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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.
Move, Inc. has a M-score of -3.21 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Move, Inc. was -1.76. The lowest was -15.00. And the median was -2.98.
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 Move, 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 * 0.8776||+||0.528 * 1.0178||+||0.404 * 0.6233||+||0.892 * 1.1395||+||0.115 * 0.9115|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0258||+||4.679 * -0.146||-||0.327 * 0.6953|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $11.8 Mil.|
Revenue was 56.48 + 58.825 + 57.49 + 54.238 = $227.0 Mil.
Gross Profit was 50.875 + 45.059 + 43.681 + 41.55 = $181.2 Mil.
Total Current Assets was $138.6 Mil.
Total Assets was $236.8 Mil.
Property, Plant and Equipment(Net PPE) was $24.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.9 Mil.
Selling, General & Admin. Expense(SGA) was $137.3 Mil.
Total Current Liabilities was $40.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 0.07 + 0.138 + 0.466 + -0.1 = $0.6 Mil.
Non Operating Income was 0.902 + 0.539 + 0.455 + 0.575 = $2.5 Mil.
Cash Flow from Operations was 11.897 + 10.514 + 6.738 + 3.533 = $32.7 Mil.
|Accounts Receivable was $11.8 Mil.
Revenue was 52.737 + 49.446 + 49.309 + 47.741 = $199.2 Mil.
Gross Profit was 44.825 + 39.21 + 39.681 + 38.096 = $161.8 Mil.
Total Current Assets was $46.1 Mil.
Total Assets was $136.9 Mil.
Property, Plant and Equipment(Net PPE) was $22.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.8 Mil.
Selling, General & Admin. Expense(SGA) was $117.4 Mil.
Total Current Liabilities was $33.8 Mil.
Long-Term Debt was $0.0 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)|
|=||(11.76 / 227.033)||/||(11.759 / 199.233)|
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)|
|=||(45.059 / 199.233)||/||(50.875 / 227.033)|
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 - (138.642 + 23.96) / 236.789)||/||(1 - (46.096 + 21.975) / 136.869)|
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))|
|=||(11.826 / (11.826 + 21.975))||/||(14.926 / (14.926 + 23.96))|
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)|
|=||(137.294 / 227.033)||/||(117.449 / 199.233)|
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)|
|=||((0 + 40.624) / 236.789)||/||((0 + 33.773) / 136.869)|
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|
|=||(0.574 - 2.471||-||32.682)||/||236.789|
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.
Move, Inc. has a M-score of -3.21 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
Move, Inc. Annual Data
Move, Inc. Quarterly Data