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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 7 years, the highest Beneish M-Score of Matador Resources Co was 10000000.00. The lowest was -5.48. And the median was -3.14.
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 * 1.1931||+||0.528 * 1.1948||+||0.404 * 2.9093||+||0.892 * 0.6704||+||0.115 * 0.645|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.9394||+||4.679 * -0.7497||-||0.327 * 1.1532|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $37.1 Mil.|
Revenue was 44.15 + 67.251 + 98.41 + 78.096 = $287.9 Mil.
Gross Profit was 20.759 + 43.033 + 74.202 + 52.888 = $190.9 Mil.
Total Current Assets was $173.1 Mil.
Total Assets was $1,164.2 Mil.
Property, Plant and Equipment(Net PPE) was $989.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $161.3 Mil.
Selling, General & Admin. Expense(SGA) was $49.9 Mil.
Total Current Liabilities was $119.4 Mil.
Long-Term Debt was $391.6 Mil.
Net Income was -107.654 + -230.401 + -242.059 + -157.091 = $-737.2 Mil.
Non Operating Income was 1.065 + 1.005 + 0 + 0 = $2.1 Mil.
Cash Flow from Operations was 18.358 + 22.611 + 72.534 + 20.044 = $133.5 Mil.
|Accounts Receivable was $46.4 Mil.
Revenue was 72.412 + 153.939 + 112.209 + 90.907 = $429.5 Mil.
Gross Profit was 52.317 + 127.9 + 89.901 + 70.087 = $340.2 Mil.
Total Current Assets was $105.2 Mil.
Total Assets was $1,687.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,581.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $157.2 Mil.
Selling, General & Admin. Expense(SGA) was $38.3 Mil.
Total Current Liabilities was $232.2 Mil.
Long-Term Debt was $410.0 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)|
|=||(37.103 / 287.907)||/||(46.387 / 429.467)|
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)|
|=||(43.033 / 429.467)||/||(20.759 / 287.907)|
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 - (173.086 + 989.655) / 1164.152)||/||(1 - (105.193 + 1581.53) / 1687.426)|
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))|
|=||(157.177 / (157.177 + 1581.53))||/||(161.3 / (161.3 + 989.655))|
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)|
|=||(49.857 / 287.907)||/||(38.347 / 429.467)|
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)|
|=||((391.553 + 119.393) / 1164.152)||/||((410 + 232.198) / 1687.426)|
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|
|=||(-737.205 - 2.07||-||133.547)||/||1164.152|
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 -5.48 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