TRK 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.
During the past 13 years, the highest Beneish M-Score of Speedway Motorsports Inc was -1.44. The lowest was -3.13. And the median was -2.62.
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 * 0.9605||+||0.528 * 1.0761||+||0.404 * 1.0116||+||0.892 * 1.0497||+||0.115 * 1.4302|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9883||+||4.679 * -0.0628||-||0.327 * 0.8869|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $38.9 Mil.|
Revenue was 170.661 + 175.688 + 83.176 + 87.745 = $517.3 Mil.
Gross Profit was 64.002 + 83.525 + 42.229 + 42.207 = $232.0 Mil.
Total Current Assets was $139.0 Mil.
Total Assets was $1,526.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,012.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.9 Mil.
Selling, General & Admin. Expense(SGA) was $101.6 Mil.
Total Current Liabilities was $110.2 Mil.
Long-Term Debt was $261.5 Mil.
Net Income was 13.666 + 24.747 + 0.861 + -3.338 = $35.9 Mil.
Non Operating Income was 0.941 + 0.013 + -0.068 + -0.446 = $0.4 Mil.
Cash Flow from Operations was 30.92 + 51.351 + 25.641 + 23.496 = $131.4 Mil.
|Accounts Receivable was $38.6 Mil.
Revenue was 144.123 + 179.321 + 85.274 + 84.053 = $492.8 Mil.
Gross Profit was 64.318 + 88.465 + 43.947 + 41.07 = $237.8 Mil.
Total Current Assets was $147.7 Mil.
Total Assets was $1,550.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,025.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $83.0 Mil.
Selling, General & Admin. Expense(SGA) was $98.0 Mil.
Total Current Liabilities was $101.9 Mil.
Long-Term Debt was $323.7 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)|
|=||(38.899 / 517.27)||/||(38.582 / 492.771)|
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)|
|=||(237.8 / 492.771)||/||(231.963 / 517.27)|
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 - (138.95 + 1012.23) / 1526.801)||/||(1 - (147.685 + 1025.671) / 1550.434)|
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))|
|=||(82.989 / (82.989 + 1025.671))||/||(55.907 / (55.907 + 1012.23))|
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)|
|=||(101.624 / 517.27)||/||(97.953 / 492.771)|
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)|
|=||((261.549 + 110.21) / 1526.801)||/||((323.707 + 101.936) / 1550.434)|
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|
|=||(35.936 - 0.44||-||131.408)||/||1526.801|
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 -2.63 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