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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 -2.32.
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 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 * 1.2027||+||0.528 * 1.0539||+||0.404 * 1.0471||+||0.892 * 0.8673||+||0.115 * 0.8296|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2342||+||4.679 * -0.0428||-||0.327 * 1.0696|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $30.6 Mil.|
Revenue was 41.593 + 46.074 + 46.001 + 38.979 = $172.6 Mil.
Gross Profit was 15.47 + 16.6 + 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 $44.0 Mil.
Total Current Liabilities was $53.9 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -3.292 + -1.181 + 0.319 + -2.814 = $-7.0 Mil.
Non Operating Income was -0.005 + -0.005 + -0.005 + -0.106 = $-0.1 Mil.
Cash Flow from Operations was 6.878 + -0.885 + 0.258 + -4.824 = $1.4 Mil.
|Accounts Receivable was $29.4 Mil.
Revenue was 51.197 + 55.61 + 47.748 + 44.503 = $199.1 Mil.
Gross Profit was 21.113 + 21.576 + 18.23 + 17.229 = $78.1 Mil.
Total Current Assets was $116.2 Mil.
Total Assets was $192.4 Mil.
Property, Plant and Equipment(Net PPE) was $42.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.8 Mil.
Selling, General & Admin. Expense(SGA) was $41.1 Mil.
Total Current Liabilities was $50.1 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)|
|=||(30.636 / 172.647)||/||(29.37 / 199.058)|
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)|
|=||(16.6 / 199.058)||/||(15.47 / 172.647)|
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 - (116.222 + 41.018) / 193.156)||/||(1 - (116.233 + 41.976) / 192.371)|
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))|
|=||(8.802 / (8.802 + 41.976))||/||(10.834 / (10.834 + 41.018))|
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)|
|=||(43.956 / 172.647)||/||(41.062 / 199.058)|
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)|
|=||((0.044 + 53.885) / 193.156)||/||((0.086 + 50.129) / 192.371)|
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|
|=||(-6.968 - -0.121||-||1.427)||/||193.156|
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 -2.65 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