Switch to:
Maxwell Technologies Inc (NAS:MXWL)
Beneish M-Score
-3.29 (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 -3.29 suggests that the company is not a manipulator.

MXWL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.16   Max: 3.11
Current: -3.29

-5.16
3.11

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 -2.43.


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 * 0.9119+0.528 * 1.1594+0.404 * 1.0218+0.892 * 0.9581+0.115 * 0.8881
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.961+4.679 * -0.1763-0.327 * 0.8448
=-3.29

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $28.1 Mil.
Revenue was 35.203 + 49.83 + 45.076 + 37.796 = $167.9 Mil.
Gross Profit was 9.653 + 14.25 + 14.256 + 12.153 = $50.3 Mil.
Total Current Assets was $96.2 Mil.
Total Assets was $158.4 Mil.
Property, Plant and Equipment(Net PPE) was $31.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.3 Mil.
Selling, General & Admin. Expense(SGA) was $39.9 Mil.
Total Current Liabilities was $34.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -6.848 + -2.167 + -1.449 + -9.376 = $-19.8 Mil.
Non Operating Income was -0.195 + -0.131 + 0.092 + -0.237 = $-0.5 Mil.
Cash Flow from Operations was -1.594 + 0.85 + 7.406 + 1.901 = $8.6 Mil.
Accounts Receivable was $32.2 Mil.
Revenue was 34.67 + 52.918 + 41.593 + 46.074 = $175.3 Mil.
Gross Profit was 10.303 + 18.503 + 15.48 + 16.597 = $60.9 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 $43.3 Mil.
Total Current Liabilities was $43.6 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)
=(28.11 / 167.905) / (32.174 / 175.255)
=0.1674161 / 0.18358392
=0.9119

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)
=(60.883 / 175.255) / (50.312 / 167.905)
=0.34739665 / 0.29964563
=1.1594

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 - (96.189 + 31.512) / 158.435) / (1 - (100.639 + 37.913) / 171.02)
=0.19398491 / 0.18984914
=1.0218

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
=167.905 / 175.255
=0.9581

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))
=(11.572 / (11.572 + 37.913)) / (11.263 / (11.263 + 31.512))
=0.23384864 / 0.26330801
=0.8881

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)
=(39.899 / 167.905) / (43.335 / 175.255)
=0.23762842 / 0.24726827
=0.961

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 + 34.064) / 158.435) / ((0.012 + 43.571) / 171.02)
=0.21528071 / 0.25484154
=0.8448

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
=(-19.84 - -0.471 - 8.563) / 158.435
=-0.1763

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 -3.29 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

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.18881.34260.70661.17811.10130.79851.18010.73551.51751.1014
GMI 1.35320.91230.76580.9380.90540.97520.96581.04991.06061.2047
AQI 1.13570.86130.77541.11010.66790.96360.8951.04990.85831.0307
SGI 1.18591.06451.4331.23261.2031.29071.01241.21520.96410.897
DEPI 0.75471.00271.48540.93491.0491.19941.19641.01020.75510.8532
SGAI 0.97761.08320.88261.12460.8890.82570.88091.08061.02931.036
LVGI 1.14730.8910.91771.0290.9160.92370.86590.83831.23440.8844
TATA -0.0033-0.0239-0.054-0.1236-0.11390.03180.0475-0.071-0.0005-0.1817
M-score -1.99-2.30-2.73-2.71-2.87-2.21-2.05-2.78-2.17-3.19

Maxwell Technologies Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.73551.02351.18321.20271.51750.93570.87251.21.10140.9119
GMI 1.051.01851.02781.05381.06041.12461.13551.15011.20481.1594
AQI 1.04991.06961.11181.04710.85830.99351.03351.02561.03071.0218
SGI 1.21521.12020.95630.86730.96410.91380.91620.98730.8970.9581
DEPI 1.01020.98280.87960.82960.75510.77180.79590.80320.85320.8881
SGAI 1.06461.08471.11961.20981.03191.10341.11940.96381.04890.961
LVGI 0.83830.83120.81531.06961.23441.00090.83380.83910.88440.8448
TATA -0.0676-0.01870.0106-0.04190.0028-0.0444-0.1092-0.1013-0.1798-0.1763
M-score -2.76-2.36-2.22-2.64-2.16-2.80-3.09-2.66-3.19-3.29
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)
FEEDBACK