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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 -2.20 signals that the company is a manipulator.
During the past 6 years, the highest Beneish M-Score of M/A-COM Technology Solutions Holdings Inc was -2.20. The lowest was -2.34. And the median was -2.27.
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 * 0.9072||+||0.528 * 1.0878||+||0.404 * 4.1479||+||0.892 * 1.3158||+||0.115 * 0.8784|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3092||+||4.679 * -0.0545||-||0.327 * 3.7846|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $75.2 Mil.|
Revenue was 114.317 + 112.364 + 107.827 + 83.468 = $418.0 Mil.
Gross Profit was 56.189 + 50.214 + 26.863 + 36.665 = $169.9 Mil.
Total Current Assets was $373.3 Mil.
Total Assets was $682.2 Mil.
Property, Plant and Equipment(Net PPE) was $50.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.4 Mil.
Selling, General & Admin. Expense(SGA) was $85.7 Mil.
Total Current Liabilities was $85.6 Mil.
Long-Term Debt was $343.2 Mil.
Net Income was 14.537 + 1.183 + -22.122 + -6.499 = $-12.9 Mil.
Non Operating Income was 2.414 + -1.428 + -3.057 + 1.36 = $-0.7 Mil.
Cash Flow from Operations was 15.269 + 14.977 + -9.648 + 4.401 = $25.0 Mil.
|Accounts Receivable was $63.0 Mil.
Revenue was 80.322 + 83.477 + 78.843 + 75.014 = $317.7 Mil.
Gross Profit was 39.876 + 35.504 + 32.833 + 32.265 = $140.5 Mil.
Total Current Assets was $244.9 Mil.
Total Assets was $304.2 Mil.
Property, Plant and Equipment(Net PPE) was $31.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.7 Mil.
Selling, General & Admin. Expense(SGA) was $49.7 Mil.
Total Current Liabilities was $50.5 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)|
|=||(75.156 / 417.976)||/||(62.961 / 317.656)|
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)|
|=||(50.214 / 317.656)||/||(56.189 / 417.976)|
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 - (373.349 + 50.357) / 682.234)||/||(1 - (244.874 + 31.563) / 304.231)|
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))|
|=||(13.674 / (13.674 + 31.563))||/||(26.422 / (26.422 + 50.357))|
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)|
|=||(85.685 / 417.976)||/||(49.741 / 317.656)|
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)|
|=||((343.178 + 85.646) / 682.234)||/||((0 + 50.527) / 304.231)|
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|
|=||(-12.901 - -0.711||-||24.999)||/||682.234|
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 -2.20 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