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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 * 0.9429||+||0.528 * 1.0581||+||0.404 * 0.9516||+||0.892 * 1.2401||+||0.115 * 1.177|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0903||+||4.679 * -0.0631||-||0.327 * 0.9087|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $34.5 Mil.|
Revenue was 74.961 + 72.568 + 73.759 + 67.842 = $289.1 Mil.
Gross Profit was 42.246 + 39.654 + 41.274 + 40.325 = $163.5 Mil.
Total Current Assets was $148.4 Mil.
Total Assets was $388.0 Mil.
Property, Plant and Equipment(Net PPE) was $138.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General & Admin. Expense(SGA) was $78.8 Mil.
Total Current Liabilities was $23.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 10.691 + 10.662 + 11.993 + 12.382 = $45.7 Mil.
Non Operating Income was 1.092 + 0.625 + 0.612 + 0.593 = $2.9 Mil.
Cash Flow from Operations was 19.618 + 16.944 + 17.273 + 13.451 = $67.3 Mil.
|Accounts Receivable was $29.5 Mil.
Revenue was 63.969 + 58.536 + 56.069 + 54.574 = $233.1 Mil.
Gross Profit was 37.55 + 35.254 + 33.612 + 33.082 = $139.5 Mil.
Total Current Assets was $131.2 Mil.
Total Assets was $319.4 Mil.
Property, Plant and Equipment(Net PPE) was $100.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.4 Mil.
Selling, General & Admin. Expense(SGA) was $58.3 Mil.
Total Current Liabilities was $21.4 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)|
|=||(34.486 / 289.13)||/||(29.493 / 233.148)|
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)|
|=||(139.498 / 233.148)||/||(163.499 / 289.13)|
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 - (148.407 + 138.685) / 388.023)||/||(1 - (131.165 + 100.921) / 319.391)|
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))|
|=||(13.395 / (13.395 + 100.921))||/||(15.333 / (15.333 + 138.685))|
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)|
|=||(78.771 / 289.13)||/||(58.256 / 233.148)|
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 + 23.679) / 388.023)||/||((0 + 21.448) / 319.391)|
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|
|=||(45.728 - 2.922||-||67.286)||/||388.023|
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 -2.57 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