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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 0.87. The lowest was -4.53. And the median was -2.51.
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 * 0.5802||+||0.528 * 1.0243||+||0.404 * 1.4278||+||0.892 * 1.4848||+||0.115 * 0.9384|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7295||+||4.679 * -0.0103||-||0.327 * 1.3938|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $36.9 Mil.|
Revenue was 70.458 + 79.317 + 78.437 + 73.283 = $301.5 Mil.
Gross Profit was 21.973 + 29.179 + 27.174 + 23.38 = $101.7 Mil.
Total Current Assets was $236.5 Mil.
Total Assets was $288.3 Mil.
Property, Plant and Equipment(Net PPE) was $30.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.9 Mil.
Selling, General & Admin. Expense(SGA) was $48.4 Mil.
Total Current Liabilities was $44.4 Mil.
Long-Term Debt was $47.6 Mil.
Net Income was 0.826 + 6.101 + 5.883 + 1.868 = $14.7 Mil.
Non Operating Income was -0.05 + -0.167 + 0.049 + -0.433 = $-0.6 Mil.
Cash Flow from Operations was 5.836 + 0.655 + 3.028 + 8.74 = $18.3 Mil.
|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.
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)|
|=||(36.868 / 301.495)||/||(42.794 / 203.051)|
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)|
|=||(29.179 / 203.051)||/||(21.973 / 301.495)|
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 - (236.453 + 30.031) / 288.28)||/||(1 - (185.135 + 30.464) / 227.654)|
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))|
|=||(4.589 / (4.589 + 30.464))||/||(4.869 / (4.869 + 30.031))|
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)|
|=||(48.384 / 301.495)||/||(44.67 / 203.051)|
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 + 44.368) / 288.28)||/||((0 + 52.098) / 227.654)|
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|
|=||(14.678 - -0.601||-||18.259)||/||288.28|
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 -2.39 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