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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 AmerisourceBergen Corp was 2.47. The lowest was -3.12. And the median was -2.47.
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 * 0.7674||+||0.528 * 1.1431||+||0.404 * 0.9048||+||0.892 * 1.3594||+||0.115 * 0.9934|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8755||+||4.679 * -0.0542||-||0.327 * 1.0395|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $6,313 Mil.|
Revenue was 31588.708 + 30348.154 + 28455.903 + 29176.362 = $119,569 Mil.
Gross Profit was 872.544 + 692.004 + 729.593 + 688.225 = $2,982 Mil.
Total Current Assets was $16,800 Mil.
Total Assets was $21,532 Mil.
Property, Plant and Equipment(Net PPE) was $900 Mil.
Depreciation, Depletion and Amortization(DDA) was $193 Mil.
Selling, General & Admin. Expense(SGA) was $1,587 Mil.
Total Current Liabilities was $17,250 Mil.
Long-Term Debt was $1,996 Mil.
Net Income was 67.802 + -12.78 + 180.077 + 41.385 = $276 Mil.
Non Operating Income was 10.052 + -34.266 + 3.783 + 0.597 = $-20 Mil.
Cash Flow from Operations was 830.658 + 519.842 + 1116.296 + -1003.643 = $1,463 Mil.
|Accounts Receivable was $6,052 Mil.
Revenue was 24469.04 + 21906.648 + 20523.668 + 21059.811 = $87,959 Mil.
Gross Profit was 567.552 + 562.45 + 716.989 + 660.828 = $2,508 Mil.
Total Current Assets was $14,394 Mil.
Total Assets was $18,919 Mil.
Property, Plant and Equipment(Net PPE) was $804 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General & Admin. Expense(SGA) was $1,334 Mil.
Total Current Liabilities was $14,871 Mil.
Long-Term Debt was $1,397 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)|
|=||(6312.883 / 119569.127)||/||(6051.92 / 87959.167)|
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)|
|=||(692.004 / 87959.167)||/||(872.544 / 119569.127)|
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 - (16800.205 + 899.582) / 21532.183)||/||(1 - (14393.651 + 803.561) / 18918.638)|
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))|
|=||(170.793 / (170.793 + 803.561))||/||(192.733 / (192.733 + 899.582))|
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)|
|=||(1587.261 / 119569.127)||/||(1333.712 / 87959.167)|
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)|
|=||((1995.632 + 17250.16) / 21532.183)||/||((1396.606 + 14870.635) / 18918.638)|
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|
|=||(276.484 - -19.834||-||1463.153)||/||21532.183|
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 -2.58 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
AmerisourceBergen Corp Annual Data
AmerisourceBergen Corp Quarterly Data