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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 3.11. The lowest was -5.16. And the median was -2.46.
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 * 0.8257||+||0.528 * 1.1532||+||0.404 * 0.9572||+||0.892 * 0.9836||+||0.115 * 0.956|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9028||+||4.679 * -0.099||-||0.327 * 0.993|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $25.9 Mil.|
Revenue was 34.135 + 35.203 + 49.83 + 45.076 = $164.2 Mil.
Gross Profit was 9.981 + 9.653 + 14.25 + 14.256 = $48.1 Mil.
Total Current Assets was $99.3 Mil.
Total Assets was $160.1 Mil.
Property, Plant and Equipment(Net PPE) was $30.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.6 Mil.
Selling, General & Admin. Expense(SGA) was $38.0 Mil.
Total Current Liabilities was $33.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.167 + -6.848 + -2.167 + -1.449 = $-8.3 Mil.
Non Operating Income was 6.518 + -0.195 + -0.131 + 0.092 = $6.3 Mil.
Cash Flow from Operations was -5.394 + -1.594 + 0.85 + 7.406 = $1.3 Mil.
|Accounts Receivable was $31.9 Mil.
Revenue was 37.796 + 34.67 + 52.918 + 41.593 = $167.0 Mil.
Gross Profit was 12.153 + 10.303 + 18.503 + 15.48 = $56.4 Mil.
Total Current Assets was $100.9 Mil.
Total Assets was $170.6 Mil.
Property, Plant and Equipment(Net PPE) was $35.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $42.8 Mil.
Total Current Liabilities was $36.0 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)|
|=||(25.874 / 164.244)||/||(31.857 / 166.977)|
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)|
|=||(56.439 / 166.977)||/||(48.14 / 164.244)|
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 - (99.306 + 30.428) / 160.132)||/||(1 - (100.907 + 35.847) / 170.582)|
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))|
|=||(11.746 / (11.746 + 35.847))||/||(10.589 / (10.589 + 30.428))|
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)|
|=||(37.98 / 164.244)||/||(42.768 / 166.977)|
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)|
|=||((0.036 + 33.509) / 160.132)||/||((0.005 + 35.982) / 170.582)|
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|
|=||(-8.297 - 6.284||-||1.268)||/||160.132|
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 -3.04 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