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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 -2.13 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 -3.11. 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 * 0.9894||+||0.528 * 1.3345||+||0.404 * 0.8462||+||0.892 * 1.3518||+||0.115 * 0.98|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8232||+||4.679 * -0.0152||-||0.327 * 1.0648|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $6,133 Mil.|
Revenue was 30348.154 + 28455.903 + 29176.362 + 24469.04 = $112,449 Mil.
Gross Profit was 692.004 + 729.593 + 688.225 + 567.552 = $2,677 Mil.
Total Current Assets was $15,891 Mil.
Total Assets was $20,631 Mil.
Property, Plant and Equipment(Net PPE) was $882 Mil.
Depreciation, Depletion and Amortization(DDA) was $185 Mil.
Selling, General & Admin. Expense(SGA) was $1,486 Mil.
Total Current Liabilities was $16,339 Mil.
Long-Term Debt was $1,995 Mil.
Net Income was -12.78 + 180.077 + 41.385 + 51.023 = $260 Mil.
Non Operating Income was -34.266 + 3.783 + 0.597 + 1.295 = $-29 Mil.
Cash Flow from Operations was 519.842 + 1116.296 + -1003.643 + -30.939 = $602 Mil.
|Accounts Receivable was $4,585 Mil.
Revenue was 21906.648 + 20523.668 + 21466.314 + 19288.296 = $83,185 Mil.
Gross Profit was 562.45 + 716.989 + 671.924 + 691.73 = $2,643 Mil.
Total Current Assets was $12,139 Mil.
Total Assets was $16,579 Mil.
Property, Plant and Equipment(Net PPE) was $777 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General & Admin. Expense(SGA) was $1,336 Mil.
Total Current Liabilities was $12,442 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)|
|=||(6133.228 / 112449.459)||/||(4585.488 / 83184.926)|
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)|
|=||(729.593 / 83184.926)||/||(692.004 / 112449.459)|
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 - (15891.386 + 882.162) / 20630.606)||/||(1 - (12139.073 + 777.091) / 16579.332)|
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))|
|=||(159.353 / (159.353 + 777.091))||/||(185.366 / (185.366 + 882.162))|
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)|
|=||(1486.315 / 112449.459)||/||(1335.607 / 83184.926)|
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)|
|=||((1995.482 + 16339.359) / 20630.606)||/||((1396.439 + 12441.648) / 16579.332)|
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|
|=||(259.705 - -28.591||-||601.556)||/||20630.606|
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 -2.13 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