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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 Westport Fuel Systems Inc was 406566.91. The lowest was -10000000.00. And the median was -2.53.
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 Westport Fuel Systems 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 * 1.2593||+||0.528 * 0.658||+||0.404 * 0.5563||+||0.892 * 1.6063||+||0.115 * 1.3328|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7232||+||4.679 * -0.1147||-||0.327 * 0.9952|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $72.4 Mil.|
Revenue was 76.127 + 44.357 + 24.011 + 25.109 = $169.6 Mil.
Gross Profit was 13.286 + 10.001 + 6.763 + 4.973 = $35.0 Mil.
Total Current Assets was $241.2 Mil.
Total Assets was $358.4 Mil.
Property, Plant and Equipment(Net PPE) was $65.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.2 Mil.
Selling, General & Admin. Expense(SGA) was $64.7 Mil.
Total Current Liabilities was $162.4 Mil.
Long-Term Debt was $30.1 Mil.
Net Income was -33.255 + 3.722 + -23.279 + -23.311 = $-76.1 Mil.
Non Operating Income was 2.317 + 44.289 + 2.003 + 4.943 = $53.6 Mil.
Cash Flow from Operations was -27.24 + -23.849 + -23.088 + -14.403 = $-88.6 Mil.
|Accounts Receivable was $35.8 Mil.
Revenue was 22.327 + 27.846 + 28.022 + 27.395 = $105.6 Mil.
Gross Profit was 0.832 + 9.287 + 5.424 + -1.196 = $14.3 Mil.
Total Current Assets was $120.4 Mil.
Total Assets was $224.8 Mil.
Property, Plant and Equipment(Net PPE) was $46.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.5 Mil.
Selling, General & Admin. Expense(SGA) was $55.7 Mil.
Total Current Liabilities was $68.7 Mil.
Long-Term Debt was $52.5 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)|
|=||(72.366 / 169.604)||/||(35.775 / 105.59)|
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)|
|=||(14.347 / 105.59)||/||(35.023 / 169.604)|
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 - (241.245 + 65.654) / 358.42)||/||(1 - (120.424 + 46.256) / 224.755)|
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))|
|=||(15.494 / (15.494 + 46.256))||/||(15.227 / (15.227 + 65.654))|
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)|
|=||(64.676 / 169.604)||/||(55.675 / 105.59)|
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)|
|=||((30.069 + 162.409) / 358.42)||/||((52.543 + 68.735) / 224.755)|
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|
|=||(-76.123 - 53.552||-||-88.58)||/||358.42|
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.
Westport Fuel Systems Inc has a M-score of -2.51 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
Westport Fuel Systems Inc Annual Data
Westport Fuel Systems Inc Quarterly Data