TIBX 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.
TIBCO Software, Inc. has a M-score of -2.52 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of TIBCO Software, Inc. was -1.42. The lowest was -3.97. And the median was -2.56.
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 TIBCO Software, 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 * 1.1704||+||0.528 * 1.0096||+||0.404 * 1.0355||+||0.892 * 1.0466||+||0.115 * 0.9881|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0136||+||4.679 * -0.0548||-||0.327 * 0.9775|
|This Year (Feb14) TTM:||Last Year (Feb13) TTM:|
|Accounts Receivable was $206 Mil.|
Revenue was 252.879 + 315.455 + 270.859 + 245.846 = $1,085 Mil.
Gross Profit was 175.347 + 233.591 + 192.886 + 171.875 = $774 Mil.
Total Current Assets was $1,059 Mil.
Total Assets was $1,992 Mil.
Property, Plant and Equipment(Net PPE) was $103 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General & Admin. Expense(SGA) was $418 Mil.
Total Current Liabilities was $414 Mil.
Long-Term Debt was $544 Mil.
Net Income was 12.15 + 44.549 + 21.251 + 8.715 = $87 Mil.
Non Operating Income was -0.323 + 0.841 + 0.153 + -0.569 = $0 Mil.
Cash Flow from Operations was 52.869 + 59.617 + 58.326 + 24.854 = $196 Mil.
|Accounts Receivable was $168 Mil.
Revenue was 237.79 + 296.527 + 255.021 + 247.363 = $1,037 Mil.
Gross Profit was 164.153 + 220.938 + 182.772 + 178.476 = $746 Mil.
Total Current Assets was $1,048 Mil.
Total Assets was $1,916 Mil.
Property, Plant and Equipment(Net PPE) was $97 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General & Admin. Expense(SGA) was $394 Mil.
Total Current Liabilities was $415 Mil.
Long-Term Debt was $528 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)|
|=||(205.521 / 1085.039)||/||(167.783 / 1036.701)|
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)|
|=||(233.591 / 1036.701)||/||(175.347 / 1085.039)|
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 - (1058.79 + 102.867) / 1992.324)||/||(1 - (1047.707 + 97.074) / 1916.38)|
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))|
|=||(51.476 / (51.476 + 97.074))||/||(55.56 / (55.56 + 102.867))|
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)|
|=||(417.514 / 1085.039)||/||(393.57 / 1036.701)|
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)|
|=||((544.054 + 414.297) / 1992.324)||/||((528.285 + 414.75) / 1916.38)|
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|
|=||(86.665 - 0.102||-||195.666)||/||1992.324|
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.
TIBCO Software, Inc. has a M-score of -2.52 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
TIBCO Software, Inc. Annual Data
TIBCO Software, Inc. Quarterly Data