AA Beneish M-Score Historical Data
The historical data trend for AA'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.
AA Beneish M-Score Chart
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AA Annual Data
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Jan12 |
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Jan20 |
| Beneish M-Score |
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-3.46 |
-2.99 |
-3.01 |
-3.01 |
-3.05 |
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AA Semi-Annual Data
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Jan12 |
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Jul13 |
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Jul20 |
| Beneish M-Score |
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-3.01 |
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-3.05 |
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Competitive Comparison of AA's Beneish M-Score
For the Personal Services subindustry, AA'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.
AA's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, AA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AA's Beneish M-Score falls into.
AA 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 AA 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 * 0.9908 | + | 0.528 * 0.9792 | + | 0.404 * 0.9655 | + | 0.892 * 1.0296 | + | 0.115 * 0.9156 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.943 | + | 4.679 * -0.120105 | - | 0.327 * 0.9629 |
| = | -3.04 |
* 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 (Jan20) TTM: | Last Year (Jan19) TTM: |
Total Receivables was $187 Mil.
Revenue was $1,301 Mil.
Gross Profit was $787 Mil.
Total Current Assets was $552 Mil.
Total Assets was $2,503 Mil.
Property, Plant and Equipment(Net PPE) was $158 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $452 Mil.
Total Current Liabilities was $959 Mil.
Long-Term Debt & Capital Lease Obligation was $3,332 Mil.
Net Income was $114 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $414 Mil.
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Total Receivables was $183 Mil.
Revenue was $1,263 Mil.
Gross Profit was $748 Mil.
Total Current Assets was $450 Mil.
Total Assets was $2,361 Mil.
Property, Plant and Equipment(Net PPE) was $159 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $466 Mil.
Total Current Liabilities was $674 Mil.
Long-Term Debt & Capital Lease Obligation was $3,530 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) |
| = | (186.928 / 1300.654) | / | (183.226 / 1263.226) |
| = | 0.143718 | / | 0.145046 |
| | = | 0.9908 |
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) |
| = | (748.387 / 1263.226) | / | (786.928 / 1300.654) |
| = | 0.592441 | / | 0.605025 |
| | = | 0.9792 |
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 - (551.634 + 158.17) / 2503.268) | / | (1 - (450.323 + 158.71) / 2361.29) |
| = | 0.716449 | / | 0.742076 |
| | = | 0.9655 |
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 |
| = | 1300.654 | / | 1263.226 |
| | = | 1.0296 |
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)) |
| = | (100.645 / (100.645 + 158.71)) | / | (116.34 / (116.34 + 158.17)) |
| = | 0.388059 | / | 0.42381 |
| | = | 0.9156 |
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) |
| = | (452.288 / 1300.654) | / | (465.806 / 1263.226) |
| = | 0.347739 | / | 0.368743 |
| | = | 0.943 |
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) |
| = | ((3332.026 + 959.477) / 2503.268) | / | ((3530.323 + 673.548) / 2361.29) |
| = | 1.71436 | / | 1.780328 |
| | = | 0.9629 |
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 |
| = | (113.725 - 0 | - | 414.379) | / | 2503.268 |
| | = | -0.120105 |
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.
AA has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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