Switch to:
United States Lime & Minerals Inc (NAS:USLM)
Beneish M-Score
-2.72 (As of Today)

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.

United States Lime & Minerals Inc has a M-score of -2.72 suggests that the company is not a manipulator.

USLM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Max: -2.14
Current: -2.72

-3.19
-2.14

During the past 13 years, the highest Beneish M-Score of United States Lime & Minerals Inc was -2.14. The lowest was -3.19. And the median was -2.81.


Definition

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 United States Lime & Minerals 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 * 1.0432+0.528 * 1.1188+0.404 * 1.123+0.892 * 0.8732+0.115 * 0.9069
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1585+4.679 * -0.0969-0.327 * 0.3564
=-2.72

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Accounts Receivable was $15.9 Mil.
Revenue was 31.294 + 37.029 + 32.45 + 30.064 = $130.8 Mil.
Gross Profit was 5.47 + 10.367 + 7.013 + 5.864 = $28.7 Mil.
Total Current Assets was $92.0 Mil.
Total Assets was $196.5 Mil.
Property, Plant and Equipment(Net PPE) was $104.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.0 Mil.
Selling, General & Admin. Expense(SGA) was $9.4 Mil.
Total Current Liabilities was $8.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.286 + 5.676 + 2.559 + 2.365 = $12.9 Mil.
Non Operating Income was 0.082 + 0.054 + -0.712 + 0.007 = $-0.6 Mil.
Cash Flow from Operations was 9.594 + 9.123 + 6.254 + 7.523 = $32.5 Mil.
Accounts Receivable was $17.4 Mil.
Revenue was 35.401 + 39.073 + 38.676 + 36.691 = $149.8 Mil.
Gross Profit was 7.893 + 9.883 + 10.423 + 8.592 = $36.8 Mil.
Total Current Assets was $91.3 Mil.
Total Assets was $200.0 Mil.
Property, Plant and Equipment(Net PPE) was $108.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.9 Mil.
Selling, General & Admin. Expense(SGA) was $9.3 Mil.
Total Current Liabilities was $25.0 Mil.
Long-Term Debt was $0.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(15.889 / 130.837) / (17.444 / 149.841)
=0.12144118 / 0.11641674
=1.0432

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(10.367 / 149.841) / (5.47 / 130.837)
=0.2455336 / 0.21946391
=1.1188

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (91.961 + 104.378) / 196.499) / (1 - (91.328 + 108.513) / 199.986)
=0.00081425 / 0.00072505
=1.123

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=130.837 / 149.841
=0.8732

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))
=(14.903 / (14.903 + 108.513)) / (16.033 / (16.033 + 104.378))
=0.1207542 / 0.13315229
=0.9069

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)
=(9.379 / 130.837) / (9.272 / 149.841)
=0.07168462 / 0.06187892
=1.1585

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 + 8.742) / 196.499) / ((0 + 24.965) / 199.986)
=0.04448878 / 0.12483374
=0.3564

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(12.886 - -0.569 - 32.494) / 196.499
=-0.0969

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.

United States Lime & Minerals Inc has a M-score of -2.72 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

United States Lime & Minerals Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.78190.96290.96511.11890.91631.04790.96041.00321.10471.0432
GMI 1.01111.13710.94530.89670.90160.93731.20141.04830.93781.1188
AQI 0.69140.48460.77220.65540.83270.74950.94550.73960.69731.123
SGI 1.46381.05521.13670.82421.13011.07530.97150.96561.12020.8732
DEPI 1.080.8160.99050.96220.9590.95410.87530.98860.97620.9069
SGAI 0.86760.92611.02261.12780.96460.99791.06931.0290.92571.1585
LVGI 0.99090.87640.84540.81490.81880.83630.95580.82320.75480.3564
TATA -0.0869-0.0903-0.0656-0.1045-0.0862-0.081-0.0877-0.1001-0.0637-0.0969
M-score -2.76-2.99-2.77-3.18-2.90-2.83-2.88-3.00-2.64-2.72

United States Lime & Minerals Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 1.00321.08380.93311.0391.10470.82530.98011.04541.04320
GMI 1.04830.95510.96620.98060.93781.00211.08481.05941.11881.041
AQI 0.73960.73990.73240.72720.69730.69090.84850.87711.1231.1823
SGI 0.96561.03571.07251.06651.12021.03130.96220.93360.87320.9382
DEPI 0.98861.01030.99780.98370.97620.95130.94230.92760.90691.1853
SGAI 1.0290.9770.95910.96910.92571.02451.08171.10041.15851.0537
LVGI 0.82320.74680.74120.76740.75480.75490.22220.29930.35640.3171
TATA -0.1001-0.0815-0.1003-0.073-0.0637-0.0929-0.0811-0.0863-0.0969-0.0503
M-score -3.00-2.79-2.98-2.77-2.64-3.10-2.69-2.72-2.72-3.36
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK