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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.
Matador Resources Co has a M-score of -2.64 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Matador Resources Co was -2.59. The lowest was -3.83. And the median was -3.13.
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 Matador Resources Co 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 * 1.17||+||0.528 * 0.9605||+||0.404 * 0.7963||+||0.892 * 1.4163||+||0.115 * 1.391|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2217||+||4.679 * -0.1198||-||0.327 * 1.0862|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $44.3 Mil.|
Revenue was 112.209 + 90.907 + 73.98 + 68.667 = $345.8 Mil.
Gross Profit was 89.901 + 70.087 + 58.623 + 53.689 = $272.3 Mil.
Total Current Assets was $59.1 Mil.
Total Assets was $1,277.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,214.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $114.8 Mil.
Selling, General & Admin. Expense(SGA) was $30.1 Mil.
Total Current Liabilities was $152.6 Mil.
Long-Term Debt was $250.0 Mil.
Net Income was 29.619 + 18.226 + 16.363 + 15.374 = $79.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 66.884 + 81.53 + 31.945 + 52.278 = $232.6 Mil.
|Accounts Receivable was $26.7 Mil.
Revenue was 71.376 + 65.959 + 54.886 + 51.908 = $244.1 Mil.
Gross Profit was 56.248 + 51.368 + 39.89 + 37.168 = $184.7 Mil.
Total Current Assets was $43.7 Mil.
Total Assets was $795.8 Mil.
Property, Plant and Equipment(Net PPE) was $748.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.2 Mil.
Selling, General & Admin. Expense(SGA) was $17.4 Mil.
Total Current Liabilities was $85.9 Mil.
Long-Term Debt was $145.0 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)|
|=||(44.279 / 345.763)||/||(26.722 / 244.129)|
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)|
|=||(70.087 / 244.129)||/||(89.901 / 345.763)|
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 - (59.055 + 1214.152) / 1277.403)||/||(1 - (43.691 + 748.846) / 795.82)|
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))|
|=||(102.248 / (102.248 + 748.846))||/||(114.772 / (114.772 + 1214.152))|
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)|
|=||(30.051 / 345.763)||/||(17.368 / 244.129)|
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)|
|=||((250 + 152.62) / 1277.403)||/||((145 + 85.935) / 795.82)|
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|
|=||(79.582 - 0||-||232.637)||/||1277.403|
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.
Matador Resources Co has a M-score of -2.64 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
Matador Resources Co Annual Data
Matador Resources Co Quarterly Data