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Beneish M-Score -0.66 higher than -2.22, which implies that it might have manipulated its financial results.
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.
Tesla Motors, Inc. has a M-score of -0.66 signals that the company is a manipulator.
During the past 7 years, the highest Beneish M-Score of Tesla Motors, Inc. was -0.37. The lowest was -3.08. And the median was -0.66.
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 Tesla Motors, 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 * 0.3755||+||0.528 * 0.3211||+||0.404 * 0.5111||+||0.892 * 4.8723||+||0.115 * 0.564|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3898||+||4.679 * -0.1467||-||0.327 * 0.6179|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $49 Mil.|
Revenue was 615.219 + 431.346 + 405.139 + 561.792 = $2,013 Mil.
Gross Profit was 156.589 + 102.868 + 100.483 + 96.32 = $456 Mil.
Total Current Assets was $1,266 Mil.
Total Assets was $2,417 Mil.
Property, Plant and Equipment(Net PPE) was $1,121 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $675 Mil.
Long-Term Debt was $599 Mil.
Net Income was -16.264 + -38.496 + -30.502 + 11.248 = $-74 Mil.
Non Operating Income was 4.584 + -0.74 + 1.668 + 17.091 = $23 Mil.
Cash Flow from Operations was 129.762 + 102.346 + -38.193 + 64.079 = $258 Mil.
|Accounts Receivable was $27 Mil.
Revenue was 306.332 + 50.104 + 26.653 + 30.167 = $413 Mil.
Gross Profit was 23.857 + -8.761 + 4.762 + 10.21 = $30 Mil.
Total Current Assets was $525 Mil.
Total Assets was $1,114 Mil.
Property, Plant and Equipment(Net PPE) was $562 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $539 Mil.
Long-Term Debt was $411 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)|
|=||(49.109 / 2013.496)||/||(26.842 / 413.256)|
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)|
|=||(102.868 / 413.256)||/||(156.589 / 2013.496)|
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 - (1265.939 + 1120.919) / 2416.93)||/||(1 - (524.768 + 562.3) / 1114.19)|
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))|
|=||(28.825 / (28.825 + 562.3))||/||(106.083 / (106.083 + 1120.919))|
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)|
|=||(285.568 / 2013.496)||/||(150.371 / 413.256)|
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)|
|=||((598.974 + 675.16) / 2416.93)||/||((411.46 + 539.108) / 1114.19)|
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|
|=||(-74.014 - 22.603||-||257.994)||/||2416.93|
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.
Tesla Motors, Inc. has a M-score of -0.66 signals that the company is likely to 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
Tesla Motors, Inc. Annual Data
Tesla Motors, Inc. Quarterly Data