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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 13 years, the highest Beneish M-Score of Maxwell Technologies Inc was 2.96. The lowest was -3.93. And the median was -2.38.
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 Maxwell Technologies 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 * 1.2||+||0.528 * 1.1485||+||0.404 * 1.0256||+||0.892 * 0.9873||+||0.115 * 0.8032|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9783||+||4.679 * -0.111||-||0.327 * 0.8391|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $36.3 Mil.|
Revenue was 45.076 + 37.796 + 34.67 + 52.918 = $170.5 Mil.
Gross Profit was 14.256 + 12.153 + 10.386 + 18.5 = $55.3 Mil.
Total Current Assets was $105.7 Mil.
Total Assets was $171.9 Mil.
Property, Plant and Equipment(Net PPE) was $33.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $42.2 Mil.
Total Current Liabilities was $40.2 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was -1.449 + -9.376 + -9.341 + -2.118 = $-22.3 Mil.
Non Operating Income was 0.092 + 0.087 + -0.005 + 0.509 = $0.7 Mil.
Cash Flow from Operations was 7.406 + 1.901 + -0.777 + -12.414 = $-3.9 Mil.
|Accounts Receivable was $30.6 Mil.
Revenue was 41.593 + 46.074 + 46.001 + 38.979 = $172.6 Mil.
Gross Profit was 15.48 + 16.597 + 17.87 + 14.374 = $64.3 Mil.
Total Current Assets was $116.2 Mil.
Total Assets was $193.2 Mil.
Property, Plant and Equipment(Net PPE) was $41.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.8 Mil.
Selling, General & Admin. Expense(SGA) was $43.7 Mil.
Total Current Liabilities was $53.9 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)|
|=||(36.297 / 170.46)||/||(30.636 / 172.647)|
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)|
|=||(12.153 / 172.647)||/||(14.256 / 170.46)|
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 - (105.729 + 33.355) / 171.857)||/||(1 - (116.222 + 41.018) / 193.156)|
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))|
|=||(10.834 / (10.834 + 41.018))||/||(11.728 / (11.728 + 33.355))|
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)|
|=||(42.245 / 170.46)||/||(43.737 / 172.647)|
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)|
|=||((0.059 + 40.201) / 171.857)||/||((0.044 + 53.885) / 193.156)|
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|
|=||(-22.284 - 0.683||-||-3.884)||/||171.857|
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.
Maxwell Technologies Inc has a M-score of -2.70 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
Maxwell Technologies Inc Annual Data
Maxwell Technologies Inc Quarterly Data