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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 1.68. The lowest was -3.83. And the median was -2.61.
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 * 1.0511||+||0.528 * 1.0226||+||0.404 * 1.3636||+||0.892 * 1.3555||+||0.115 * 0.99|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1441||+||4.679 * -0.0023||-||0.327 * 1.6874|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $39.5 Mil.|
Revenue was 82.077 + 71.882 + 58.756 + 55.53 = $268.2 Mil.
Gross Profit was 49.77 + 46.565 + 37.299 + 36.902 = $170.5 Mil.
Total Current Assets was $177.2 Mil.
Total Assets was $278.2 Mil.
Property, Plant and Equipment(Net PPE) was $24.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General & Admin. Expense(SGA) was $107.6 Mil.
Total Current Liabilities was $78.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 6.341 + 3.843 + 3.65 + 3.463 = $17.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -4.034 + 11.623 + 3.243 + 7.093 = $17.9 Mil.
|Accounts Receivable was $27.7 Mil.
Revenue was 56.041 + 50.376 + 46.713 + 44.762 = $197.9 Mil.
Gross Profit was 36.988 + 31.068 + 30.723 + 29.868 = $128.6 Mil.
Total Current Assets was $161.4 Mil.
Total Assets was $229.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $69.4 Mil.
Total Current Liabilities was $38.1 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)|
|=||(39.466 / 268.245)||/||(27.701 / 197.892)|
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)|
|=||(128.647 / 197.892)||/||(170.536 / 268.245)|
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 - (177.231 + 24.004) / 278.163)||/||(1 - (161.409 + 21.848) / 229.881)|
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))|
|=||(3.291 / (3.291 + 21.848))||/||(3.658 / (3.658 + 24.004))|
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)|
|=||(107.583 / 268.245)||/||(69.373 / 197.892)|
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 + 78.039) / 278.163)||/||((0.081 + 38.14) / 229.881)|
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|
|=||(17.297 - 0||-||17.925)||/||278.163|
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 -2.22 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