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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 8 years, the highest Beneish M-Score of MACOM Technology Solutions Holdings Inc was -1.33. The lowest was -2.71. And the median was -2.30.
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 MACOM 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 * 0.9195||+||0.528 * 0.9528||+||0.404 * 0.7167||+||0.892 * 1.3194||+||0.115 * 0.9194|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.934||+||4.679 * -0.0515||-||0.327 * 1.1968|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $112.2 Mil.|
Revenue was 151.752 + 152.697 + 142.288 + 133.579 = $580.3 Mil.
Gross Profit was 78.495 + 81.804 + 73.962 + 65.525 = $299.8 Mil.
Total Current Assets was $641.8 Mil.
Total Assets was $1,196.7 Mil.
Property, Plant and Equipment(Net PPE) was $101.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $73.6 Mil.
Selling, General & Admin. Expense(SGA) was $147.2 Mil.
Total Current Liabilities was $87.1 Mil.
Long-Term Debt was $587.1 Mil.
Net Income was -0.965 + 5.102 + 22.552 + -10.649 = $16.0 Mil.
Non Operating Income was -4.827 + -12.687 + 15.355 + -4.282 = $-6.4 Mil.
Cash Flow from Operations was 20.407 + 24.885 + 19.249 + 19.584 = $84.1 Mil.
|Accounts Receivable was $92.5 Mil.
Revenue was 115.774 + 112.564 + 109.058 + 102.431 = $439.8 Mil.
Gross Profit was 60.318 + 56.961 + 52.496 + 46.714 = $216.5 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 $119.5 Mil.
Total Current Liabilities was $80.8 Mil.
Long-Term Debt was $342.2 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)|
|=||(112.245 / 580.316)||/||(92.524 / 439.827)|
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)|
|=||(216.489 / 439.827)||/||(299.786 / 580.316)|
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 - (641.775 + 101.845) / 1196.695)||/||(1 - (329.406 + 94.439) / 898.449)|
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))|
|=||(59.264 / (59.264 + 94.439))||/||(73.567 / (73.567 + 101.845))|
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)|
|=||(147.243 / 580.316)||/||(119.488 / 439.827)|
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)|
|=||((587.11 + 87.063) / 1196.695)||/||((342.151 + 80.769) / 898.449)|
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|
|=||(16.04 - -6.441||-||84.125)||/||1196.695|
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.
MACOM Technology Solutions Holdings Inc has a M-score of -2.71 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
MACOM Technology Solutions Holdings Inc Annual Data
MACOM Technology Solutions Holdings Inc Quarterly Data