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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 -1.99. The lowest was -2.68. And the median was -2.24.
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 * 0.9971||+||0.528 * 0.9356||+||0.404 * 0.8784||+||0.892 * 1.2942||+||0.115 * 0.9501|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0213||+||4.679 * -0.0517||-||0.327 * 1.1909|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $108.3 Mil.|
Revenue was 152.697 + 142.288 + 133.579 + 115.774 = $544.3 Mil.
Gross Profit was 81.804 + 73.962 + 65.525 + 60.318 = $281.6 Mil.
Total Current Assets was $612.9 Mil.
Total Assets was $1,188.6 Mil.
Property, Plant and Equipment(Net PPE) was $99.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $70.6 Mil.
Selling, General & Admin. Expense(SGA) was $145.4 Mil.
Total Current Liabilities was $92.2 Mil.
Long-Term Debt was $576.3 Mil.
Net Income was 5.102 + 22.552 + -10.649 + -15.571 = $1.4 Mil.
Non Operating Income was -12.687 + 15.355 + -4.282 + -14.778 = $-16.4 Mil.
Cash Flow from Operations was 24.885 + 19.249 + 19.584 + 15.514 = $79.2 Mil.
|Accounts Receivable was $84.0 Mil.
Revenue was 112.564 + 109.058 + 102.431 + 96.556 = $420.6 Mil.
Gross Profit was 56.961 + 52.496 + 46.714 + 47.419 = $203.6 Mil.
Total Current Assets was $384.2 Mil.
Total Assets was $860.8 Mil.
Property, Plant and Equipment(Net PPE) was $83.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.7 Mil.
Selling, General & Admin. Expense(SGA) was $110.0 Mil.
Total Current Liabilities was $71.5 Mil.
Long-Term Debt was $335.1 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)|
|=||(108.331 / 544.338)||/||(83.95 / 420.609)|
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)|
|=||(203.59 / 420.609)||/||(281.609 / 544.338)|
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 - (612.944 + 99.167) / 1188.551)||/||(1 - (384.219 + 83.759) / 860.834)|
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))|
|=||(54.708 / (54.708 + 83.759))||/||(70.591 / (70.591 + 99.167))|
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)|
|=||(145.433 / 544.338)||/||(110.03 / 420.609)|
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)|
|=||((576.345 + 92.15) / 1188.551)||/||((335.087 + 71.476) / 860.834)|
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|
|=||(1.434 - -16.392||-||79.232)||/||1188.551|
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 -2.62 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