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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.
AmerisourceBergen Corp has a M-score of -2.00 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of AmerisourceBergen Corp was 2.47. The lowest was -3.12. And the median was -2.49.
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 AmerisourceBergen Corp 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 * 1.174||+||0.528 * 1.3032||+||0.404 * 0.7978||+||0.892 * 1.2137||+||0.115 * 0.9023|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.933||+||4.679 * 0.0141||-||0.327 * 1.0508|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $6,214 Mil.|
Revenue was 29176.362 + 24469.04 + 21906.648 + 20523.668 = $96,076 Mil.
Gross Profit was 688.225 + 567.552 + 562.45 + 716.989 = $2,535 Mil.
Total Current Assets was $15,228 Mil.
Total Assets was $19,796 Mil.
Property, Plant and Equipment(Net PPE) was $824 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General & Admin. Expense(SGA) was $1,377 Mil.
Total Current Liabilities was $15,829 Mil.
Long-Term Debt was $1,397 Mil.
Net Income was 41.385 + 51.023 + 168.439 + 45.634 = $306 Mil.
Non Operating Income was 0.597 + 1.295 + -0.525 + -0.749 = $1 Mil.
Cash Flow from Operations was -1003.643 + -30.939 + 75.409 + 985.362 = $26 Mil.
|Accounts Receivable was $4,361 Mil.
Revenue was 21059.811 + 19064.443 + 19326.807 + 19708.371 = $79,159 Mil.
Gross Profit was 660.828 + 713.817 + 667.866 + 679.741 = $2,722 Mil.
Total Current Assets was $11,022 Mil.
Total Assets was $15,496 Mil.
Property, Plant and Equipment(Net PPE) was $800 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General & Admin. Expense(SGA) was $1,216 Mil.
Total Current Liabilities was $11,436 Mil.
Long-Term Debt was $1,396 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)|
|=||(6214.193 / 96075.718)||/||(4361.266 / 79159.432)|
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)|
|=||(567.552 / 79159.432)||/||(688.225 / 96075.718)|
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 - (15228.345 + 824.105) / 19796.095)||/||(1 - (11022.199 + 800.34) / 15495.532)|
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))|
|=||(150.19 / (150.19 + 800.34))||/||(174.946 / (174.946 + 824.105))|
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)|
|=||(1377.072 / 96075.718)||/||(1216.071 / 79159.432)|
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)|
|=||((1396.776 + 15828.898) / 19796.095)||/||((1396.107 + 11435.737) / 15495.532)|
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|
|=||(306.481 - 0.618||-||26.189)||/||19796.095|
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.
AmerisourceBergen Corp has a M-score of -2.00 signals that the company is likely to 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
AmerisourceBergen Corp Annual Data
AmerisourceBergen Corp Quarterly Data