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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 -2.23 suggests that the company is not a manipulator.
During the past 4 years, the highest Beneish M-Score of Acadia Healthcare Co Inc was -2.12. The lowest was -2.29. And the median was -2.23.
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 * 0.9893||+||0.528 * 1||+||0.404 * 0.6959||+||0.892 * 1.4109||+||0.115 * 1.7151|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1483||+||4.679 * -0.0142||-||0.327 * 0.935|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $130.3 Mil.|
Revenue was 294.479 + 213.803 + 201.418 + 189.999 = $899.7 Mil.
Gross Profit was 111.785 + 80.734 + 73.779 + 71.389 = $337.7 Mil.
Total Current Assets was $229.8 Mil.
Total Assets was $2,140.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,026.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.5 Mil.
Selling, General & Admin. Expense(SGA) was $150.7 Mil.
Total Current Liabilities was $142.5 Mil.
Long-Term Debt was $1,016.0 Mil.
Net Income was 25.402 + 22.451 + 13.058 + 12.28 = $73.2 Mil.
Non Operating Income was 1.527 + 13.735 + 0 + 0 = $15.3 Mil.
Cash Flow from Operations was 39.807 + 21.893 + 7.346 + 19.334 = $88.4 Mil.
|Accounts Receivable was $93.3 Mil.
Revenue was 184.702 + 177.494 + 161.213 + 114.252 = $637.7 Mil.
Gross Profit was 71.107 + 67.117 + 58.264 + 42.855 = $239.3 Mil.
Total Current Assets was $142.9 Mil.
Total Assets was $1,163.0 Mil.
Property, Plant and Equipment(Net PPE) was $329.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.9 Mil.
Selling, General & Admin. Expense(SGA) was $93.0 Mil.
Total Current Liabilities was $101.3 Mil.
Long-Term Debt was $572.0 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)|
|=||(130.253 / 899.699)||/||(93.311 / 637.661)|
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)|
|=||(80.734 / 637.661)||/||(111.785 / 899.699)|
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 - (229.84 + 1026.378) / 2140.468)||/||(1 - (142.88 + 329.735) / 1162.986)|
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))|
|=||(14.898 / (14.898 + 329.735))||/||(26.538 / (26.538 + 1026.378))|
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)|
|=||(150.736 / 899.699)||/||(93.033 / 637.661)|
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)|
|=||((1016.002 + 142.54) / 2140.468)||/||((571.955 + 101.273) / 1162.986)|
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|
|=||(73.191 - 15.262||-||88.38)||/||2140.468|
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 -2.23 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