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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 Ansys Inc was -0.68. The lowest was -3.12. And the median was -2.62.
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 Ansys 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 * 0.9092||+||0.528 * 0.9891||+||0.404 * 0.9751||+||0.892 * 1.0254||+||0.115 * 1.0254|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9811||+||4.679 * -0.0389||-||0.327 * 1.0915|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $85.3 Mil.|
Revenue was 245.862 + 246.069 + 225.906 + 251.647 = $969.5 Mil.
Gross Profit was 210.276 + 209.058 + 190.621 + 214.655 = $824.6 Mil.
Total Current Assets was $1,100.2 Mil.
Total Assets was $2,730.4 Mil.
Property, Plant and Equipment(Net PPE) was $55.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.2 Mil.
Selling, General & Admin. Expense(SGA) was $255.5 Mil.
Total Current Liabilities was $454.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 69.557 + 69.628 + 56.468 + 68.021 = $263.7 Mil.
Non Operating Income was -0.159 + 0.305 + -0.108 + 0.107 = $0.1 Mil.
Cash Flow from Operations was 81.989 + 70.029 + 108.575 + 109.196 = $369.8 Mil.
|Accounts Receivable was $91.5 Mil.
Revenue was 237.84 + 235.485 + 217.781 + 254.375 = $945.5 Mil.
Gross Profit was 201.259 + 197.7 + 181.893 + 214.606 = $795.5 Mil.
Total Current Assets was $1,045.3 Mil.
Total Assets was $2,701.6 Mil.
Property, Plant and Equipment(Net PPE) was $58.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.5 Mil.
Selling, General & Admin. Expense(SGA) was $254.0 Mil.
Total Current Liabilities was $412.0 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)|
|=||(85.273 / 969.484)||/||(91.47 / 945.481)|
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)|
|=||(795.458 / 945.481)||/||(824.61 / 969.484)|
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 - (1100.151 + 55.628) / 2730.357)||/||(1 - (1045.264 + 58.59) / 2701.566)|
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))|
|=||(79.483 / (79.483 + 58.59))||/||(71.208 / (71.208 + 55.628))|
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)|
|=||(255.528 / 969.484)||/||(254.014 / 945.481)|
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 + 454.437) / 2730.357)||/||((0 + 411.957) / 2701.566)|
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|
|=||(263.674 - 0.145||-||369.789)||/||2730.357|
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.
Ansys Inc has a M-score of -2.76 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
Ansys Inc Annual Data
Ansys Inc Quarterly Data