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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.
Acadia Healthcare Co Inc has a M-score of -2.22 suggests that the company is not a manipulator.
During the past 4 years, the highest Beneish M-Score of Acadia Healthcare Co Inc was -2.14. The lowest was -2.22. And the median was -2.18.
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 Acadia Healthcare Co Inc 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 * 0.844||+||0.528 * 0.9803||+||0.404 * 1.0113||+||0.892 * 1.5729||+||0.115 * 0.8015|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.022||+||4.679 * -0.0156||-||0.327 * 1.0076|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $104.6 Mil.|
Revenue was 201.418 + 189.999 + 184.702 + 177.494 = $753.6 Mil.
Gross Profit was 73.779 + 71.389 + 71.107 + 67.117 = $283.4 Mil.
Total Current Assets was $157.0 Mil.
Total Assets was $1,282.9 Mil.
Property, Plant and Equipment(Net PPE) was $403.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.9 Mil.
Selling, General & Admin. Expense(SGA) was $158.1 Mil.
Total Current Liabilities was $97.9 Mil.
Long-Term Debt was $653.6 Mil.
Net Income was 13.058 + 12.28 + 14.364 + 12.197 = $51.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 7.346 + 20.687 + 16.925 + 27.009 = $72.0 Mil.
|Accounts Receivable was $78.8 Mil.
Revenue was 161.213 + 114.252 + 103.116 + 100.53 = $479.1 Mil.
Gross Profit was 58.264 + 42.855 + 38.397 + 37.099 = $176.6 Mil.
Total Current Assets was $212.3 Mil.
Total Assets was $1,085.2 Mil.
Property, Plant and Equipment(Net PPE) was $268.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.0 Mil.
Selling, General & Admin. Expense(SGA) was $98.3 Mil.
Total Current Liabilities was $70.8 Mil.
Long-Term Debt was $560.1 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)|
|=||(104.585 / 753.613)||/||(78.78 / 479.111)|
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)|
|=||(71.389 / 479.111)||/||(73.779 / 753.613)|
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 - (157.037 + 403.366) / 1282.945)||/||(1 - (212.292 + 268.531) / 1085.177)|
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))|
|=||(9.994 / (9.994 + 268.531))||/||(18.904 / (18.904 + 403.366))|
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)|
|=||(158.059 / 753.613)||/||(98.326 / 479.111)|
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)|
|=||((653.626 + 97.905) / 1282.945)||/||((560.098 + 70.77) / 1085.177)|
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|
|=||(51.899 - 0||-||71.967)||/||1282.945|
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.
Acadia Healthcare Co Inc has a M-score of -2.22 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
Acadia Healthcare Co Inc Annual Data
Acadia Healthcare Co Inc Quarterly Data