Market Cap : 35.61 M | Enterprise Value : 19.54 M | P/E (TTM) : 13.80 | P/B : 0.86 |
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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of Taylor Devices was 1.03. The lowest was -3.94. And the median was -2.50.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Taylor Devices's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Taylor Devices 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 * 0.9026 | + | 0.528 * 1.0654 | + | 0.404 * 1.3502 | + | 0.892 * 0.8416 | + | 0.115 * 0.971 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1795 | + | 4.679 * -0.0435 | - | 0.327 * 0.4033 | |||||||
= | -2.58 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Nov20) TTM: | Last Year (Nov19) TTM: |
Accounts Receivable was $4.82 Mil. Revenue was 4.718 + 5.759 + 7.736 + 7.234 = $25.45 Mil. Gross Profit was 0.576 + 1.555 + 2.54 + 2.373 = $7.04 Mil. Total Current Assets was $31.84 Mil. Total Assets was $42.88 Mil. Property, Plant and Equipment(Net PPE) was $9.54 Mil. Depreciation, Depletion and Amortization(DDA) was $1.17 Mil. Selling, General, & Admin. Expense(SGA) was $5.73 Mil. Total Current Liabilities was $2.46 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was 0.645 + 0.176 + 0.976 + 0.783 = $2.58 Mil. Non Operating Income was 1.47 + 0.01 + -0.098 + 0.037 = $1.42 Mil. Cash Flow from Operations was 0.055 + 0.507 + -0.229 + 2.695 = $3.03 Mil. |
Accounts Receivable was $6.35 Mil. Revenue was 7.702 + 5.709 + 9.013 + 7.812 = $30.24 Mil. Gross Profit was 2.642 + 1.683 + 2.613 + 1.979 = $8.92 Mil. Total Current Assets was $33.70 Mil. Total Assets was $43.91 Mil. Property, Plant and Equipment(Net PPE) was $9.07 Mil. Depreciation, Depletion and Amortization(DDA) was $1.08 Mil. Selling, General, & Admin. Expense(SGA) was $5.77 Mil. Total Current Liabilities was $6.25 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (4.822 / 25.447) | / | (6.348 / 30.236) | |
= | 0.18949189 | / | 0.20994841 | |
= | 0.9026 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (8.917 / 30.236) | / | (7.044 / 25.447) | |
= | 0.29491335 | / | 0.27681063 | |
= | 1.0654 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (31.843 + 9.538) / 42.879) | / | (1 - (33.696 + 9.074) / 43.906) | |
= | 0.03493552 | / | 0.02587346 | |
= | 1.3502 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 25.447 | / | 30.236 | |
= | 0.8416 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (1.077 / (1.077 + 9.074)) | / | (1.17 / (1.17 + 9.538)) | |
= | 0.10609792 | / | 0.1092641 | |
= | 0.971 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (5.727 / 25.447) | / | (5.769 / 30.236) | |
= | 0.225056 | / | 0.19079905 | |
= | 1.1795 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((0 + 2.463) / 42.879) | / | ((0 + 6.253) / 43.906) | |
= | 0.05744071 | / | 0.14241789 | |
= | 0.4033 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (2.58 - 1.419 | - | 3.028) | / | 42.879 | |
= | -0.0435 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Taylor Devices has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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