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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 6 years, the highest Beneish M-Score of Matador Resources Co was -2.76. The lowest was -3.47. 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 * 0.8598||+||0.528 * 0.9593||+||0.404 * 0.352||+||0.892 * 1.6522||+||0.115 * 1.1267|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9366||+||4.679 * -0.098||-||0.327 * 1.0357|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $45.0 Mil.|
Revenue was 153.939 + 112.209 + 90.907 + 73.98 = $431.0 Mil.
Gross Profit was 127.9 + 89.901 + 70.087 + 58.623 = $346.5 Mil.
Total Current Assets was $113.3 Mil.
Total Assets was $1,436.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,322.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $134.7 Mil.
Selling, General & Admin. Expense(SGA) was $32.2 Mil.
Total Current Liabilities was $161.8 Mil.
Long-Term Debt was $340.0 Mil.
Net Income was 46.563 + 29.619 + 18.226 + 16.363 = $110.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 71.122 + 66.884 + 81.53 + 31.945 = $251.5 Mil.
|Accounts Receivable was $31.7 Mil.
Revenue was 68.667 + 71.376 + 65.959 + 54.886 = $260.9 Mil.
Gross Profit was 53.689 + 56.248 + 51.368 + 39.89 = $201.2 Mil.
Total Current Assets was $42.9 Mil.
Total Assets was $890.3 Mil.
Property, Plant and Equipment(Net PPE) was $845.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $98.4 Mil.
Selling, General & Admin. Expense(SGA) was $20.8 Mil.
Total Current Liabilities was $100.3 Mil.
Long-Term Debt was $200.0 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)|
|=||(44.992 / 431.035)||/||(31.674 / 260.888)|
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)|
|=||(89.901 / 260.888)||/||(127.9 / 431.035)|
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 - (113.323 + 1322.072) / 1436.291)||/||(1 - (42.875 + 845.877) / 890.33)|
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))|
|=||(98.395 / (98.395 + 845.877))||/||(134.737 / (134.737 + 1322.072))|
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)|
|=||(32.153 / 431.035)||/||(20.779 / 260.888)|
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)|
|=||((340 + 161.787) / 1436.291)||/||((200 + 100.327) / 890.33)|
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|
|=||(110.771 - 0||-||251.481)||/||1436.291|
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 -2.76 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