THR has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
Thermon Group Holdings Inc has a M-score of -2.76 suggests that the company is not a manipulator.
During the past 4 years, the highest Beneish M-Score of Thermon Group Holdings Inc was -2.58. The lowest was -2.76. And the median was -2.76.
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 Thermon Group Holdings 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 * 0.8811||+||0.528 * 1.0056||+||0.404 * 0.9067||+||0.892 * 0.9975||+||0.115 * 0.9832|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0491||+||4.679 * -0.0313||-||0.327 * 0.9345|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $55.9 Mil.|
Revenue was 71.465 + 72.783 + 65.6 + 71.667 = $281.5 Mil.
Gross Profit was 36.056 + 35.355 + 31.014 + 31.903 = $134.3 Mil.
Total Current Assets was $172.4 Mil.
Total Assets was $444.6 Mil.
Property, Plant and Equipment(Net PPE) was $31.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.2 Mil.
Selling, General & Admin. Expense(SGA) was $67.0 Mil.
Total Current Liabilities was $47.0 Mil.
Long-Term Debt was $111.4 Mil.
Net Income was 12.583 + 10.572 + -6.938 + 5.649 = $21.9 Mil.
Non Operating Income was -0.118 + -0.262 + -15.455 + -0.188 = $-16.0 Mil.
Cash Flow from Operations was 19.512 + 10.891 + 6.161 + 15.226 = $51.8 Mil.
|Accounts Receivable was $63.6 Mil.
Revenue was 76.83 + 67.849 + 67.69 + 69.84 = $282.2 Mil.
Gross Profit was 34.951 + 32.639 + 33.339 + 34.484 = $135.4 Mil.
Total Current Assets was $143.5 Mil.
Total Assets was $433.4 Mil.
Property, Plant and Equipment(Net PPE) was $31.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.7 Mil.
Selling, General & Admin. Expense(SGA) was $64.1 Mil.
Total Current Liabilities was $47.1 Mil.
Long-Term Debt was $118.1 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)|
|=||(55.937 / 281.515)||/||(63.643 / 282.209)|
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)|
|=||(35.355 / 282.209)||/||(36.056 / 281.515)|
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 - (172.385 + 31.465) / 444.646)||/||(1 - (143.45 + 31.097) / 433.421)|
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))|
|=||(13.654 / (13.654 + 31.097))||/||(14.158 / (14.158 + 31.465))|
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)|
|=||(67.049 / 281.515)||/||(64.071 / 282.209)|
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)|
|=||((111.375 + 47.046) / 444.646)||/||((118.145 + 47.101) / 433.421)|
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|
|=||(21.866 - -16.023||-||51.79)||/||444.646|
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.
Thermon Group Holdings Inc has a M-score of -2.76 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
Thermon Group Holdings Inc Annual Data
Thermon Group Holdings Inc Quarterly Data