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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 * 1.0545||+||0.528 * 0.9173||+||0.404 * 1.2666||+||0.892 * 1.1746||+||0.115 * 0.8995|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.043||+||4.679 * -0.1476||-||0.327 * 1.0234|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $7,597 Mil.|
Revenue was 34233.556 + 32669.267 + 33588.602 + 31588.708 = $132,080 Mil.
Gross Profit was 891.464 + 911.976 + 752.299 + 872.544 = $3,428 Mil.
Total Current Assets was $19,902 Mil.
Total Assets was $27,334 Mil.
Property, Plant and Equipment(Net PPE) was $959 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General & Admin. Expense(SGA) was $1,821 Mil.
Total Current Liabilities was $21,117 Mil.
Long-Term Debt was $3,743 Mil.
Net Income was 214.163 + -513.39 + -199.947 + 67.802 = $-431 Mil.
Non Operating Income was 1.534 + 11.405 + 1.314 + -1.332 = $13 Mil.
Cash Flow from Operations was 1121.581 + 741.72 + 896.964 + 830.658 = $3,591 Mil.
|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.
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)|
|=||(7596.558 / 132080.133)||/||(6133.228 / 112449.459)|
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)|
|=||(911.976 / 112449.459)||/||(891.464 / 132080.133)|
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 - (19902.034 + 958.687) / 27333.504)||/||(1 - (15891.386 + 882.162) / 20630.606)|
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))|
|=||(185.366 / (185.366 + 882.162))||/||(229.328 / (229.328 + 958.687))|
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)|
|=||(1820.927 / 132080.133)||/||(1486.315 / 112449.459)|
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)|
|=||((3742.781 + 21117.291) / 27333.504)||/||((1995.482 + 16339.359) / 20630.606)|
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|
|=||(-431.372 - 12.921||-||3590.923)||/||27333.504|
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 -2.93 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