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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.
Tesla Motors Inc has a M-score of -3.15 suggests that the company is not a manipulator.
During the past 7 years, the highest Beneish M-Score of Tesla Motors Inc was 5.66. The lowest was -4.22. And the median was -2.52.
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 * 0.4621||+||0.528 * 0.6216||+||0.404 * 0.5464||+||0.892 * 1.8411||+||0.115 * 0.8046|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.225||+||4.679 * -0.0914||-||0.327 * 1.1669|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $97 Mil.|
Revenue was 769.349 + 620.542 + 615.219 + 431.346 = $2,436 Mil.
Gross Profit was 212.995 + 155.128 + 156.589 + 102.868 = $628 Mil.
Total Current Assets was $3,442 Mil.
Total Assets was $5,054 Mil.
Property, Plant and Equipment(Net PPE) was $1,567 Mil.
Depreciation, Depletion and Amortization(DDA) was $165 Mil.
Selling, General & Admin. Expense(SGA) was $430 Mil.
Total Current Liabilities was $1,576 Mil.
Long-Term Debt was $1,781 Mil.
Net Income was -61.9 + -49.8 + -16.264 + -38.496 = $-166 Mil.
Non Operating Income was -1.226 + 6.718 + 4.584 + -0.74 = $9 Mil.
Cash Flow from Operations was -3.579 + 60.64 + 129.762 + 99.451 = $286 Mil.
|Accounts Receivable was $114 Mil.
Revenue was 405.139 + 561.792 + 306.332 + 50.104 = $1,323 Mil.
Gross Profit was 100.483 + 96.32 + 23.857 + -8.761 = $212 Mil.
Total Current Assets was $1,130 Mil.
Total Assets was $1,888 Mil.
Property, Plant and Equipment(Net PPE) was $727 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General & Admin. Expense(SGA) was $191 Mil.
Total Current Liabilities was $487 Mil.
Long-Term Debt was $588 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)|
|=||(96.607 / 2436.456)||/||(113.544 / 1323.367)|
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)|
|=||(155.128 / 1323.367)||/||(212.995 / 2436.456)|
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 - (3441.694 + 1567.048) / 5054.463)||/||(1 - (1129.542 + 727.047) / 1887.844)|
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))|
|=||(60.362 / (60.362 + 727.047))||/||(165.018 / (165.018 + 1567.048))|
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)|
|=||(430.142 / 2436.456)||/||(190.714 / 1323.367)|
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)|
|=||((1781.123 + 1575.85) / 5054.463)||/||((587.989 + 486.545) / 1887.844)|
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|
|=||(-166.46 - 9.336||-||286.274)||/||5054.463|
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 -3.15 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
Tesla Motors Inc Annual Data
Tesla Motors Inc Quarterly Data