Advanced Energy Industries Beneish M-Score Historical Data
The historical data trend for Advanced Energy Industries'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.
Advanced Energy Industries Beneish M-Score Chart
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Advanced Energy Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.27 |
-2.55 |
-2.11 |
-2.78 |
-2.52 |
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Advanced Energy Industries Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.78 |
-2.88 |
-2.72 |
-2.45 |
-2.52 |
Competitive Comparison of Advanced Energy Industries's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Advanced Energy Industries'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.
Advanced Energy Industries's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Advanced Energy Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advanced Energy Industries's Beneish M-Score falls into.
Advanced Energy Industries 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 Advanced Energy Industries 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 * 1.0495 | + | 0.528 * 1.0017 | + | 0.404 * 1.1476 | + | 0.892 * 0.8951 | + | 0.115 * 1.0331 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.135 | + | 4.679 * -0.019554 | - | 0.327 * 0.8285 |
| = | -2.52 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $265 Mil.
Revenue was 415.403 + 374.217 + 364.947 + 327.475 = $1,482 Mil.
Gross Profit was 154.705 + 134.068 + 127.741 + 112.829 = $529 Mil.
Total Current Assets was $1,389 Mil.
Total Assets was $2,262 Mil.
Property, Plant and Equipment(Net PPE) was $282 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $314 Mil.
Long-Term Debt & Capital Lease Obligation was $654 Mil.
Net Income was 48.874 + -14.905 + 15.029 + 5.216 = $54 Mil.
Non Operating Income was 3.235 + -36.685 + 0.013 + 1.134 = $-32 Mil.
Cash Flow from Operations was 82.688 + 34.062 + 6.714 + 7.283 = $131 Mil.
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Total Receivables was $282 Mil.
Revenue was 405.271 + 409.991 + 415.508 + 425.04 = $1,656 Mil.
Gross Profit was 142.866 + 147.341 + 147.08 + 155.111 = $592 Mil.
Total Current Assets was $1,712 Mil.
Total Assets was $2,557 Mil.
Property, Plant and Equipment(Net PPE) was $263 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $336 Mil.
Long-Term Debt & Capital Lease Obligation was $985 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) |
| = | (265.315 / 1482.042) | / | (282.43 / 1655.81) |
| = | 0.17902 | / | 0.170569 |
| | = | 1.0495 |
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) |
| = | (592.398 / 1655.81) | / | (529.343 / 1482.042) |
| = | 0.357769 | / | 0.357171 |
| | = | 1.0017 |
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 - (1389.323 + 281.909) / 2261.894) | / | (1 - (1711.894 + 263.097) / 2556.757) |
| = | 0.261136 | / | 0.227541 |
| | = | 1.1476 |
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 |
| = | 1482.042 | / | 1655.81 |
| | = | 0.8951 |
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)) |
| = | (66.533 / (66.533 + 263.097)) | / | (68.455 / (68.455 + 281.909)) |
| = | 0.201841 | / | 0.195383 |
| | = | 1.0331 |
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) |
| = | (224.538 / 1482.042) | / | (221.034 / 1655.81) |
| = | 0.151506 | / | 0.13349 |
| | = | 1.135 |
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) |
| = | ((653.873 + 314.222) / 2261.894) | / | ((985.009 + 335.848) / 2556.757) |
| = | 0.428002 | / | 0.516614 |
| | = | 0.8285 |
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 |
| = | (54.214 - -32.303 | - | 130.747) | / | 2261.894 |
| | = | -0.019554 |
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.
Advanced Energy Industries has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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