Market Cap : 17.03 B | Enterprise Value : 16.48 B | P/E (TTM) : 92.84 | P/B : 8.96 |
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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 -2.8 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 Tyler Technologies was 48.92. The lowest was -115.61. And the median was -2.70.
* 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 Tyler Technologies'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 Tyler Technologies 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 * 0.9654 | + | 0.528 * 0.9696 | + | 0.404 * 0.8375 | + | 0.892 * 1.0795 | + | 0.115 * 0.9131 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0198 | + | 4.679 * -0.0636 | - | 0.327 * 0.9129 | |||||||
= | -2.81 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $363 Mil. Revenue was 285.746 + 271.091 + 276.541 + 288.837 = $1,122 Mil. Gross Profit was 143.509 + 131.203 + 129.131 + 142.275 = $546 Mil. Total Current Assets was $991 Mil. Total Assets was $2,492 Mil. Property, Plant and Equipment(Net PPE) was $186 Mil. Depreciation, Depletion and Amortization(DDA) was $81 Mil. Selling, General, & Admin. Expense(SGA) was $267 Mil. Total Current Liabilities was $535 Mil. Long-Term Debt & Capital Lease Obligation was $13 Mil. Net Income was 39.284 + 53.892 + 47.55 + 46.79 = $188 Mil. Non Operating Income was 0.28 + 0.47 + 0 + 2.633 = $3 Mil. Cash Flow from Operations was 169.808 + 39.814 + 56.706 + 76.193 = $343 Mil. |
Accounts Receivable was $348 Mil. Revenue was 275.4 + 275.124 + 247.066 + 241.981 = $1,040 Mil. Gross Profit was 130.717 + 127.86 + 116.048 + 115.871 = $490 Mil. Total Current Assets was $570 Mil. Total Assets was $2,055 Mil. Property, Plant and Equipment(Net PPE) was $190 Mil. Depreciation, Depletion and Amortization(DDA) was $73 Mil. Selling, General, & Admin. Expense(SGA) was $243 Mil. Total Current Liabilities was $477 Mil. Long-Term Debt & Capital Lease Obligation was $18 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) |
= | (362.667 / 1122.215) | / | (347.982 / 1039.571) | |
= | 0.32317069 | / | 0.33473616 | |
= | 0.9654 |
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) | |
= | (490.496 / 1039.571) | / | (546.118 / 1122.215) | |
= | 0.4718254 | / | 0.48664293 | |
= | 0.9696 |
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 - (990.599 + 186.154) / 2492.163) | / | (1 - (569.806 + 190.122) / 2055.089) | |
= | 0.52781861 | / | 0.63022137 | |
= | 0.8375 |
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 | |
= | 1122.215 | / | 1039.571 | |
= | 1.0795 |
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)) |
= | (72.679 / (72.679 + 190.122)) | / | (80.871 / (80.871 + 186.154)) | |
= | 0.27655526 | / | 0.30285928 | |
= | 0.9131 |
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) |
= | (267.09 / 1122.215) | / | (242.615 / 1039.571) | |
= | 0.23800252 | / | 0.23337992 | |
= | 1.0198 |
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) |
= | ((12.87 + 535.045) / 2492.163) | / | ((18.134 + 476.814) / 2055.089) | |
= | 0.2198552 | / | 0.24084018 | |
= | 0.9129 |
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 | |
= | (187.516 - 3.383 | - | 342.521) | / | 2492.163 | |
= | -0.0636 |
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.
Tyler Technologies has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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