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Taser International Inc (NAS:TASR)
Beneish M-Score
-2.67 (As of Today)

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.

Taser International Inc has a M-score of -2.67 suggests that the company is not a manipulator.

TASR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85   Max: 5.77
Current: -2.67

-3.85
5.77

During the past 13 years, the highest Beneish M-Score of Taser International Inc was 5.77. The lowest was -3.85. And the median was -2.65.


Definition

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 * 1.1764+0.528 * 0.9702+0.404 * 1.1775+0.892 * 1.2054+0.115 * 1.2948
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2034+4.679 * -0.1026-0.327 * 1.328
=-2.67

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $29.8 Mil.
Revenue was 55.53 + 56.041 + 50.376 + 46.713 = $208.7 Mil.
Gross Profit was 36.902 + 36.988 + 31.068 + 30.723 = $135.7 Mil.
Total Current Assets was $164.4 Mil.
Total Assets was $237.1 Mil.
Property, Plant and Equipment(Net PPE) was $22.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.6 Mil.
Selling, General & Admin. Expense(SGA) was $80.2 Mil.
Total Current Liabilities was $48.4 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was 3.463 + 5.104 + 1.521 + 6.103 = $16.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 7.093 + 16.131 + 19.345 + -2.039 = $40.5 Mil.
Accounts Receivable was $21.0 Mil.
Revenue was 44.762 + 46.816 + 44.349 + 37.175 = $173.1 Mil.
Gross Profit was 29.868 + 27.413 + 28.713 + 23.214 = $109.2 Mil.
Total Current Assets was $143.2 Mil.
Total Assets was $195.8 Mil.
Property, Plant and Equipment(Net PPE) was $17.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General & Admin. Expense(SGA) was $55.3 Mil.
Total Current Liabilities was $30.1 Mil.
Long-Term Debt was $0.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(29.81 / 208.66) / (21.022 / 173.102)
=0.14286399 / 0.12144285
=1.1764

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(109.208 / 173.102) / (135.681 / 208.66)
=0.63088815 / 0.65024921
=0.9702

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (164.416 + 22.177) / 237.108) / (1 - (143.17 + 17.213) / 195.811)
=0.21304638 / 0.18092957
=1.1775

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=208.66 / 173.102
=1.2054

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))
=(3.772 / (3.772 + 17.213)) / (3.575 / (3.575 + 22.177))
=0.17974744 / 0.13882417
=1.2948

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)
=(80.167 / 208.66) / (55.264 / 173.102)
=0.38419918 / 0.31925685
=1.2034

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)
=((0.064 + 48.403) / 237.108) / ((0.019 + 30.121) / 195.811)
=0.20440896 / 0.15392394
=1.328

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(16.191 - 0 - 40.53) / 237.108
=-0.1026

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 -2.67 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Taser International Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.30780.78071.55830.81591.05570.83991.20551.03431.1450.7493
GMI 0.99251.11490.93151.00961.16531.05510.83820.94751.00910.9494
AQI 0.82080.35980.67441.15381.3161.18410.83941.63920.83391.1323
SGI 1.41981.48740.92171.12290.83381.03561.27461.20111.19371.2028
DEPI 0.82280.94721.0891.03180.50910.7281.0121.07881.07381.5099
SGAI 0.77260.74331.28480.99641.07831.02010.74550.98760.97451.0699
LVGI 2.24090.59240.92971.18180.8811.72531.03510.99771.10440.9631
TATA -0.09650.008-0.0345-0.0731-0.0376-0.2316-0.1013-0.0956-0.0837-0.1153
M-score -2.74-2.24-2.38-2.87-2.57-3.85-2.64-2.47-2.65-2.98

Taser International Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 1.03431.01561.13521.11091.1450.85050.91710.75060.74931.1764
GMI 0.94750.95070.95870.96771.00910.98910.98021.00140.94940.9702
AQI 1.63921.54261.28190.9670.83390.89581.03591.44721.13231.1775
SGI 1.20111.20111.20311.21411.19371.20561.22921.19611.20281.2054
DEPI 1.07891.091.17131.09731.07381.16521.25971.41871.50991.2948
SGAI 0.99440.99020.99370.91640.97880.92710.88811.00241.06361.2034
LVGI 0.99771.03380.77150.89621.10441.03631.09641.06880.96311.328
TATA -0.0956-0.0842-0.0562-0.0717-0.0837-0.1042-0.0683-0.1086-0.1153-0.1026
M-score -2.48-2.49-2.25-2.49-2.65-2.95-2.65-2.84-2.98-2.67
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