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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 -2.54 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Speedway Motorsports Inc was -2.10. The lowest was -3.26. 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 * 0.9697||+||0.528 * 1.0194||+||0.404 * 0.888||+||0.892 * 0.9806||+||0.115 * 0.9771|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0341||+||4.679 * 0.0042||-||0.327 * 0.9604|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $34.6 Mil.|
Revenue was 82.164 + 137.5 + 176.763 + 84.222 = $480.6 Mil.
Gross Profit was 42.154 + 61.3 + 89.306 + 44.746 = $237.5 Mil.
Total Current Assets was $202.2 Mil.
Total Assets was $1,786.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,105.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.7 Mil.
Selling, General & Admin. Expense(SGA) was $91.7 Mil.
Total Current Liabilities was $111.0 Mil.
Long-Term Debt was $453.1 Mil.
Net Income was 50.427 + 12.294 + -67.811 + -1.368 = $-6.5 Mil.
Non Operating Income was -0.087 + 0.037 + -107.637 + -0.11 = $-107.8 Mil.
Cash Flow from Operations was 11.671 + 27.317 + 33.013 + 21.822 = $93.8 Mil.
|Accounts Receivable was $36.4 Mil.
Revenue was 82.079 + 142.256 + 181.023 + 84.802 = $490.2 Mil.
Gross Profit was 42.281 + 64.398 + 94.217 + 46.004 = $246.9 Mil.
Total Current Assets was $162.0 Mil.
Total Assets was $1,877.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,148.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.5 Mil.
Selling, General & Admin. Expense(SGA) was $90.4 Mil.
Total Current Liabilities was $113.7 Mil.
Long-Term Debt was $503.6 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)|
|=||(34.594 / 480.649)||/||(36.382 / 490.16)|
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)|
|=||(61.3 / 490.16)||/||(42.154 / 480.649)|
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 - (202.208 + 1105.177) / 1786.26)||/||(1 - (162.002 + 1148.418) / 1877.113)|
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))|
|=||(55.499 / (55.499 + 1148.418))||/||(54.725 / (54.725 + 1105.177))|
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)|
|=||(91.676 / 480.649)||/||(90.407 / 490.16)|
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)|
|=||((453.142 + 110.954) / 1786.26)||/||((503.55 + 113.67) / 1877.113)|
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|
|=||(-6.458 - -107.797||-||93.823)||/||1786.26|
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 -2.54 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