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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 Taser International Inc was 5.77. The lowest was -3.83. And the median was -2.50.
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 Taser International 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 * 1.1109||+||0.528 * 0.9677||+||0.404 * 0.967||+||0.892 * 1.2141||+||0.115 * 1.0973|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9145||+||4.679 * -0.0717||-||0.327 * 0.8962|
* 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 $27.1 Mil.|
Revenue was 44.349 + 37.175 + 36.185 + 40.025 = $157.7 Mil.
Gross Profit was 28.713 + 23.214 + 22.208 + 25.554 = $99.7 Mil.
Total Current Assets was $123.2 Mil.
Total Assets was $164.1 Mil.
Property, Plant and Equipment(Net PPE) was $17.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $51.7 Mil.
Total Current Liabilities was $23.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 7.558 + 3.884 + 3.391 + 5.375 = $20.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 16.676 + 1.652 + 4.31 + 9.339 = $32.0 Mil.
|Accounts Receivable was $20.1 Mil.
Revenue was 35.197 + 32.175 + 30.434 + 32.116 = $129.9 Mil.
Gross Profit was 22.096 + 19.742 + 18.451 + 19.168 = $79.5 Mil.
Total Current Assets was $90.5 Mil.
Total Assets was $128.5 Mil.
Property, Plant and Equipment(Net PPE) was $19.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.4 Mil.
Selling, General & Admin. Expense(SGA) was $46.6 Mil.
Total Current Liabilities was $20.7 Mil.
Long-Term Debt was $0.1 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)|
|=||(27.099 / 157.734)||/||(20.093 / 129.922)|
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)|
|=||(23.214 / 129.922)||/||(28.713 / 157.734)|
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 - (123.199 + 17.848) / 164.14)||/||(1 - (90.45 + 19.347) / 128.492)|
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))|
|=||(5.441 / (5.441 + 19.347))||/||(4.463 / (4.463 + 17.848))|
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)|
|=||(51.714 / 157.734)||/||(46.576 / 129.922)|
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)|
|=||((0.039 + 23.776) / 164.14)||/||((0.076 + 20.725) / 128.492)|
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|
|=||(20.208 - 0||-||31.977)||/||164.14|
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.
Taser International Inc has a M-score of -2.49 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
Taser International Inc Annual Data
Taser International Inc Quarterly Data