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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.
During the past 13 years, the highest Beneish M-Score of Tyler Technologies Inc was 48.00. The lowest was -4.79. And the median was -2.69.
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 Tyler Technologies 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 * 0.8929||+||0.528 * 0.9912||+||0.404 * 0.8674||+||0.892 * 1.1817||+||0.115 * 0.9854|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9359||+||4.679 * -0.0638||-||0.327 * 0.8408|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $152.2 Mil.|
Revenue was 146.295 + 134.966 + 127.44 + 128.664 = $537.4 Mil.
Gross Profit was 68.253 + 63.879 + 60.491 + 61.792 = $254.4 Mil.
Total Current Assets was $395.5 Mil.
Total Assets was $646.0 Mil.
Property, Plant and Equipment(Net PPE) was $67.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.8 Mil.
Selling, General & Admin. Expense(SGA) was $114.4 Mil.
Total Current Liabilities was $240.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 18.836 + 17.273 + 15.317 + 17 = $68.4 Mil.
Non Operating Income was 0.185 + 0.181 + -0.167 + 0.047 = $0.2 Mil.
Cash Flow from Operations was 16.908 + -2.095 + 28.306 + 66.303 = $109.4 Mil.
|Accounts Receivable was $144.2 Mil.
Revenue was 124.371 + 112.626 + 110.735 + 107.021 = $454.8 Mil.
Gross Profit was 58.558 + 52.53 + 52.767 + 49.549 = $213.4 Mil.
Total Current Assets was $261.0 Mil.
Total Assets was $486.8 Mil.
Property, Plant and Equipment(Net PPE) was $67.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.4 Mil.
Selling, General & Admin. Expense(SGA) was $103.5 Mil.
Total Current Liabilities was $215.8 Mil.
Long-Term Debt was $0.0 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)|
|=||(152.178 / 537.365)||/||(144.234 / 454.753)|
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)|
|=||(63.879 / 454.753)||/||(68.253 / 537.365)|
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 - (395.524 + 67.908) / 646.034)||/||(1 - (261.032 + 67.16) / 486.817)|
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))|
|=||(14.386 / (14.386 + 67.16))||/||(14.808 / (14.808 + 67.908))|
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)|
|=||(114.415 / 537.365)||/||(103.458 / 454.753)|
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)|
|=||((0 + 240.744) / 646.034)||/||((0 + 215.764) / 486.817)|
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|
|=||(68.426 - 0.246||-||109.422)||/||646.034|
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.
Tyler Technologies Inc has a M-score of -2.71 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
Tyler Technologies Inc Annual Data
Tyler Technologies Inc Quarterly Data