Market Cap : 1.22 B | Enterprise Value : 1.18 B | P/E (TTM) : 37.57 | P/B : 5.13 |
---|
NAS:ATRI has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
NAS:ATRI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 13 years, the highest Beneish M-Score of Atrion was -1.55. The lowest was -3.34. And the median was -2.67.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Atrion's Beneish M-Score falls into.
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 Atrion 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 * 0.9816 | + | 0.528 * 1.0067 | + | 0.404 * 1.9311 | + | 0.892 * 0.9633 | + | 0.115 * 1.0064 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0307 | + | 4.679 * -0.0082 | - | 0.327 * 1.0892 | |||||||
= | -2.22 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $17.7 Mil. Revenue was 33.785 + 37.968 + 43.594 + 34.466 = $149.8 Mil. Gross Profit was 14.898 + 17.469 + 19.868 + 15.502 = $67.7 Mil. Total Current Assets was $113.2 Mil. Total Assets was $263.0 Mil. Property, Plant and Equipment(Net PPE) was $91.1 Mil. Depreciation, Depletion and Amortization(DDA) was $11.4 Mil. Selling, General, & Admin. Expense(SGA) was $24.8 Mil. Total Current Liabilities was $12.7 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 7.243 + 8.605 + 8.898 + 8.064 = $32.8 Mil. Non Operating Income was 0.678 + 0.354 + -0.997 + -0.113 = $-0.1 Mil. Cash Flow from Operations was 9.326 + 6.592 + 12.831 + 6.3 = $35.0 Mil. |
Accounts Receivable was $18.8 Mil. Revenue was 38.883 + 40.103 + 41.614 + 34.926 = $155.5 Mil. Gross Profit was 17.891 + 18.592 + 18.703 + 15.605 = $70.8 Mil. Total Current Assets was $144.8 Mil. Total Assets was $256.8 Mil. Property, Plant and Equipment(Net PPE) was $82.3 Mil. Depreciation, Depletion and Amortization(DDA) was $10.4 Mil. Selling, General, & Admin. Expense(SGA) was $25.0 Mil. Total Current Liabilities was $11.4 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (17.747 / 149.813) | / | (18.77 / 155.526) | |
= | 0.11846101 | / | 0.12068722 | |
= | 0.9816 |
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) | |
= | (70.791 / 155.526) | / | (67.737 / 149.813) | |
= | 0.45517148 | / | 0.45214367 | |
= | 1.0067 |
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 - (113.157 + 91.053) / 263.032) | / | (1 - (144.757 + 82.261) / 256.751) | |
= | 0.22363058 | / | 0.11580481 | |
= | 1.9311 |
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 | |
= | 149.813 | / | 155.526 | |
= | 0.9633 |
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)) |
= | (10.382 / (10.382 + 82.261)) | / | (11.409 / (11.409 + 91.053)) | |
= | 0.11206459 | / | 0.1113486 | |
= | 1.0064 |
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) |
= | (24.795 / 149.813) | / | (24.974 / 155.526) | |
= | 0.16550633 | / | 0.16057765 | |
= | 1.0307 |
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) |
= | ((0 + 12.699) / 263.032) | / | ((0 + 11.381) / 256.751) | |
= | 0.0482793 | / | 0.04432699 | |
= | 1.0892 |
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 | |
= | (32.81 - -0.078 | - | 35.049) | / | 263.032 | |
= | -0.0082 |
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.
Atrion has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
No Headline