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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.
Exxon Mobil Corporation has a M-score of -2.70 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Exxon Mobil Corporation was -1.61. The lowest was -3.27. And the median was -2.79.
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 * 0.9765||+||0.528 * 1.0178||+||0.404 * 0.9459||+||0.892 * 0.9905||+||0.115 * 1.0359|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9802||+||4.679 * -0.0414||-||0.327 * 0.9665|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $34,182 Mil.|
Revenue was 111647 + 106773 + 110860 + 112372 = $441,652 Mil.
Gross Profit was 30153 + 30638 + 30869 + 30201 = $121,861 Mil.
Total Current Assets was $64,013 Mil.
Total Assets was $358,586 Mil.
Property, Plant and Equipment(Net PPE) was $251,353 Mil.
Depreciation, Depletion and Amortization(DDA) was $17,144 Mil.
Selling, General & Admin. Expense(SGA) was $12,792 Mil.
Total Current Liabilities was $69,529 Mil.
Long-Term Debt was $11,817 Mil.
Net Income was 8780 + 9100 + 8350 + 7870 = $34,100 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10202 + 15103 + 10208 + 13431 = $48,944 Mil.
|Accounts Receivable was $35,340 Mil.
Revenue was 106666 + 108357 + 115173 + 115706 = $445,902 Mil.
Gross Profit was 28704 + 31235 + 32025 + 33261 = $125,225 Mil.
Total Current Assets was $62,844 Mil.
Total Assets was $341,615 Mil.
Property, Plant and Equipment(Net PPE) was $235,240 Mil.
Depreciation, Depletion and Amortization(DDA) was $16,662 Mil.
Selling, General & Admin. Expense(SGA) was $13,176 Mil.
Total Current Liabilities was $72,688 Mil.
Long-Term Debt was $7,496 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)|
|=||(34182 / 441652)||/||(35340 / 445902)|
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)|
|=||(30638 / 445902)||/||(30153 / 441652)|
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 - (64013 + 251353) / 358586)||/||(1 - (62844 + 235240) / 341615)|
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))|
|=||(16662 / (16662 + 235240))||/||(17144 / (17144 + 251353))|
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)|
|=||(12792 / 441652)||/||(13176 / 445902)|
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)|
|=||((11817 + 69529) / 358586)||/||((7496 + 72688) / 341615)|
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|
|=||(34100 - 0||-||48944)||/||358586|
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 -2.70 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