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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 8 years, the highest Beneish M-Score of Proto Labs Inc was -2.31. 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 * 0.8354||+||0.528 * 1.0438||+||0.404 * 1.0451||+||0.892 * 1.1285||+||0.115 * 0.9083|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0646||+||4.679 * -0.0838||-||0.327 * 0.7775|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $34.1 Mil.|
Revenue was 72.353 + 78.173 + 74.961 + 72.568 = $298.1 Mil.
Gross Profit was 40.312 + 44.725 + 42.246 + 39.654 = $166.9 Mil.
Total Current Assets was $157.8 Mil.
Total Assets was $414.2 Mil.
Property, Plant and Equipment(Net PPE) was $139.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.5 Mil.
Selling, General & Admin. Expense(SGA) was $82.8 Mil.
Total Current Liabilities was $23.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 9.372 + 11.982 + 10.691 + 10.662 = $42.7 Mil.
Non Operating Income was 0.112 + 0.625 + 1.092 + 0.625 = $2.5 Mil.
Cash Flow from Operations was 18.79 + 19.615 + 19.618 + 16.944 = $75.0 Mil.
|Accounts Receivable was $36.1 Mil.
Revenue was 73.759 + 67.842 + 63.969 + 58.536 = $264.1 Mil.
Gross Profit was 41.274 + 40.325 + 37.55 + 35.254 = $154.4 Mil.
Total Current Assets was $138.0 Mil.
Total Assets was $361.0 Mil.
Property, Plant and Equipment(Net PPE) was $125.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.1 Mil.
Selling, General & Admin. Expense(SGA) was $68.9 Mil.
Total Current Liabilities was $26.3 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)|
|=||(34.06 / 298.055)||/||(36.125 / 264.106)|
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)|
|=||(154.403 / 264.106)||/||(166.937 / 298.055)|
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 - (157.784 + 139.474) / 414.241)||/||(1 - (138.002 + 125.475) / 361.036)|
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))|
|=||(14.126 / (14.126 + 125.475))||/||(17.485 / (17.485 + 139.474))|
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)|
|=||(82.782 / 298.055)||/||(68.904 / 264.106)|
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 + 23.427) / 414.241)||/||((0 + 26.262) / 361.036)|
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|
|=||(42.707 - 2.454||-||74.967)||/||414.241|
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 -2.82 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