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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.
Maxwell Technologies Inc has a M-score of -2.24 suggests that the company is not a 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 -2.31.
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 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 * 1.1832||+||0.528 * 1.0277||+||0.404 * 1.1118||+||0.892 * 0.9563||+||0.115 * 0.8796|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1434||+||4.679 * 0.0062||-||0.327 * 0.8153|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $39.9 Mil.|
Revenue was 46.074 + 46.001 + 38.979 + 51.197 = $182.3 Mil.
Gross Profit was 16.6 + 17.87 + 14.374 + 21.113 = $70.0 Mil.
Total Current Assets was $118.7 Mil.
Total Assets was $199.1 Mil.
Property, Plant and Equipment(Net PPE) was $42.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.3 Mil.
Selling, General & Admin. Expense(SGA) was $42.6 Mil.
Total Current Liabilities was $50.3 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was -1.181 + 0.319 + -2.814 + 6.027 = $2.4 Mil.
Non Operating Income was -0.005 + -0.005 + -0.106 + 0.016 = $-0.1 Mil.
Cash Flow from Operations was -0.885 + 0.258 + -4.824 + 6.672 = $1.2 Mil.
|Accounts Receivable was $35.2 Mil.
Revenue was 55.61 + 47.748 + 44.503 + 42.713 = $190.6 Mil.
Gross Profit was 21.576 + 18.23 + 17.229 + 18.142 = $75.2 Mil.
Total Current Assets was $116.7 Mil.
Total Assets was $188.8 Mil.
Property, Plant and Equipment(Net PPE) was $39.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.3 Mil.
Selling, General & Admin. Expense(SGA) was $38.9 Mil.
Total Current Liabilities was $58.5 Mil.
Long-Term Debt was $0.1 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)|
|=||(39.85 / 182.251)||/||(35.217 / 190.574)|
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)|
|=||(17.87 / 190.574)||/||(16.6 / 182.251)|
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 - (118.741 + 42.192) / 199.145)||/||(1 - (116.716 + 39.519) / 188.824)|
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))|
|=||(8.254 / (8.254 + 39.519))||/||(10.313 / (10.313 + 42.192))|
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)|
|=||(42.588 / 182.251)||/||(38.949 / 190.574)|
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)|
|=||((0.065 + 50.322) / 199.145)||/||((0.075 + 58.523) / 188.824)|
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|
|=||(2.351 - -0.1||-||1.221)||/||199.145|
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 -2.24 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