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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 -2.69 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Matador Resources Co was -2.70. The lowest was -3.58. And the median was -3.06.
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 * 1.0699||+||0.528 * 0.937||+||0.404 * 0.3155||+||0.892 * 1.516||+||0.115 * 1.3719|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1704||+||4.679 * -0.1226||-||0.327 * 0.5793|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $45.0 Mil.|
Revenue was 90.907 + 73.98 + 68.667 + 71.376 = $304.9 Mil.
Gross Profit was 70.087 + 58.623 + 53.689 + 56.248 = $238.6 Mil.
Total Current Assets was $67.3 Mil.
Total Assets was $1,133.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,063.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $105.8 Mil.
Selling, General & Admin. Expense(SGA) was $27.3 Mil.
Total Current Liabilities was $150.9 Mil.
Long-Term Debt was $150.0 Mil.
Net Income was 18.226 + 16.363 + 15.374 + 20.105 = $70.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 81.53 + 31.945 + 52.278 + 43.28 = $209.0 Mil.
|Accounts Receivable was $27.8 Mil.
Revenue was 65.959 + 54.886 + 51.908 + 28.386 = $201.1 Mil.
Gross Profit was 51.368 + 39.89 + 37.168 + 19.073 = $147.5 Mil.
Total Current Assets was $38.8 Mil.
Total Assets was $734.7 Mil.
Property, Plant and Equipment(Net PPE) was $690.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $97.8 Mil.
Selling, General & Admin. Expense(SGA) was $15.4 Mil.
Total Current Liabilities was $91.7 Mil.
Long-Term Debt was $245.0 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)|
|=||(45.012 / 304.93)||/||(27.751 / 201.139)|
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)|
|=||(58.623 / 201.139)||/||(70.087 / 304.93)|
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 - (67.344 + 1063.349) / 1133.441)||/||(1 - (38.81 + 690.255) / 734.711)|
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))|
|=||(97.801 / (97.801 + 690.255))||/||(105.756 / (105.756 + 1063.349))|
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)|
|=||(27.347 / 304.93)||/||(15.412 / 201.139)|
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)|
|=||((150 + 150.928) / 1133.441)||/||((245 + 91.738) / 734.711)|
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|
|=||(70.068 - 0||-||209.033)||/||1133.441|
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 -2.69 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