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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 -2.25 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Proto Labs Inc was -1.86. The lowest was -10000000.00. And the median was -2.39.
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 * 1.0922||+||0.528 * 1.0052||+||0.404 * 1.2178||+||0.892 * 1.2939||+||0.115 * 1.2167|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0018||+||4.679 * -0.0455||-||0.327 * 1.058|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $25.5 Mil.|
Revenue was 54.574 + 52.866 + 46.074 + 44.042 = $197.6 Mil.
Gross Profit was 33.082 + 32.683 + 29.024 + 27.615 = $122.4 Mil.
Total Current Assets was $97.6 Mil.
Total Assets was $279.4 Mil.
Property, Plant and Equipment(Net PPE) was $88.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.7 Mil.
Selling, General & Admin. Expense(SGA) was $47.3 Mil.
Total Current Liabilities was $20.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 10.384 + 10.956 + 10.102 + 9.507 = $40.9 Mil.
Non Operating Income was -0.056 + -0.066 + 0.103 + 0.13 = $0.1 Mil.
Cash Flow from Operations was 13.987 + 10.751 + 15.266 + 13.541 = $53.5 Mil.
|Accounts Receivable was $18.0 Mil.
Revenue was 42.008 + 39.749 + 37.313 + 33.616 = $152.7 Mil.
Gross Profit was 25.955 + 24.853 + 23.279 + 21.005 = $95.1 Mil.
Total Current Assets was $104.3 Mil.
Total Assets was $216.4 Mil.
Property, Plant and Equipment(Net PPE) was $52.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.2 Mil.
Selling, General & Admin. Expense(SGA) was $36.5 Mil.
Total Current Liabilities was $14.5 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)|
|=||(25.46 / 197.556)||/||(18.016 / 152.686)|
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)|
|=||(32.683 / 152.686)||/||(33.082 / 197.556)|
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 - (97.598 + 87.962) / 279.426)||/||(1 - (104.313 + 52.378) / 216.379)|
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))|
|=||(7.228 / (7.228 + 52.378))||/||(9.737 / (9.737 + 87.962))|
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)|
|=||(47.282 / 197.556)||/||(36.478 / 152.686)|
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)|
|=||((0.042 + 20.095) / 279.426)||/||((0.206 + 14.532) / 216.379)|
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|
|=||(40.949 - 0.111||-||53.545)||/||279.426|
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 -2.25 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