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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 6 years, the highest Beneish M-Score of M/A-COM Technology Solutions Holdings Inc was -1.30. The lowest was -2.66. 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 * 0.9499||+||0.528 * 0.8303||+||0.404 * 1.3283||+||0.892 * 1.246||+||0.115 * 1.2439|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.03||+||4.679 * -0.0305||-||0.327 * 0.7792|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $89.7 Mil.|
Revenue was 130.663 + 124.885 + 114.864 + 114.317 = $484.7 Mil.
Gross Profit was 59.784 + 54.007 + 54.201 + 56.189 = $224.2 Mil.
Total Current Assets was $309.2 Mil.
Total Assets was $806.7 Mil.
Property, Plant and Equipment(Net PPE) was $80.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.2 Mil.
Selling, General & Admin. Expense(SGA) was $102.5 Mil.
Total Current Liabilities was $65.7 Mil.
Long-Term Debt was $341.4 Mil.
Net Income was 8.027 + -7.537 + -6.306 + 14.537 = $8.7 Mil.
Non Operating Income was 4.321 + -6.985 + -10.233 + 2.414 = $-10.5 Mil.
Cash Flow from Operations was 12.177 + 13.935 + 2.083 + 15.63 = $43.8 Mil.
|Accounts Receivable was $75.8 Mil.
Revenue was 112.364 + 107.827 + 84.154 + 84.675 = $389.0 Mil.
Gross Profit was 50.214 + 26.863 + 35.722 + 36.59 = $149.4 Mil.
Total Current Assets was $365.9 Mil.
Total Assets was $679.3 Mil.
Property, Plant and Equipment(Net PPE) was $48.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.1 Mil.
Selling, General & Admin. Expense(SGA) was $79.9 Mil.
Total Current Liabilities was $96.0 Mil.
Long-Term Debt was $343.9 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)|
|=||(89.714 / 484.729)||/||(75.795 / 389.02)|
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)|
|=||(54.007 / 389.02)||/||(59.784 / 484.729)|
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 - (309.154 + 80.167) / 806.714)||/||(1 - (365.864 + 48.86) / 679.334)|
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))|
|=||(48.109 / (48.109 + 48.86))||/||(53.191 / (53.191 + 80.167))|
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)|
|=||(102.481 / 484.729)||/||(79.85 / 389.02)|
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)|
|=||((341.421 + 65.654) / 806.714)||/||((343.938 + 95.985) / 679.334)|
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|
|=||(8.721 - -10.483||-||43.825)||/||806.714|
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 -2.31 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