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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.
Speedway Motorsports Inc has a M-score of -2.49 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Speedway Motorsports Inc was -1.44. The lowest was -3.37. And the median was -2.54.
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 Speedway Motorsports 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 * 0.9857||+||0.528 * 1.0128||+||0.404 * 1.01||+||0.892 * 0.9892||+||0.115 * 0.9552|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0587||+||4.679 * -0.0055||-||0.327 * 0.8717|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $57.3 Mil.|
Revenue was 175.877 + 84.542 + 82.164 + 137.5 = $480.1 Mil.
Gross Profit was 87.776 + 43.896 + 42.154 + 61.3 = $235.1 Mil.
Total Current Assets was $203.6 Mil.
Total Assets was $1,774.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,093.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.1 Mil.
Selling, General & Admin. Expense(SGA) was $94.3 Mil.
Total Current Liabilities was $130.1 Mil.
Long-Term Debt was $412.0 Mil.
Net Income was 27.199 + 1.867 + 50.427 + 12.294 = $91.8 Mil.
Non Operating Income was 1.097 + 1.261 + -0.087 + 0.037 = $2.3 Mil.
Cash Flow from Operations was 56.946 + 3.524 + 11.671 + 27.137 = $99.3 Mil.
|Accounts Receivable was $58.7 Mil.
Revenue was 176.763 + 84.222 + 82.079 + 142.256 = $485.3 Mil.
Gross Profit was 89.306 + 44.746 + 42.281 + 64.398 = $240.7 Mil.
Total Current Assets was $193.1 Mil.
Total Assets was $1,798.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,126.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.1 Mil.
Selling, General & Admin. Expense(SGA) was $90.1 Mil.
Total Current Liabilities was $136.2 Mil.
Long-Term Debt was $494.2 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)|
|=||(57.25 / 480.083)||/||(58.716 / 485.32)|
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)|
|=||(43.896 / 485.32)||/||(87.776 / 480.083)|
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 - (203.605 + 1093.077) / 1774.264)||/||(1 - (193.13 + 1126.139) / 1798.643)|
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))|
|=||(55.053 / (55.053 + 1126.139))||/||(56.073 / (56.073 + 1093.077))|
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)|
|=||(94.328 / 480.083)||/||(90.074 / 485.32)|
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)|
|=||((412.019 + 130.085) / 1774.264)||/||((494.24 + 136.186) / 1798.643)|
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|
|=||(91.787 - 2.308||-||99.278)||/||1774.264|
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.
Speedway Motorsports Inc has a M-score of -2.49 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
Speedway Motorsports Inc Annual Data
Speedway Motorsports Inc Quarterly Data