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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 -2.77.
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 * 0.6788||+||0.528 * 0.924||+||0.404 * 0.9515||+||0.892 * 1.2142||+||0.115 * 0.7128|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8275||+||4.679 * -0.0536||-||0.327 * 1.0034|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $49.5 Mil.|
Revenue was 106.544 + 140.744 + 131.41 + 98.341 = $477.0 Mil.
Gross Profit was 38.785 + 54.25 + 49.069 + 35.136 = $177.2 Mil.
Total Current Assets was $542.1 Mil.
Total Assets was $890.8 Mil.
Property, Plant and Equipment(Net PPE) was $79.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.9 Mil.
Selling, General & Admin. Expense(SGA) was $90.2 Mil.
Total Current Liabilities was $162.2 Mil.
Long-Term Debt was $1.2 Mil.
Net Income was -9.787 + 5.306 + -8.386 + -19.11 = $-32.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -6.061 + 9.889 + 7.673 + 4.288 = $15.8 Mil.
|Accounts Receivable was $60.1 Mil.
Revenue was 113.569 + 93.341 + 95.122 + 90.841 = $392.9 Mil.
Gross Profit was 37.874 + 32.558 + 30.673 + 33.777 = $134.9 Mil.
Total Current Assets was $555.7 Mil.
Total Assets was $929.5 Mil.
Property, Plant and Equipment(Net PPE) was $78.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.6 Mil.
Selling, General & Admin. Expense(SGA) was $89.8 Mil.
Total Current Liabilities was $168.4 Mil.
Long-Term Debt was $1.5 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)|
|=||(49.524 / 477.039)||/||(60.085 / 392.873)|
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)|
|=||(54.25 / 392.873)||/||(38.785 / 477.039)|
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 - (542.135 + 79.59) / 890.789)||/||(1 - (555.662 + 78.752) / 929.455)|
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))|
|=||(24.573 / (24.573 + 78.752))||/||(39.85 / (39.85 + 79.59))|
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)|
|=||(90.187 / 477.039)||/||(89.76 / 392.873)|
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)|
|=||((1.193 + 162.231) / 890.789)||/||((1.533 + 168.408) / 929.455)|
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|
|=||(-31.977 - 0||-||15.789)||/||890.789|
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 -2.90 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
Veeco Instruments Inc Annual Data
Veeco Instruments Inc Quarterly Data