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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 * 1.0169||+||0.528 * 1.062||+||0.404 * 0.9178||+||0.892 * 1.2526||+||0.115 * 1.1652|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0549||+||4.679 * -0.0404||-||0.327 * 0.8612|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $36.2 Mil.|
Revenue was 72.568 + 73.759 + 67.842 + 63.969 = $278.1 Mil.
Gross Profit was 39.654 + 41.274 + 40.325 + 37.55 = $158.8 Mil.
Total Current Assets was $144.1 Mil.
Total Assets was $374.8 Mil.
Property, Plant and Equipment(Net PPE) was $130.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.5 Mil.
Selling, General & Admin. Expense(SGA) was $73.0 Mil.
Total Current Liabilities was $23.9 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 10.662 + 11.993 + 12.382 + 11.686 = $46.7 Mil.
Non Operating Income was 0.625 + 0.612 + 0.593 + -0.036 = $1.8 Mil.
Cash Flow from Operations was 16.944 + 17.273 + 13.451 + 12.416 = $60.1 Mil.
|Accounts Receivable was $28.4 Mil.
Revenue was 58.536 + 56.069 + 54.574 + 52.866 = $222.0 Mil.
Gross Profit was 35.254 + 33.612 + 33.082 + 32.683 = $134.6 Mil.
Total Current Assets was $121.2 Mil.
Total Assets was $303.9 Mil.
Property, Plant and Equipment(Net PPE) was $94.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.4 Mil.
Selling, General & Admin. Expense(SGA) was $55.2 Mil.
Total Current Liabilities was $22.5 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)|
|=||(36.152 / 278.138)||/||(28.382 / 222.045)|
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)|
|=||(134.631 / 222.045)||/||(158.803 / 278.138)|
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 - (144.148 + 130.341) / 374.835)||/||(1 - (121.212 + 94.028) / 303.872)|
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))|
|=||(12.431 / (12.431 + 94.028))||/||(14.516 / (14.516 + 130.341))|
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)|
|=||(72.998 / 278.138)||/||(55.245 / 222.045)|
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 + 23.936) / 374.835)||/||((0 + 22.532) / 303.872)|
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|
|=||(46.723 - 1.794||-||60.084)||/||374.835|
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 -2.37 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