Amcon Distributing Co Beneish M-Score Historical Data
The historical data trend for Amcon Distributing Co'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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Amcon Distributing Co Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.39 |
-1.70 |
-2.50 |
-2.24 |
-2.48 |
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Amcon Distributing Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.60 |
-2.53 |
-2.43 |
-2.48 |
-3.04 |
Competitive Comparison
For the Food Distribution subindustry, Amcon Distributing Co'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.
Amcon Distributing Co Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Amcon Distributing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amcon Distributing Co's Beneish M-Score falls into.
Amcon Distributing Co 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 Amcon Distributing Co 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 * 1.0492 | + | 0.528 * 0.9211 | + | 0.404 * 1.2814 | + | 0.892 * 1.2157 | + | 0.115 * 0.7175 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1189 | + | 4.679 * -0.174665 | - | 0.327 * 0.9886 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $70 Mil.
Revenue was 644.959 + 692.522 + 696.489 + 584.994 = $2,619 Mil.
Gross Profit was 43.301 + 47.877 + 46.866 + 41.133 = $179 Mil.
Total Current Assets was $243 Mil.
Total Assets was $362 Mil.
Property, Plant and Equipment(Net PPE) was $105 Mil.
Depreciation, Depletion and Amortization(DDA) was $9 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $73 Mil.
Long-Term Debt & Capital Lease Obligation was $169 Mil.
Net Income was 1.071 + 2.957 + 3.944 + 2.066 = $10 Mil.
Non Operating Income was 0.363 + -0.408 + 0.233 + -0.047 = $0 Mil.
Cash Flow from Operations was 4.996 + 10.215 + -33.439 + 91.419 = $73 Mil.
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Total Receivables was $55 Mil.
Revenue was 565.99 + 645.755 + 550.584 + 391.888 = $2,154 Mil.
Gross Profit was 34.97 + 40.433 + 33.677 + 26.677 = $136 Mil.
Total Current Assets was $253 Mil.
Total Assets was $331 Mil.
Property, Plant and Equipment(Net PPE) was $68 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $107 Mil.
Total Current Liabilities was $61 Mil.
Long-Term Debt & Capital Lease Obligation was $162 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) |
| = | (70.341 / 2618.964) | / | (55.144 / 2154.217) |
| = | 0.026858 | / | 0.025598 |
| | = | 1.0492 |
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) |
| = | (135.757 / 2154.217) | / | (179.177 / 2618.964) |
| = | 0.063019 | / | 0.068415 |
| | = | 0.9211 |
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 - (243.431 + 105.076) / 362.373) | / | (1 - (253.466 + 67.528) / 330.874) |
| = | 0.038264 | / | 0.02986 |
| | = | 1.2814 |
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 |
| = | 2618.964 | / | 2154.217 |
| | = | 1.2157 |
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)) |
| = | (3.931 / (3.931 + 67.528)) | / | (8.725 / (8.725 + 105.076)) |
| = | 0.055011 | / | 0.076669 |
| | = | 0.7175 |
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) |
| = | (146.182 / 2618.964) | / | (107.462 / 2154.217) |
| = | 0.055817 | / | 0.049884 |
| | = | 1.1189 |
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) |
| = | ((168.888 + 72.757) / 362.373) | / | ((161.701 + 61.486) / 330.874) |
| = | 0.666841 | / | 0.674538 |
| | = | 0.9886 |
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 |
| = | (10.038 - 0.141 | - | 73.191) | / | 362.373 |
| | = | -0.174665 |
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.
Amcon Distributing Co has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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