Akumin Beneish M-Score Historical Data
The historical data trend for Akumin'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.
Akumin Beneish M-Score Chart
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Akumin Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
-1.46 |
-2.68 |
-1.64 |
-2.78 |
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Akumin Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.31 |
-2.78 |
-2.96 |
-3.09 |
-2.79 |
Competitive Comparison of Akumin's Beneish M-Score
For the Diagnostics & Research subindustry, Akumin'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.
Akumin's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Akumin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Akumin's Beneish M-Score falls into.
Akumin 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 Akumin 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 * 1.0605 | + | 0.528 * 1.0817 | + | 0.404 * 0.9925 | + | 0.892 * 0.9909 | + | 0.115 * 0.8859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5434 | + | 4.679 * -0.086054 | - | 0.327 * 1.1884 |
| = | -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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $118.1 Mil.
Revenue was 180.624 + 184.84 + 187.592 + 184.635 = $737.7 Mil.
Gross Profit was 22.577 + 26.345 + 32.025 + 39.042 = $120.0 Mil.
Total Current Assets was $174.2 Mil.
Total Assets was $1,590.8 Mil.
Property, Plant and Equipment(Net PPE) was $354.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.1 Mil.
Selling, General, & Admin. Expense(SGA) was $1.7 Mil.
Total Current Liabilities was $1,450.3 Mil.
Long-Term Debt & Capital Lease Obligation was $211.6 Mil.
Net Income was -82.385 + -96.652 + -35.148 + -41.61 = $-255.8 Mil.
Non Operating Income was -51.296 + -57.811 + -4.834 + -31.781 = $-145.7 Mil.
Cash Flow from Operations was -0.561 + 14.651 + 3.304 + 9.431 = $26.8 Mil.
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Total Receivables was $112.4 Mil.
Revenue was 186.605 + 192.128 + 186.263 + 179.443 = $744.4 Mil.
Gross Profit was 35.375 + 37.554 + 31.102 + 26.95 = $131.0 Mil.
Total Current Assets was $189.3 Mil.
Total Assets was $1,809.2 Mil.
Property, Plant and Equipment(Net PPE) was $403.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $99.5 Mil.
Selling, General, & Admin. Expense(SGA) was $3.2 Mil.
Total Current Liabilities was $167.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,423.1 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) |
| = | (118.1 / 737.691) | / | (112.376 / 744.439) |
| = | 0.160094 | / | 0.150954 |
| | = | 1.0605 |
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) |
| = | (130.981 / 744.439) | / | (119.989 / 737.691) |
| = | 0.175946 | / | 0.162655 |
| | = | 1.0817 |
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 - (174.201 + 354.729) / 1590.83) | / | (1 - (189.326 + 403.047) / 1809.238) |
| = | 0.667513 | / | 0.672584 |
| | = | 0.9925 |
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 |
| = | 737.691 | / | 744.439 |
| | = | 0.9909 |
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)) |
| = | (99.546 / (99.546 + 403.047)) | / | (102.145 / (102.145 + 354.729)) |
| = | 0.198065 | / | 0.223574 |
| | = | 0.8859 |
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) |
| = | (1.707 / 737.691) | / | (3.17 / 744.439) |
| = | 0.002314 | / | 0.004258 |
| | = | 0.5434 |
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) |
| = | ((211.558 + 1450.289) / 1590.83) | / | ((1423.1 + 167.299) / 1809.238) |
| = | 1.044641 | / | 0.879044 |
| | = | 1.1884 |
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 |
| = | (-255.795 - -145.722 | - | 26.825) | / | 1590.83 |
| | = | -0.086054 |
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.
Akumin has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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