Atkore Beneish M-Score Historical Data
The historical data trend for Atkore'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.
Atkore Beneish M-Score Chart
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Atkore Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.89 |
-1.99 |
-2.04 |
-2.57 |
-2.69 |
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Atkore Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.56 |
-2.64 |
-2.69 |
-2.63 |
-2.71 |
Competitive Comparison of Atkore's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Atkore'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.
Atkore's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Atkore's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atkore's Beneish M-Score falls into.
Atkore 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 Atkore 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 * 1.0519 | + | 0.528 * 1.2747 | + | 0.404 * 0.8522 | + | 0.892 * 0.8798 | + | 0.115 * 0.988 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1056 | + | 4.679 * -0.047161 | - | 0.327 * 1.0624 |
| = | -2.71 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $471 Mil.
Revenue was 701.725 + 661.597 + 788.297 + 822.364 = $2,974 Mil.
Gross Profit was 185.117 + 171.088 + 216.069 + 279.655 = $852 Mil.
Total Current Assets was $1,516 Mil.
Total Assets was $2,860 Mil.
Property, Plant and Equipment(Net PPE) was $786 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $388 Mil.
Total Current Liabilities was $502 Mil.
Long-Term Debt & Capital Lease Obligation was $917 Mil.
Net Income was -50.057 + 46.336 + 73.119 + 123.417 = $193 Mil.
Non Operating Income was -134.115 + -1.089 + -1.484 + -0.286 = $-137 Mil.
Cash Flow from Operations was 86.567 + 74.374 + 199.076 + 104.634 = $465 Mil.
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Total Receivables was $509 Mil.
Revenue was 792.911 + 798.481 + 869.889 + 919.117 = $3,380 Mil.
Gross Profit was 291.575 + 290.54 + 301.465 + 350.801 = $1,234 Mil.
Total Current Assets was $1,575 Mil.
Total Assets was $3,015 Mil.
Property, Plant and Equipment(Net PPE) was $750 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $399 Mil.
Total Current Liabilities was $510 Mil.
Long-Term Debt & Capital Lease Obligation was $898 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) |
| = | (471.168 / 2973.983) | / | (509.157 / 3380.398) |
| = | 0.15843 | / | 0.15062 |
| | = | 1.0519 |
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) |
| = | (1234.381 / 3380.398) | / | (851.929 / 2973.983) |
| = | 0.365158 | / | 0.286461 |
| | = | 1.2747 |
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 - (1515.693 + 786.407) / 2859.629) | / | (1 - (1575.293 + 749.689) / 3014.728) |
| = | 0.194966 | / | 0.228792 |
| | = | 0.8522 |
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 |
| = | 2973.983 | / | 3380.398 |
| | = | 0.8798 |
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)) |
| = | (144.962 / (144.962 + 749.689)) | / | (154.278 / (154.278 + 786.407)) |
| = | 0.162032 | / | 0.164006 |
| | = | 0.988 |
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) |
| = | (388.414 / 2973.983) | / | (399.328 / 3380.398) |
| = | 0.130604 | / | 0.11813 |
| | = | 1.1056 |
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) |
| = | ((917.484 + 501.51) / 2859.629) | / | ((897.654 + 510.403) / 3014.728) |
| = | 0.496216 | / | 0.467059 |
| | = | 1.0624 |
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 |
| = | (192.815 - -136.974 | - | 464.651) | / | 2859.629 |
| | = | -0.047161 |
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.
Atkore has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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