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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 7 years, the highest Beneish M-Score of Proto Labs Inc was -1.87. The lowest was -10000000.00. And the median was -2.43.
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 Proto Labs 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 * 0.932||+||0.528 * 1.0621||+||0.404 * 0.9463||+||0.892 * 1.2153||+||0.115 * 1.0901|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0708||+||4.679 * -0.0769||-||0.327 * 0.8687|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $37.3 Mil.|
Revenue was 78.173 + 74.961 + 72.568 + 73.759 = $299.5 Mil.
Gross Profit was 44.725 + 42.246 + 39.654 + 41.274 = $167.9 Mil.
Total Current Assets was $159.8 Mil.
Total Assets was $404.0 Mil.
Property, Plant and Equipment(Net PPE) was $142.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.5 Mil.
Selling, General & Admin. Expense(SGA) was $82.4 Mil.
Total Current Liabilities was $25.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 11.982 + 10.691 + 10.662 + 11.993 = $45.3 Mil.
Non Operating Income was 0.625 + 1.092 + 0.625 + 0.612 = $3.0 Mil.
Cash Flow from Operations was 19.615 + 19.618 + 16.944 + 17.273 = $73.5 Mil.
|Accounts Receivable was $32.9 Mil.
Revenue was 67.842 + 63.969 + 58.536 + 56.069 = $246.4 Mil.
Gross Profit was 40.325 + 37.55 + 35.254 + 33.612 = $146.7 Mil.
Total Current Assets was $142.5 Mil.
Total Assets was $341.9 Mil.
Property, Plant and Equipment(Net PPE) was $108.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.9 Mil.
Selling, General & Admin. Expense(SGA) was $63.3 Mil.
Total Current Liabilities was $24.5 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)|
|=||(37.261 / 299.461)||/||(32.897 / 246.416)|
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)|
|=||(146.741 / 246.416)||/||(167.899 / 299.461)|
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 - (159.829 + 142.722) / 404.045)||/||(1 - (142.54 + 108.626) / 341.926)|
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))|
|=||(13.864 / (13.864 + 108.626))||/||(16.535 / (16.535 + 142.722))|
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)|
|=||(82.417 / 299.461)||/||(63.333 / 246.416)|
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 + 25.186) / 404.045)||/||((0 + 24.534) / 341.926)|
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|
|=||(45.328 - 2.954||-||73.45)||/||404.045|
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.
Proto Labs Inc has a M-score of -2.66 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
Proto Labs Inc Annual Data
Proto Labs Inc Quarterly Data