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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 Axcelis Technologies Inc was -1.75. The lowest was -4.53. And the median was -2.49.
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 Axcelis Technologies 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 * 1.1269||+||0.528 * 1.005||+||0.404 * 0.7434||+||0.892 * 1.0379||+||0.115 * 1.0454|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.923||+||4.679 * 0.0143||-||0.327 * 1.0692|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $42.8 Mil.|
Revenue was 62.53 + 38.531 + 41.15 + 60.84 = $203.1 Mil.
Gross Profit was 18.796 + 15.144 + 14.484 + 21.74 = $70.2 Mil.
Total Current Assets was $185.1 Mil.
Total Assets was $227.7 Mil.
Property, Plant and Equipment(Net PPE) was $30.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.6 Mil.
Selling, General & Admin. Expense(SGA) was $44.7 Mil.
Total Current Liabilities was $52.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 0.164 + -4.704 + -6.9 + 0.174 = $-11.3 Mil.
Non Operating Income was 0.249 + 1.352 + -0.362 + 0.292 = $1.5 Mil.
Cash Flow from Operations was -2.292 + -1.898 + -7.892 + -3.963 = $-16.0 Mil.
|Accounts Receivable was $36.6 Mil.
Revenue was 58.574 + 48.831 + 47.501 + 40.726 = $195.6 Mil.
Gross Profit was 21.28 + 16.976 + 16.737 + 12.943 = $67.9 Mil.
Total Current Assets was $184.9 Mil.
Total Assets was $233.5 Mil.
Property, Plant and Equipment(Net PPE) was $32.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.1 Mil.
Selling, General & Admin. Expense(SGA) was $46.6 Mil.
Total Current Liabilities was $35.5 Mil.
Long-Term Debt was $14.5 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)|
|=||(42.794 / 203.051)||/||(36.587 / 195.632)|
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)|
|=||(15.144 / 195.632)||/||(18.796 / 203.051)|
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 - (185.135 + 30.464) / 227.654)||/||(1 - (184.908 + 32.006) / 233.549)|
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))|
|=||(5.075 / (5.075 + 32.006))||/||(4.589 / (4.589 + 30.464))|
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)|
|=||(44.67 / 203.051)||/||(46.628 / 195.632)|
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)|
|=||((0 + 52.098) / 227.654)||/||((14.529 + 35.46) / 233.549)|
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|
|=||(-11.266 - 1.531||-||-16.045)||/||227.654|
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.
Axcelis Technologies Inc has a M-score of -2.37 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
Axcelis Technologies Inc Annual Data
Axcelis Technologies Inc Quarterly Data