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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 * 0.9357||+||0.528 * 1.1233||+||0.404 * 0.9935||+||0.892 * 0.9138||+||0.115 * 0.7718|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1107||+||4.679 * -0.051||-||0.327 * 1.0009|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $32.2 Mil.|
Revenue was 34.67 + 52.918 + 41.593 + 46.074 = $175.3 Mil.
Gross Profit was 10.386 + 18.5 + 15.47 + 16.6 = $61.0 Mil.
Total Current Assets was $100.6 Mil.
Total Assets was $171.0 Mil.
Property, Plant and Equipment(Net PPE) was $37.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.6 Mil.
Selling, General & Admin. Expense(SGA) was $44.3 Mil.
Total Current Liabilities was $43.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -9.341 + -2.118 + -3.292 + -1.181 = $-15.9 Mil.
Non Operating Income was -0.005 + -0.005 + -0.005 + -0.005 = $-0.0 Mil.
Cash Flow from Operations was -0.777 + -12.414 + 6.878 + -0.885 = $-7.2 Mil.
|Accounts Receivable was $37.6 Mil.
Revenue was 46.001 + 38.979 + 51.197 + 55.61 = $191.8 Mil.
Gross Profit was 17.87 + 14.374 + 21.113 + 21.576 = $74.9 Mil.
Total Current Assets was $117.6 Mil.
Total Assets was $199.4 Mil.
Property, Plant and Equipment(Net PPE) was $43.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.6 Mil.
Selling, General & Admin. Expense(SGA) was $43.6 Mil.
Total Current Liabilities was $50.7 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)|
|=||(32.174 / 175.255)||/||(37.628 / 191.787)|
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)|
|=||(18.5 / 191.787)||/||(10.386 / 175.255)|
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 - (100.639 + 37.913) / 171.02)||/||(1 - (117.552 + 43.746) / 199.402)|
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))|
|=||(9.635 / (9.635 + 43.746))||/||(11.572 / (11.572 + 37.913))|
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)|
|=||(44.286 / 175.255)||/||(43.632 / 191.787)|
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)|
|=||((0.012 + 43.571) / 171.02)||/||((0.083 + 50.688) / 199.402)|
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|
|=||(-15.932 - -0.02||-||-7.198)||/||171.02|
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 -2.84 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