.284 + 326.752) / 907.794)||/||(1 - (168.116 + 281.883) / 759.956)|
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))|
|=||(31.688 / (31.688 + 281.883))||/||(35.721 / (35.721 + 326.752))|
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)|
|=||(243.56 / 894.493)||/||(224.627 / 831.432)|
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)|
|=||((255.688 + 155.793) / 907.794)||/||((187.04 + 136.741) / 759.956)|
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|
|=||(61.799 - 1.52||-||126.349)||/||907.794|
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.
Monro Muffler Brake Inc has a M-score of -2.86 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
Monro Muffler Brake Inc Annual Data
Monro Muffler Brake Inc Quarterly Data