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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 5 years, the highest Beneish M-Score of Acadia Healthcare Co Inc was -2.01. The lowest was -2.40. And the median was -2.12.
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 * 0.9217||+||0.528 * 0.9464||+||0.404 * 1.2024||+||0.892 * 1.7835||+||0.115 * 1.43|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2981||+||4.679 * -0.0208||-||0.327 * 1.3291|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $182 Mil.|
Revenue was 453.66 + 365.783 + 294.901 + 294.479 = $1,409 Mil.
Gross Profit was 189.816 + 143.658 + 114.469 + 111.785 = $560 Mil.
Total Current Assets was $326 Mil.
Total Assets was $3,926 Mil.
Property, Plant and Equipment(Net PPE) was $1,455 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $243 Mil.
Long-Term Debt was $1,915 Mil.
Net Income was 33.844 + 14.594 + 22.129 + 25.402 = $96 Mil.
Non Operating Income was -0.961 + 0.053 + 0 + 1.527 = $1 Mil.
Cash Flow from Operations was 72.919 + 18.222 + 46.24 + 39.807 = $177 Mil.
|Accounts Receivable was $111 Mil.
Revenue was 213.803 + 201.418 + 189.999 + 184.702 = $790 Mil.
Gross Profit was 80.734 + 73.779 + 71.389 + 71.107 = $297 Mil.
Total Current Assets was $450 Mil.
Total Assets was $1,593 Mil.
Property, Plant and Equipment(Net PPE) was $419 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General & Admin. Expense(SGA) was $60 Mil.
Total Current Liabilities was $103 Mil.
Long-Term Debt was $556 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)|
|=||(182.315 / 1408.823)||/||(110.904 / 789.922)|
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)|
|=||(143.658 / 789.922)||/||(189.816 / 1408.823)|
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 - (325.905 + 1455.39) / 3926.385)||/||(1 - (449.596 + 419.386) / 1592.552)|
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))|
|=||(20.627 / (20.627 + 419.386))||/||(49.326 / (49.326 + 1455.39))|
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)|
|=||(138.933 / 1408.823)||/||(60.008 / 789.922)|
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)|
|=||((1914.555 + 243.108) / 3926.385)||/||((555.812 + 102.665) / 1592.552)|
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|
|=||(95.969 - 0.619||-||177.188)||/||3926.385|
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 -2.01 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
Acadia Healthcare Co Inc Annual Data
Acadia Healthcare Co Inc Quarterly Data