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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 -1.11. The lowest was -5.51. And the median was -2.52.
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 * 1.085||+||0.528 * 1.0641||+||0.404 * 0.8396||+||0.892 * 1.2072||+||0.115 * 0.9736|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8048||+||4.679 * -0.0189||-||0.327 * 1.7995|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $42.0 Mil.|
Revenue was 78.437 + 73.283 + 62.53 + 38.531 = $252.8 Mil.
Gross Profit was 27.174 + 23.38 + 18.796 + 15.144 = $84.5 Mil.
Total Current Assets was $250.7 Mil.
Total Assets was $295.3 Mil.
Property, Plant and Equipment(Net PPE) was $30.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.6 Mil.
Selling, General & Admin. Expense(SGA) was $45.0 Mil.
Total Current Liabilities was $60.3 Mil.
Long-Term Debt was $47.6 Mil.
Net Income was 5.883 + 1.868 + 0.164 + -4.704 = $3.2 Mil.
Non Operating Income was 0.049 + -0.433 + 0.249 + 1.352 = $1.2 Mil.
Cash Flow from Operations was 3.028 + 8.74 + -2.292 + -1.898 = $7.6 Mil.
|Accounts Receivable was $32.1 Mil.
Revenue was 41.15 + 60.84 + 58.574 + 48.831 = $209.4 Mil.
Gross Profit was 14.484 + 21.74 + 21.28 + 16.976 = $74.5 Mil.
Total Current Assets was $181.9 Mil.
Total Assets was $226.6 Mil.
Property, Plant and Equipment(Net PPE) was $31.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General & Admin. Expense(SGA) was $46.3 Mil.
Total Current Liabilities was $32.1 Mil.
Long-Term Debt was $13.9 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)|
|=||(42.002 / 252.781)||/||(32.067 / 209.395)|
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)|
|=||(23.38 / 209.395)||/||(27.174 / 252.781)|
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 - (250.738 + 29.951) / 295.313)||/||(1 - (181.877 + 31.34) / 226.581)|
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))|
|=||(4.655 / (4.655 + 31.34))||/||(4.588 / (4.588 + 29.951))|
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)|
|=||(45 / 252.781)||/||(46.319 / 209.395)|
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)|
|=||((47.586 + 60.343) / 295.313)||/||((13.946 + 32.072) / 226.581)|
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|
|=||(3.211 - 1.217||-||7.578)||/||295.313|
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 -2.57 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