Acuity Brands Beneish M-Score Historical Data
The historical data trend for Acuity Brands's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Acuity Brands Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.82 |
-2.90 |
-2.54 |
-2.25 |
-2.90 |
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Acuity Brands Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.63 |
-2.83 |
-2.90 |
-2.85 |
-2.79 |
Competitive Comparison
For the Electrical Equipment & Parts subindustry, Acuity Brands's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Acuity Brands Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, Acuity Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acuity Brands's Beneish M-Score falls into.
Acuity Brands Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Acuity Brands 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 * 1.0102 | + | 0.528 * 0.9365 | + | 0.404 * 0.9481 | + | 0.892 * 0.9365 | + | 0.115 * 1.0641 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0637 | + | 4.679 * -0.046372 | - | 0.327 * 0.9575 |
| = | -2.79 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $495 Mil.
Revenue was 905.9 + 934.7 + 1010.4 + 1000.3 = $3,851 Mil.
Gross Profit was 412.4 + 428.4 + 442.7 + 447.3 = $1,731 Mil.
Total Current Assets was $1,547 Mil.
Total Assets was $3,526 Mil.
Property, Plant and Equipment(Net PPE) was $372 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $1,208 Mil.
Total Current Liabilities was $598 Mil.
Long-Term Debt & Capital Lease Obligation was $563 Mil.
Net Income was 89.2 + 100.6 + 82.9 + 105 = $378 Mil.
Non Operating Income was 0.4 + -1.1 + -21.7 + -0.7 = $-23 Mil.
Cash Flow from Operations was 102.6 + 190 + 106.6 + 165.1 = $564 Mil.
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Total Receivables was $523 Mil.
Revenue was 943.6 + 997.9 + 1110.3 + 1060.6 = $4,112 Mil.
Gross Profit was 406.7 + 416.5 + 462.5 + 445.1 = $1,731 Mil.
Total Current Assets was $1,394 Mil.
Total Assets was $3,384 Mil.
Property, Plant and Equipment(Net PPE) was $364 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $1,212 Mil.
Total Current Liabilities was $596 Mil.
Long-Term Debt & Capital Lease Obligation was $568 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (494.9 / 3851.3) | / | (523.1 / 4112.4) |
| = | 0.128502 | / | 0.127201 |
| | = | 1.0102 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1730.8 / 4112.4) | / | (1730.8 / 3851.3) |
| = | 0.420873 | / | 0.449407 |
| | = | 0.9365 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1546.8 + 372.2) / 3525.8) | / | (1 - (1393.5 + 363.8) / 3383.8) |
| = | 0.455726 | / | 0.480673 |
| | = | 0.9481 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 3851.3 | / | 4112.4 |
| | = | 0.9365 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (95.4 / (95.4 + 363.8)) | / | (90.3 / (90.3 + 372.2)) |
| = | 0.207753 | / | 0.195243 |
| | = | 1.0641 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1207.8 / 3851.3) | / | (1212.4 / 4112.4) |
| = | 0.313608 | / | 0.294816 |
| | = | 1.0637 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((563.4 + 597.9) / 3525.8) | / | ((567.7 + 596.3) / 3383.8) |
| = | 0.329372 | / | 0.343992 |
| | = | 0.9575 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (377.7 - -23.1 | - | 564.3) | / | 3525.8 |
| | = | -0.046372 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Acuity Brands has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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