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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 Veeco Instruments Inc was -0.52. The lowest was -4.10. And the median was -2.59.
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 Veeco Instruments 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 * 1.6902||+||0.528 * 1.081||+||0.404 * 2.119||+||0.892 * 0.9648||+||0.115 * 0.6282|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2241||+||4.679 * -0.0226||-||0.327 * 1.3431|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $61.6 Mil.|
Revenue was 93.341 + 95.122 + 90.841 + 73.209 = $352.5 Mil.
Gross Profit was 32.558 + 30.673 + 33.777 + 15.642 = $112.7 Mil.
Total Current Assets was $658.0 Mil.
Total Assets was $956.4 Mil.
Property, Plant and Equipment(Net PPE) was $80.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.0 Mil.
Selling, General & Admin. Expense(SGA) was $91.7 Mil.
Total Current Liabilities was $139.4 Mil.
Long-Term Debt was $1.6 Mil.
Net Income was -13.977 + -15.211 + 19.16 + -22.085 = $-32.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 10.176 + 1.625 + -18.401 + -3.883 = $-10.5 Mil.
|Accounts Receivable was $37.8 Mil.
Revenue was 99.324 + 97.435 + 61.781 + 106.849 = $365.4 Mil.
Gross Profit was 30.308 + 34.64 + 22.552 + 38.727 = $126.2 Mil.
Total Current Assets was $715.8 Mil.
Total Assets was $909.1 Mil.
Property, Plant and Equipment(Net PPE) was $95.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.1 Mil.
Selling, General & Admin. Expense(SGA) was $77.6 Mil.
Total Current Liabilities was $97.9 Mil.
Long-Term Debt was $1.9 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)|
|=||(61.588 / 352.513)||/||(37.769 / 365.389)|
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)|
|=||(30.673 / 365.389)||/||(32.558 / 352.513)|
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 - (658 + 80.72) / 956.398)||/||(1 - (715.767 + 95.698) / 909.113)|
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))|
|=||(16.091 / (16.091 + 95.698))||/||(23.994 / (23.994 + 80.72))|
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)|
|=||(91.679 / 352.513)||/||(77.629 / 365.389)|
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)|
|=||((1.614 + 139.441) / 956.398)||/||((1.922 + 97.908) / 909.113)|
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|
|=||(-32.113 - 0||-||-10.483)||/||956.398|
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.
Veeco Instruments Inc has a M-score of -1.68 signals that the company is likely to 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
Veeco Instruments Inc Annual Data
Veeco Instruments Inc Quarterly Data