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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 13 years, the highest Beneish M-Score of Pixelworks Inc was -2.43. The lowest was -8.37. And the median was -3.41.
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 Pixelworks 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 * 0.9888||+||0.528 * 1.0692||+||0.404 * 1.5544||+||0.892 * 0.8321||+||0.115 * 0.8362|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1079||+||4.679 * -0.2812||-||0.327 * 1.0476|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $3.90 Mil.|
Revenue was 13.656 + 12.58 + 11.167 + 13.477 = $50.88 Mil.
Gross Profit was 6.557 + 6.415 + 3.592 + 6.814 = $23.38 Mil.
Total Current Assets was $24.22 Mil.
Total Assets was $29.25 Mil.
Property, Plant and Equipment(Net PPE) was $4.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.68 Mil.
Selling, General & Admin. Expense(SGA) was $15.69 Mil.
Total Current Liabilities was $9.70 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -1.242 + -1.56 + -8.642 + -3.167 = $-14.61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.45 + -1.535 + -3.477 + -1.825 = $-6.39 Mil.
|Accounts Receivable was $4.73 Mil.
Revenue was 16.57 + 15.078 + 14.392 + 15.105 = $61.15 Mil.
Gross Profit was 8.278 + 7.234 + 6.967 + 7.559 = $30.04 Mil.
Total Current Assets was $38.27 Mil.
Total Assets was $45.88 Mil.
Property, Plant and Equipment(Net PPE) was $6.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.32 Mil.
Selling, General & Admin. Expense(SGA) was $17.02 Mil.
Total Current Liabilities was $14.52 Mil.
Long-Term Debt was $0.00 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)|
|=||(3.895 / 50.88)||/||(4.734 / 61.145)|
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)|
|=||(30.038 / 61.145)||/||(23.378 / 50.88)|
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 - (24.22 + 4.269) / 29.248)||/||(1 - (38.265 + 6.852) / 45.883)|
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))|
|=||(4.324 / (4.324 + 6.852))||/||(3.676 / (3.676 + 4.269))|
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)|
|=||(15.692 / 50.88)||/||(17.022 / 61.145)|
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 + 9.696) / 29.248)||/||((0 + 14.519) / 45.883)|
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|
|=||(-14.611 - 0||-||-6.387)||/||29.248|
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.
Pixelworks Inc has a M-score of -3.75 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
Pixelworks Inc Annual Data
Pixelworks Inc Quarterly Data