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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 Molex, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
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 Molex, 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 * 0.9113||+||0.528 * 0.9982||+||0.404 * 1.2495||+||0.892 * 1.0489||+||0.115 * 0.9612|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0226||+||4.679 * -0.0148||-||0.327 * 0.9215|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep13) TTM:||Last Year (Sep12) TTM:|
|Accounts Receivable was $737 Mil.|
Revenue was 936.367 + 882.933 + 852.858 + 967.735 = $3,640 Mil.
Gross Profit was 302.551 + 256.995 + 248.532 + 289.17 = $1,097 Mil.
Total Current Assets was $2,088 Mil.
Total Assets was $3,686 Mil.
Property, Plant and Equipment(Net PPE) was $1,128 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General & Admin. Expense(SGA) was $702 Mil.
Total Current Liabilities was $686 Mil.
Long-Term Debt was $315 Mil.
Net Income was 84.079 + 57.148 + 44.767 + 70.394 = $256 Mil.
Non Operating Income was -2.918 + 2.591 + 0.265 + -3.151 = $-3 Mil.
Cash Flow from Operations was 98.851 + 148.062 + -20.087 + 87.173 = $314 Mil.
|Accounts Receivable was $771 Mil.
Revenue was 916.921 + 858.526 + 837.08 + 857.598 = $3,470 Mil.
Gross Profit was 268.417 + 257.622 + 255.176 + 262.937 = $1,044 Mil.
Total Current Assets was $2,185 Mil.
Total Assets was $3,746 Mil.
Property, Plant and Equipment(Net PPE) was $1,179 Mil.
Depreciation, Depletion and Amortization(DDA) was $233 Mil.
Selling, General & Admin. Expense(SGA) was $654 Mil.
Total Current Liabilities was $954 Mil.
Long-Term Debt was $150 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)|
|=||(736.983 / 3639.893)||/||(770.976 / 3470.125)|
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)|
|=||(256.995 / 3470.125)||/||(302.551 / 3639.893)|
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 - (2087.704 + 1128.494) / 3686.017)||/||(1 - (2184.878 + 1178.875) / 3745.878)|
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))|
|=||(233.477 / (233.477 + 1178.875))||/||(234.388 / (234.388 + 1128.494))|
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)|
|=||(701.89 / 3639.893)||/||(654.351 / 3470.125)|
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)|
|=||((315 + 686.451) / 3686.017)||/||((150 + 954.469) / 3745.878)|
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|
|=||(256.388 - -3.213||-||313.999)||/||3686.017|
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.
Molex, Inc. has a M-score of -2.47 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
Molex, Inc. Annual Data
Molex, Inc. Quarterly Data