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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 -2.60 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Proto Labs Inc was -1.62. The lowest was -10000000.00. And the median was -2.40.
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 * 0.8221||+||0.528 * 0.98||+||0.404 * 1.118||+||0.892 * 1.289||+||0.115 * 1.1269|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9532||+||4.679 * -0.0644||-||0.327 * 0.91|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $21.9 Mil.|
Revenue was 46.074 + 44.042 + 42.008 + 39.749 = $171.9 Mil.
Gross Profit was 29.024 + 27.615 + 25.955 + 24.853 = $107.4 Mil.
Total Current Assets was $110.7 Mil.
Total Assets was $246.2 Mil.
Property, Plant and Equipment(Net PPE) was $64.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.9 Mil.
Selling, General & Admin. Expense(SGA) was $40.4 Mil.
Total Current Liabilities was $16.8 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was 10.102 + 9.507 + 8.872 + 8.611 = $37.1 Mil.
Non Operating Income was 0.103 + 0.13 + 0.031 + 0.116 = $0.4 Mil.
Cash Flow from Operations was 15.266 + 13.541 + 15.452 + 8.303 = $52.6 Mil.
|Accounts Receivable was $20.7 Mil.
Revenue was 37.313 + 33.616 + 32.454 + 29.951 = $133.3 Mil.
Gross Profit was 23.279 + 21.005 + 19.694 + 17.712 = $81.7 Mil.
Total Current Assets was $94.2 Mil.
Total Assets was $189.0 Mil.
Property, Plant and Equipment(Net PPE) was $45.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.5 Mil.
Selling, General & Admin. Expense(SGA) was $32.9 Mil.
Total Current Liabilities was $14.0 Mil.
Long-Term Debt was $0.3 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)|
|=||(21.905 / 171.873)||/||(20.671 / 133.334)|
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)|
|=||(27.615 / 133.334)||/||(29.024 / 171.873)|
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 - (110.674 + 63.963) / 246.201)||/||(1 - (94.232 + 45.629) / 189)|
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))|
|=||(6.486 / (6.486 + 45.629))||/||(7.941 / (7.941 + 63.963))|
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)|
|=||(40.403 / 171.873)||/||(32.883 / 133.334)|
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)|
|=||((0.106 + 16.841) / 246.201)||/||((0.287 + 14.01) / 189)|
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|
|=||(37.092 - 0.38||-||52.562)||/||246.201|
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 -2.60 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