ABC has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 * 0.8909||+||0.528 * 1.0739||+||0.404 * 0.8181||+||0.892 * 1.2905||+||0.115 * 0.9765|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9227||+||4.679 * -0.1329||-||0.327 * 1.0521|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $7,144 Mil.|
Revenue was 33588.602 + 31588.708 + 30348.154 + 28455.903 = $123,981 Mil.
Gross Profit was 752.299 + 872.544 + 692.004 + 729.593 = $3,046 Mil.
Total Current Assets was $20,145 Mil.
Total Assets was $24,905 Mil.
Property, Plant and Equipment(Net PPE) was $907 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General & Admin. Expense(SGA) was $1,640 Mil.
Total Current Liabilities was $20,805 Mil.
Long-Term Debt was $1,996 Mil.
Net Income was -199.947 + 67.802 + -12.78 + 180.077 = $35 Mil.
Non Operating Income was 1.314 + 10.052 + -34.266 + 3.783 = $-19 Mil.
Cash Flow from Operations was 896.964 + 830.658 + 519.842 + 1116.296 = $3,364 Mil.
|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.
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)|
|=||(7144.031 / 123981.367)||/||(6214.193 / 96075.718)|
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)|
|=||(872.544 / 96075.718)||/||(752.299 / 123981.367)|
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 - (20144.71 + 907.004) / 24904.916)||/||(1 - (15228.345 + 824.105) / 19796.095)|
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))|
|=||(174.946 / (174.946 + 824.105))||/||(198.193 / (198.193 + 907.004))|
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)|
|=||(1639.692 / 123981.367)||/||(1377.072 / 96075.718)|
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)|
|=||((1995.885 + 20805.033) / 24904.916)||/||((1396.776 + 15828.898) / 19796.095)|
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|
|=||(35.152 - -19.117||-||3363.76)||/||24904.916|
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 -2.98 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