MTD 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.
Mettler-Toledo International, Inc. has a M-score of -2.51 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Mettler-Toledo International, Inc. was -2.17. The lowest was -2.78. And the median was -2.50.
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 Mettler-Toledo International, 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 * 1.0502||+||0.528 * 0.9835||+||0.404 * 0.9882||+||0.892 * 1.016||+||0.115 * 1.011|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9969||+||4.679 * -0.0171||-||0.327 * 0.9921|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $467 Mil.|
Revenue was 684.253 + 591.686 + 578.68 + 524.353 = $2,379 Mil.
Gross Profit was 375.357 + 318.573 + 308.843 + 279.253 = $1,282 Mil.
Total Current Assets was $914 Mil.
Total Assets was $2,153 Mil.
Property, Plant and Equipment(Net PPE) was $514 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General & Admin. Expense(SGA) was $693 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt was $396 Mil.
Net Income was 110.162 + 74.326 + 69.062 + 52.544 = $306 Mil.
Non Operating Income was -0.822 + -0.521 + -0.987 + -0.773 = $-3 Mil.
Cash Flow from Operations was 108.513 + 122.783 + 90.96 + 23.672 = $346 Mil.
|Accounts Receivable was $437 Mil.
Revenue was 657.292 + 578.553 + 570.283 + 535.4 = $2,342 Mil.
Gross Profit was 356.788 + 308.157 + 299.008 + 277.102 = $1,241 Mil.
Total Current Assets was $864 Mil.
Total Assets was $2,022 Mil.
Property, Plant and Equipment(Net PPE) was $469 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General & Admin. Expense(SGA) was $684 Mil.
Total Current Liabilities was $562 Mil.
Long-Term Debt was $347 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)|
|=||(466.703 / 2378.972)||/||(437.39 / 2341.528)|
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)|
|=||(318.573 / 2341.528)||/||(375.357 / 2378.972)|
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 - (913.987 + 514.438) / 2152.819)||/||(1 - (864.237 + 469.421) / 2022.288)|
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))|
|=||(54.778 / (54.778 + 469.421))||/||(59.304 / (59.304 + 514.438))|
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)|
|=||(692.788 / 2378.972)||/||(684.026 / 2341.528)|
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)|
|=||((395.96 + 564.188) / 2152.819)||/||((347.131 + 561.994) / 2022.288)|
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|
|=||(306.094 - -3.103||-||345.928)||/||2152.819|
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.
Mettler-Toledo International, Inc. has a M-score of -2.51 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
Mettler-Toledo International, Inc. Annual Data
Mettler-Toledo International, Inc. Quarterly Data