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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 -2.07. The lowest was -3.86. And the median was -2.81.
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 * 0.9801||+||0.528 * 1.0848||+||0.404 * 0.8485||+||0.892 * 0.9622||+||0.115 * 0.9423|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0817||+||4.679 * -0.0811||-||0.327 * 0.2222|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $16.7 Mil.|
Revenue was 32.45 + 30.064 + 35.401 + 39.073 = $137.0 Mil.
Gross Profit was 7.013 + 5.864 + 7.893 + 9.883 = $30.7 Mil.
Total Current Assets was $79.5 Mil.
Total Assets was $186.2 Mil.
Property, Plant and Equipment(Net PPE) was $106.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.5 Mil.
Selling, General & Admin. Expense(SGA) was $9.5 Mil.
Total Current Liabilities was $5.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.559 + 2.365 + 3.731 + 5.426 = $14.1 Mil.
Non Operating Income was -0.712 + 0.007 + 0.086 + -0.01 = $-0.6 Mil.
Cash Flow from Operations was 6.254 + 7.523 + 8.688 + 7.348 = $29.8 Mil.
|Accounts Receivable was $17.7 Mil.
Revenue was 38.676 + 36.691 + 30.109 + 36.899 = $142.4 Mil.
Gross Profit was 10.423 + 8.592 + 6.435 + 9.11 = $34.6 Mil.
Total Current Assets was $86.4 Mil.
Total Assets was $193.0 Mil.
Property, Plant and Equipment(Net PPE) was $106.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.4 Mil.
Selling, General & Admin. Expense(SGA) was $9.1 Mil.
Total Current Liabilities was $12.8 Mil.
Long-Term Debt was $14.2 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)|
|=||(16.727 / 136.988)||/||(17.737 / 142.375)|
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)|
|=||(5.864 / 142.375)||/||(7.013 / 136.988)|
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 - (79.491 + 106.606) / 186.237)||/||(1 - (86.429 + 106.42) / 193.02)|
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))|
|=||(14.433 / (14.433 + 106.42))||/||(15.472 / (15.472 + 106.606))|
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)|
|=||(9.471 / 136.988)||/||(9.1 / 142.375)|
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 + 5.783) / 186.237)||/||((14.167 + 12.805) / 193.02)|
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|
|=||(14.081 - -0.629||-||29.813)||/||186.237|
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 -2.69 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