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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 Exxon Mobil Corporation was -2.29. The lowest was -3.10. And the median was -2.71.
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 Exxon Mobil Corporation 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 * 0.7597||+||0.528 * 1.0472||+||0.404 * 0.9938||+||0.892 * 0.9389||+||0.115 * 1.0281|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.042||+||4.679 * -0.036||-||0.327 * 0.9629|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $18,541 Mil.|
Revenue was 86029 + 107490 + 111647 + 106325 = $411,491 Mil.
Gross Profit was 31106 + 37111 + 38520 + 30955 = $137,692 Mil.
Total Current Assets was $52,910 Mil.
Total Assets was $349,493 Mil.
Property, Plant and Equipment(Net PPE) was $252,668 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,297 Mil.
Selling, General & Admin. Expense(SGA) was $12,598 Mil.
Total Current Liabilities was $64,633 Mil.
Long-Term Debt was $11,653 Mil.
Net Income was 6570 + 8070 + 8780 + 9100 = $32,520 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 7415 + 12396 + 10202 + 15103 = $45,116 Mil.
|Accounts Receivable was $25,993 Mil.
Revenue was 110860 + 112372 + 106666 + 108357 = $438,255 Mil.
Gross Profit was 39123 + 38569 + 36710 + 39172 = $153,574 Mil.
Total Current Assets was $59,308 Mil.
Total Assets was $346,808 Mil.
Property, Plant and Equipment(Net PPE) was $243,650 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,182 Mil.
Selling, General & Admin. Expense(SGA) was $12,877 Mil.
Total Current Liabilities was $71,724 Mil.
Long-Term Debt was $6,891 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)|
|=||(18541 / 411491)||/||(25993 / 438255)|
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)|
|=||(37111 / 438255)||/||(31106 / 411491)|
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 - (52910 + 252668) / 349493)||/||(1 - (59308 + 243650) / 346808)|
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))|
|=||(17182 / (17182 + 243650))||/||(17297 / (17297 + 252668))|
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)|
|=||(12598 / 411491)||/||(12877 / 438255)|
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)|
|=||((11653 + 64633) / 349493)||/||((6891 + 71724) / 346808)|
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|
|=||(32520 - 0||-||45116)||/||349493|
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.
Exxon Mobil Corporation has a M-score of -2.89 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
Exxon Mobil Corporation Annual Data
Exxon Mobil Corporation Quarterly Data