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Molex, Inc. (NAS:MOLX)
Beneish M-Score
0.00 (As of Today)

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.

Molex, Inc. has a M-score of -2.47 suggests that the company is not a manipulator.

MOLX' s 10-Year Beneish M-Score Range
Min: 0   Max: 0
Current: 0

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.


Definition

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
=-2.47

* 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

Measured as the ratio of days’ sales in 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)
=(736.983 / 3639.893) / (770.976 / 3470.125)
=0.20247381 / 0.22217528
=0.9113

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)
=(256.995 / 3470.125) / (302.551 / 3639.893)
=0.30089752 / 0.30145062
=0.9982

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 plant, property and equipment to total assets.

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)
=0.1274598 / 0.10201213
=1.2495

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3639.893 / 3470.125
=1.0489

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))
=0.16531077 / 0.17197967
=0.9612

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)
=0.19283259 / 0.18856698
=1.0226

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)
=0.2716892 / 0.29484916
=0.9215

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
=(256.388 - -3.213 - 313.999) / 3686.017
=-0.0148

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.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Molex, Inc. Annual Data

Jun04Jun05Jun06Jun07Jun08Jun09Jun10Jun11Jun12Jun13
DSRI 1.0950.8981.09070.90931.06020.92041.1930.92560.95190.9024
GMI 0.9531.01310.98161.12131.02161.1990.85620.97860.99061.0428
AQI 0.94870.91350.99141.35650.98270.78660.89030.82961.01661.1313
SGI 1.2191.13441.12271.14141.01910.77571.16481.19290.97261.0376
DEPI 1.00880.95941.15420.98860.98820.93681.0251.07451.00520.9809
SGAI 0.90920.98850.94570.8720.99131.13730.89380.88311.05091.0046
LVGI 1.07681.02191.15490.97851.11281.14461.33840.90670.93490.941
TATA -0.0509-0.0969-0.0721-0.066-0.0765-0.2435-0.0534-0.048-0.0827-0.039
M-score -2.49-2.95-2.66-2.51-2.80-3.95-2.62-2.62-2.92-2.63

Molex, Inc. Quarterly Data

Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13
DSRI 0.92560.88290.88550.92140.95191.0291.05360.92020.90240.9113
GMI 0.97860.99080.99230.97660.99061.01361.02511.04181.04280.9982
AQI 0.82960.84820.92560.88711.016611.04111.1211.13131.2495
SGI 1.19291.12221.05261.00660.97260.95710.99961.01461.03761.0489
DEPI 1.07450.99960.990.98881.00521.06451.06441.02930.98090.9612
SGAI 0.88310.9390.9971.04441.05531.04281.01130.9951.00041.0226
LVGI 0.90670.94310.94560.91330.93490.95670.97450.92370.9410.9215
TATA -0.048-0.0715-0.0807-0.0802-0.0827-0.0869-0.0692-0.0338-0.039-0.0148
M-score -2.62-2.85-2.93-2.96-2.92-2.88-2.71-2.60-2.63-2.47
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