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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 United States Lime & Minerals Inc was -2.14. The lowest was -3.19. And the median was -2.83.
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 * 1.1047||+||0.528 * 0.9378||+||0.404 * 0.6957||+||0.892 * 1.1202||+||0.115 * 0.9762|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9257||+||4.679 * -0.0635||-||0.327 * 0.7531|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|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 $91.8 Mil.
Total Assets was $200.4 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.
Net Income was 3.731 + 5.426 + 5.718 + 4.492 = $19.4 Mil.
Non Operating Income was 0.086 + -0.01 + 0.055 + -0.002 = $0.1 Mil.
Cash Flow from Operations was 8.688 + 7.348 + 12.141 + 3.797 = $32.0 Mil.
|Accounts Receivable was $14.1 Mil.
Revenue was 30.109 + 36.899 + 35.172 + 31.585 = $133.8 Mil.
Gross Profit was 6.435 + 9.11 + 8.964 + 6.291 = $30.8 Mil.
Total Current Assets was $78.8 Mil.
Total Assets was $187.5 Mil.
Property, Plant and Equipment(Net PPE) was $108.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.5 Mil.
Selling, General & Admin. Expense(SGA) was $8.9 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $16.7 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)|
|=||(17.444 / 149.841)||/||(14.097 / 133.765)|
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)|
|=||(9.883 / 133.765)||/||(7.893 / 149.841)|
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 - (91.762 + 108.513) / 200.42)||/||(1 - (78.844 + 108.487) / 187.526)|
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))|
|=||(14.498 / (14.498 + 108.487))||/||(14.903 / (14.903 + 108.513))|
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)|
|=||(9.272 / 149.841)||/||(8.942 / 133.765)|
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 + 24.965) / 200.42)||/||((16.667 + 14.348) / 187.526)|
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|
|=||(19.367 - 0.129||-||31.974)||/||200.42|
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 -2.64 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
United States Lime & Minerals Inc Annual Data
United States Lime & Minerals Inc Quarterly Data