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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 -2.32.
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 * 1.0376||+||0.528 * 1.043||+||0.404 * 1.1241||+||0.892 * 1.3436||+||0.115 * 0.9561|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0346||+||4.679 * -0.1046||-||0.327 * 0.9445|
|This Year (Mar17) TTM:||Last Year (Mar16) TTM:|
|Accounts Receivable was $127.7 Mil.|
Revenue was 186.084 + 151.752 + 152.697 + 142.288 = $632.8 Mil.
Gross Profit was 68.864 + 78.495 + 81.804 + 73.962 = $303.1 Mil.
Total Current Assets was $480.2 Mil.
Total Assets was $1,555.7 Mil.
Property, Plant and Equipment(Net PPE) was $118.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.6 Mil.
Selling, General & Admin. Expense(SGA) was $175.0 Mil.
Total Current Liabilities was $106.1 Mil.
Long-Term Debt was $586.2 Mil.
Net Income was -130.131 + -0.965 + 5.102 + 22.552 = $-103.4 Mil.
Non Operating Income was -3.471 + -4.827 + -12.687 + 15.355 = $-5.6 Mil.
Cash Flow from Operations was 0.432 + 20.407 + 24.885 + 19.249 = $65.0 Mil.
|Accounts Receivable was $91.6 Mil.
Revenue was 133.579 + 115.774 + 112.564 + 109.058 = $471.0 Mil.
Gross Profit was 65.525 + 60.318 + 56.961 + 52.496 = $235.3 Mil.
Total Current Assets was $308.0 Mil.
Total Assets was $900.4 Mil.
Property, Plant and Equipment(Net PPE) was $99.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.9 Mil.
Selling, General & Admin. Expense(SGA) was $125.9 Mil.
Total Current Liabilities was $82.8 Mil.
Long-Term Debt was $341.4 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)|
|=||(127.709 / 632.821)||/||(91.604 / 470.975)|
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)|
|=||(235.3 / 470.975)||/||(303.125 / 632.821)|
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 - (480.173 + 118.518) / 1555.732)||/||(1 - (308.025 + 99.637) / 900.398)|
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))|
|=||(59.877 / (59.877 + 99.637))||/||(76.61 / (76.61 + 118.518))|
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)|
|=||(174.953 / 632.821)||/||(125.858 / 470.975)|
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)|
|=||((586.216 + 106.097) / 1555.732)||/||((341.396 + 82.834) / 900.398)|
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|
|=||(-103.442 - -5.63||-||64.973)||/||1555.732|
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 -2.55 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