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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.
Proto Labs Inc has a M-score of -2.43 suggests that the company is not a manipulator.
During the past 6 years, the highest Beneish M-Score of Proto Labs Inc was -2.43. The lowest was -10000000.00. And the median was -5000001.21.
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 * 1.0292||+||0.528 * 1.0177||+||0.404 * 1.0903||+||0.892 * 1.2849||+||0.115 * 1.0968|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0353||+||4.679 * -0.0542||-||0.327 * 1.0871|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $24.2 Mil.|
Revenue was 56.069 + 54.574 + 52.866 + 46.074 = $209.6 Mil.
Gross Profit was 33.612 + 33.082 + 32.683 + 29.024 = $128.4 Mil.
Total Current Assets was $108.3 Mil.
Total Assets was $287.5 Mil.
Property, Plant and Equipment(Net PPE) was $91.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.1 Mil.
Selling, General & Admin. Expense(SGA) was $51.3 Mil.
Total Current Liabilities was $18.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 10.193 + 10.384 + 10.956 + 10.102 = $41.6 Mil.
Non Operating Income was 0.022 + -0.056 + -0.066 + 0.103 = $0.0 Mil.
Cash Flow from Operations was 17.206 + 13.987 + 10.751 + 15.266 = $57.2 Mil.
|Accounts Receivable was $18.3 Mil.
Revenue was 44.042 + 42.008 + 39.749 + 37.313 = $163.1 Mil.
Gross Profit was 27.615 + 25.955 + 24.853 + 23.279 = $101.7 Mil.
Total Current Assets was $109.8 Mil.
Total Assets was $230.2 Mil.
Property, Plant and Equipment(Net PPE) was $56.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.6 Mil.
Selling, General & Admin. Expense(SGA) was $38.5 Mil.
Total Current Liabilities was $13.7 Mil.
Long-Term Debt was $0.2 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)|
|=||(24.226 / 209.583)||/||(18.32 / 163.112)|
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)|
|=||(33.082 / 163.112)||/||(33.612 / 209.583)|
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 - (108.344 + 91.626) / 287.514)||/||(1 - (109.795 + 56.101) / 230.175)|
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))|
|=||(7.569 / (7.569 + 56.101))||/||(11.138 / (11.138 + 91.626))|
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)|
|=||(51.266 / 209.583)||/||(38.54 / 163.112)|
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)|
|=||((0.01 + 18.759) / 287.514)||/||((0.159 + 13.663) / 230.175)|
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|
|=||(41.635 - 0.003||-||57.21)||/||287.514|
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 -2.43 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