Acuity Beneish M-Score Historical Data
The historical data trend for Acuity'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.
Acuity Beneish M-Score Chart
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Acuity Annual Data
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Trend |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
Aug24 |
| Beneish M-Score |
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-2.90 |
-2.54 |
-2.24 |
-2.90 |
-2.78 |
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Acuity Quarterly Data
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Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
Nov24 |
| Beneish M-Score |
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-2.85 |
-2.79 |
-2.76 |
-2.78 |
-2.66 |
Competitive Comparison of Acuity's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Acuity'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's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Acuity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acuity's Beneish M-Score falls into.
Acuity 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 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 * 1.0424 | + | 0.528 * 0.9494 | + | 0.404 * 0.8681 | + | 0.892 * 0.992 | + | 0.115 * 0.9693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0407 | + | 4.679 * -0.031597 | - | 0.327 * 0.9233 |
| = | -2.66 |
* 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 (Nov24) TTM: | Last Year (Nov23) TTM: |
Total Receivables was $535 Mil.
Revenue was 951.6 + 1032.3 + 968.1 + 905.9 = $3,858 Mil.
Gross Profit was 449.3 + 488.7 + 452.2 + 412.4 = $1,803 Mil.
Total Current Assets was $1,937 Mil.
Total Assets was $3,864 Mil.
Property, Plant and Equipment(Net PPE) was $361 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $1,147 Mil.
Total Current Liabilities was $651 Mil.
Long-Term Debt & Capital Lease Obligation was $551 Mil.
Net Income was 106.7 + 118.9 + 113.9 + 89.2 = $429 Mil.
Non Operating Income was -2.5 + -8 + 0.5 + -0.6 = $-11 Mil.
Cash Flow from Operations was 132.2 + 174.1 + 152.5 + 102.6 = $561 Mil.
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Total Receivables was $517 Mil.
Revenue was 934.7 + 1010.4 + 1000.3 + 943.6 = $3,889 Mil.
Gross Profit was 428.4 + 442.7 + 447.3 + 406.7 = $1,725 Mil.
Total Current Assets was $1,474 Mil.
Total Assets was $3,464 Mil.
Property, Plant and Equipment(Net PPE) was $373 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $1,111 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt & Capital Lease Obligation was $566 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) |
| = | (534.7 / 3857.9) | / | (517.1 / 3889) |
| = | 0.138599 | / | 0.132965 |
| | = | 1.0424 |
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) |
| = | (1725.1 / 3889) | / | (1802.6 / 3857.9) |
| = | 0.443584 | / | 0.467249 |
| | = | 0.9494 |
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 - (1937.3 + 360.9) / 3864.3) | / | (1 - (1474.1 + 372.7) / 3463.9) |
| = | 0.405274 | / | 0.466844 |
| | = | 0.8681 |
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 |
| = | 3857.9 | / | 3889 |
| | = | 0.992 |
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)) |
| = | (89.4 / (89.4 + 372.7)) | / | (90 / (90 + 360.9)) |
| = | 0.193465 | / | 0.199601 |
| | = | 0.9693 |
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) |
| = | (1146.6 / 3857.9) | / | (1110.6 / 3889) |
| = | 0.297208 | / | 0.285575 |
| | = | 1.0407 |
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) |
| = | ((550.7 + 650.6) / 3864.3) | / | ((565.7 + 600.6) / 3463.9) |
| = | 0.310871 | / | 0.336701 |
| | = | 0.9233 |
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 |
| = | (428.7 - -10.6 | - | 561.4) | / | 3864.3 |
| | = | -0.031597 |
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 has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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