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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.
Veeco Instruments Inc has a M-score of -2.78 suggests that the company is not a 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 -2.73.
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 * 0.5866||+||0.528 * 1.341||+||0.404 * 2.5649||+||0.892 * 0.6429||+||0.115 * 0.8256|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8188||+||4.679 * -0.0453||-||0.327 * 1.1237|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $23.8 Mil.|
Revenue was 73.209 + 99.324 + 97.435 + 61.781 = $331.7 Mil.
Gross Profit was 15.642 + 30.308 + 34.64 + 22.552 = $103.1 Mil.
Total Current Assets was $613.6 Mil.
Total Assets was $948.0 Mil.
Property, Plant and Equipment(Net PPE) was $89.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.4 Mil.
Selling, General & Admin. Expense(SGA) was $85.5 Mil.
Total Current Liabilities was $128.2 Mil.
Long-Term Debt was $1.8 Mil.
Net Income was -22.085 + -6.026 + -4.081 + -10.071 = $-42.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -3.883 + -9.141 + 3.265 + 10.486 = $0.7 Mil.
|Accounts Receivable was $63.2 Mil.
Revenue was 106.849 + 132.715 + 136.547 + 139.909 = $516.0 Mil.
Gross Profit was 38.727 + 49.884 + 61.254 + 65.268 = $215.1 Mil.
Total Current Assets was $744.5 Mil.
Total Assets was $937.3 Mil.
Property, Plant and Equipment(Net PPE) was $98.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.2 Mil.
Selling, General & Admin. Expense(SGA) was $73.1 Mil.
Total Current Liabilities was $112.3 Mil.
Long-Term Debt was $2.1 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)|
|=||(23.823 / 331.749)||/||(63.169 / 516.02)|
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)|
|=||(30.308 / 516.02)||/||(15.642 / 331.749)|
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 - (613.643 + 89.139) / 947.969)||/||(1 - (744.484 + 98.302) / 937.304)|
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))|
|=||(16.192 / (16.192 + 98.302))||/||(18.425 / (18.425 + 89.139))|
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)|
|=||(85.486 / 331.749)||/||(73.11 / 516.02)|
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)|
|=||((1.847 + 128.191) / 947.969)||/||((2.138 + 112.287) / 937.304)|
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|
|=||(-42.263 - 0||-||0.727)||/||947.969|
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 -2.78 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