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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 -2.54 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Proto Labs Inc was -1.61. The lowest was -10000000.00. And the median was -2.47.
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 * 0.9472||+||0.528 * 0.9959||+||0.404 * 1.2503||+||0.892 * 1.2924||+||0.115 * 1.4124|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9803||+||4.679 * -0.0595||-||0.327 * 1.4375|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $27.2 Mil.|
Revenue was 52.866 + 46.074 + 44.042 + 42.008 = $185.0 Mil.
Gross Profit was 32.683 + 29.024 + 27.615 + 25.955 = $115.3 Mil.
Total Current Assets was $86.7 Mil.
Total Assets was $265.0 Mil.
Property, Plant and Equipment(Net PPE) was $87.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.7 Mil.
Selling, General & Admin. Expense(SGA) was $43.7 Mil.
Total Current Liabilities was $21.3 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was 10.956 + 10.102 + 9.507 + 8.872 = $39.4 Mil.
Non Operating Income was -0.066 + 0.103 + 0.13 + 0.031 = $0.2 Mil.
Cash Flow from Operations was 10.751 + 15.266 + 13.541 + 15.452 = $55.0 Mil.
|Accounts Receivable was $22.2 Mil.
Revenue was 39.749 + 37.313 + 33.616 + 32.454 = $143.1 Mil.
Gross Profit was 24.853 + 23.279 + 21.005 + 19.694 = $88.8 Mil.
Total Current Assets was $96.6 Mil.
Total Assets was $198.2 Mil.
Property, Plant and Equipment(Net PPE) was $47.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.9 Mil.
Selling, General & Admin. Expense(SGA) was $34.5 Mil.
Total Current Liabilities was $10.9 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)|
|=||(27.238 / 184.99)||/||(22.249 / 143.132)|
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)|
|=||(29.024 / 143.132)||/||(32.683 / 184.99)|
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 - (86.696 + 87.313) / 264.957)||/||(1 - (96.641 + 47.144) / 198.2)|
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))|
|=||(6.894 / (6.894 + 47.144))||/||(8.67 / (8.67 + 87.313))|
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)|
|=||(43.725 / 184.99)||/||(34.511 / 143.132)|
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)|
|=||((0.077 + 21.308) / 264.957)||/||((0.241 + 10.887) / 198.2)|
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|
|=||(39.437 - 0.198||-||55.01)||/||264.957|
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 -2.54 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