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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 -5.51. And the median was -2.48.
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 * 1.274||+||0.528 * 0.9509||+||0.404 * 1.9889||+||0.892 * 0.9132||+||0.115 * 1.0837|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0957||+||4.679 * 0.053||-||0.327 * 0.41|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $45.0 Mil.|
Revenue was 65.65 + 64.451 + 67.521 + 70.458 = $268.1 Mil.
Gross Profit was 24.104 + 25.131 + 23.416 + 21.973 = $94.6 Mil.
Total Current Assets was $232.3 Mil.
Total Assets was $291.2 Mil.
Property, Plant and Equipment(Net PPE) was $30.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $47.7 Mil.
Total Current Liabilities was $39.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.151 + 2.937 + 1.948 + 0.826 = $7.9 Mil.
Non Operating Income was -0.055 + -0.238 + -0.059 + -0.05 = $-0.4 Mil.
Cash Flow from Operations was 3.69 + -6.522 + -10.183 + 5.836 = $-7.2 Mil.
|Accounts Receivable was $38.7 Mil.
Revenue was 79.317 + 78.437 + 73.283 + 62.53 = $293.6 Mil.
Gross Profit was 29.179 + 27.174 + 23.38 + 18.796 = $98.5 Mil.
Total Current Assets was $248.6 Mil.
Total Assets was $292.8 Mil.
Property, Plant and Equipment(Net PPE) was $30.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General & Admin. Expense(SGA) was $47.6 Mil.
Total Current Liabilities was $49.8 Mil.
Long-Term Debt was $47.6 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)|
|=||(44.993 / 268.08)||/||(38.674 / 293.567)|
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)|
|=||(98.529 / 293.567)||/||(94.624 / 268.08)|
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 - (232.318 + 30.804) / 291.15)||/||(1 - (248.642 + 29.985) / 292.799)|
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))|
|=||(4.756 / (4.756 + 29.985))||/||(4.454 / (4.454 + 30.804))|
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)|
|=||(47.664 / 268.08)||/||(47.635 / 293.567)|
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 + 39.712) / 291.15)||/||((47.586 + 49.82) / 292.799)|
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|
|=||(7.862 - -0.402||-||-7.179)||/||291.15|
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 -1.50 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
Axcelis Technologies Inc Annual Data
Axcelis Technologies Inc Quarterly Data