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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 M/A-COM Technology Solutions Holdings Inc was -1.30. The lowest was -2.90. And the median was -2.31.
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 M/A-COM Technology Solutions Holdings 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 * 0.9713||+||0.528 * 0.8726||+||0.404 * 0.9351||+||0.892 * 1.1989||+||0.115 * 1.0491|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1235||+||4.679 * -0.0119||-||0.327 * 0.7103|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $92.5 Mil.|
Revenue was 115.774 + 50.197 + 130.663 + 124.885 = $421.5 Mil.
Gross Profit was 60.318 + 35.598 + 59.784 + 54.007 = $209.7 Mil.
Total Current Assets was $329.4 Mil.
Total Assets was $898.4 Mil.
Property, Plant and Equipment(Net PPE) was $94.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.3 Mil.
Selling, General & Admin. Expense(SGA) was $119.1 Mil.
Total Current Liabilities was $80.8 Mil.
Long-Term Debt was $342.2 Mil.
Net Income was -15.571 + 54.406 + 8.027 + -7.537 = $39.3 Mil.
Non Operating Income was -14.778 + 5.781 + 4.321 + -6.985 = $-11.7 Mil.
Cash Flow from Operations was 15.514 + 5.483 + 12.177 + 28.538 = $61.7 Mil.
|Accounts Receivable was $79.5 Mil.
Revenue was 96.556 + 34.844 + 112.364 + 107.827 = $351.6 Mil.
Gross Profit was 47.419 + 28.141 + 50.214 + 26.863 = $152.6 Mil.
Total Current Assets was $278.8 Mil.
Total Assets was $777.3 Mil.
Property, Plant and Equipment(Net PPE) was $59.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $40.3 Mil.
Selling, General & Admin. Expense(SGA) was $88.4 Mil.
Total Current Liabilities was $71.9 Mil.
Long-Term Debt was $443.2 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)|
|=||(92.524 / 421.519)||/||(79.452 / 351.591)|
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)|
|=||(35.598 / 351.591)||/||(60.318 / 421.519)|
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 - (329.406 + 94.439) / 898.449)||/||(1 - (278.802 + 59.393) / 777.291)|
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))|
|=||(40.347 / (40.347 + 59.393))||/||(59.264 / (59.264 + 94.439))|
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)|
|=||(119.117 / 421.519)||/||(88.438 / 351.591)|
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)|
|=||((342.151 + 80.769) / 898.449)||/||((443.248 + 71.898) / 777.291)|
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|
|=||(39.325 - -11.661||-||61.712)||/||898.449|
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.
M/A-COM Technology Solutions Holdings Inc has a M-score of -2.40 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
M/A-COM Technology Solutions Holdings Inc Annual Data
M/A-COM Technology Solutions Holdings Inc Quarterly Data