Switch to:
Maxwell Technologies Inc (NAS:MXWL)
Beneish M-Score
-2.70 (As of Today)

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 -2.70 suggests that the company is not a manipulator.

MXWL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93   Max: 2.96
Current: -2.7

-3.93
2.96

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.


Definition

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
=-2.70

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

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

Measured as the ratio of days’ sales in receivables in year t to year t-1.

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)
=0.21293559 / 0.17744878
=1.2

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(12.153 / 172.647) / (14.256 / 170.46)
=0.37255788 / 0.32438695
=1.1485

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

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)
=0.19069924 / 0.18594297
=1.0256

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=170.46 / 172.647
=0.9873

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))
=0.20894083 / 0.2601424
=0.8032

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)
=0.2478294 / 0.25333194
=0.9783

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)
=0.23426453 / 0.2791992
=0.8391

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-22.284 - 0.683 - -3.884) / 171.857
=-0.111

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.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Maxwell Technologies Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 0.70931.18881.34260.7221.15291.10130.85351.10410.73551.5175
GMI 0.69461.35320.91230.80190.89580.90540.99210.94931.04991.0606
AQI 0.93571.13570.86130.77541.11010.66790.96360.8951.04990.8583
SGI 1.41061.18591.06451.40231.25951.2031.20751.08211.21520.9641
DEPI 0.94680.75471.00271.48540.93491.0491.19941.19641.01020.7551
SGAI 0.98050.97761.08320.87851.12980.89490.81820.88311.08061.0293
LVGI 1.93591.14730.8910.91771.0290.9160.92370.86590.83831.2344
TATA -0.0258-0.0436-0.0562-0.0532-0.1236-0.11390.0170.0475-0.071-0.0005
M-score -3.00-2.18-2.45-2.72-2.74-2.87-2.29-2.07-2.78-2.17

Maxwell Technologies Inc Quarterly Data

Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15
DSRI 0.57690.57830.73551.02351.18321.20271.51750.93570.87251.2
GMI 1.02981.0521.04991.01851.02771.05381.06051.12321.1341.1485
AQI 0.9090.9491.04991.06961.11181.04710.85830.99351.03351.0256
SGI 1.25831.30851.21521.12020.95630.86730.96410.91380.91620.9873
DEPI 1.08041.05971.01020.98280.87960.82960.75510.77180.79590.8032
SGAI 0.85360.9231.08061.10121.13711.22811.03621.11811.13430.9783
LVGI 1.07480.86080.83830.83120.81531.06961.23441.00090.83380.8391
TATA -0.1041-0.1166-0.071-0.02190.0047-0.048-0.0046-0.0554-0.119-0.111
M-score -3.14-3.07-2.78-2.38-2.25-2.67-2.19-2.86-3.14-2.70
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK