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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.
TIBCO Software Inc has a M-score of -2.53 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of TIBCO Software Inc was -1.14. The lowest was -3.97. And the median was -2.66.
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 * 1.0736||+||0.528 * 1.0069||+||0.404 * 1.1869||+||0.892 * 1.0544||+||0.115 * 1.0013|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0031||+||4.679 * -0.0545||-||0.327 * 0.9684|
|This Year (May14) TTM:||Last Year (May13) TTM:|
|Accounts Receivable was $212 Mil.|
Revenue was 252.299 + 252.879 + 315.455 + 270.859 = $1,091 Mil.
Gross Profit was 172.842 + 175.347 + 233.591 + 192.886 = $775 Mil.
Total Current Assets was $894 Mil.
Total Assets was $2,007 Mil.
Property, Plant and Equipment(Net PPE) was $108 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General & Admin. Expense(SGA) was $423 Mil.
Total Current Liabilities was $417 Mil.
Long-Term Debt was $548 Mil.
Net Income was 1.552 + 12.15 + 44.549 + 21.251 = $80 Mil.
Non Operating Income was -0.684 + -0.323 + 0.841 + 0.153 = $-0 Mil.
Cash Flow from Operations was 18.049 + 52.869 + 59.617 + 58.326 = $189 Mil.
|Accounts Receivable was $188 Mil.
Revenue was 245.846 + 237.79 + 296.527 + 255.021 = $1,035 Mil.
Gross Profit was 171.875 + 164.153 + 220.938 + 182.772 = $740 Mil.
Total Current Assets was $979 Mil.
Total Assets was $1,859 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General & Admin. Expense(SGA) was $400 Mil.
Total Current Liabilities was $391 Mil.
Long-Term Debt was $532 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)|
|=||(212.489 / 1091.492)||/||(187.703 / 1035.184)|
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)|
|=||(175.347 / 1035.184)||/||(172.842 / 1091.492)|
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 - (893.512 + 107.904) / 2006.595)||/||(1 - (978.665 + 95.959) / 1859.365)|
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))|
|=||(51.285 / (51.285 + 95.959))||/||(57.558 / (57.558 + 107.904))|
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)|
|=||(423.467 / 1091.492)||/||(400.388 / 1035.184)|
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)|
|=||((548.123 + 417.021) / 2006.595)||/||((532.139 + 391.348) / 1859.365)|
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|
|=||(79.502 - -0.013||-||188.861)||/||2006.595|
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 -2.53 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