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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.
M/A-COM Technology Solutions Holdings Inc has a M-score of -1.31 signals that the company is a manipulator.
During the past 5 years, the highest Beneish M-Score of M/A-COM Technology Solutions Holdings Inc was -1.31. The lowest was -2.50. And the median was -2.44.
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 * 1.2348||+||0.528 * 1.0133||+||0.404 * 5.2726||+||0.892 * 1.0756||+||0.115 * 1.2983|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2216||+||4.679 * -0.0296||-||0.327 * 3.1684|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $72.1 Mil.|
Revenue was 83.468 + 83.655 + 82.225 + 77.824 = $327.2 Mil.
Gross Profit was 36.665 + 37.28 + 36.293 + 33.861 = $144.1 Mil.
Total Current Assets was $254.9 Mil.
Total Assets was $567.7 Mil.
Property, Plant and Equipment(Net PPE) was $47.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.9 Mil.
Selling, General & Admin. Expense(SGA) was $58.3 Mil.
Total Current Liabilities was $93.4 Mil.
Long-Term Debt was $220.0 Mil.
Net Income was -6.499 + 3.75 + 9.367 + 8.086 = $14.7 Mil.
Non Operating Income was 1.36 + -2.198 + 1.183 + -0.983 = $-0.6 Mil.
Cash Flow from Operations was 4.401 + 1.317 + 13.447 + 12.995 = $32.2 Mil.
|Accounts Receivable was $54.3 Mil.
Revenue was 75.014 + 74.563 + 77.125 + 77.48 = $304.2 Mil.
Gross Profit was 32.265 + 31.534 + 35.404 + 36.549 = $135.8 Mil.
Total Current Assets was $216.7 Mil.
Total Assets was $270.2 Mil.
Property, Plant and Equipment(Net PPE) was $29.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.3 Mil.
Selling, General & Admin. Expense(SGA) was $44.3 Mil.
Total Current Liabilities was $47.1 Mil.
Long-Term Debt was $0.0 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)|
|=||(72.093 / 327.172)||/||(54.28 / 304.182)|
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)|
|=||(37.28 / 304.182)||/||(36.665 / 327.172)|
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 - (254.858 + 47.353) / 567.696)||/||(1 - (216.692 + 29.548) / 270.206)|
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))|
|=||(13.285 / (13.285 + 29.548))||/||(14.863 / (14.863 + 47.353))|
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)|
|=||(58.264 / 327.172)||/||(44.343 / 304.182)|
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)|
|=||((220 + 93.409) / 567.696)||/||((0 + 47.082) / 270.206)|
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|
|=||(14.704 - -0.638||-||32.16)||/||567.696|
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 -1.31 signals that the company is likely to 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