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.
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Atkore Annual Data
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|
Trend |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
| Beneish M-Score |
|
|
|
|
|
-2.28 |
-2.63 |
-2.60 |
-2.89 |
-1.99 |
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Atkore Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
|
|
|
|
|
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|
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|
|
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-1.85 |
-1.99 |
-1.77 |
-1.57 |
-1.49 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.9154 | + | 0.528 * 0.8875 | + | 0.404 * 1.1624 | + | 0.892 * 1.5347 | + | 0.115 * 1.2186 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8502 | + | 4.679 * 0.1039 | - | 0.327 * 0.8679 |
| = | -1.49 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $737 Mil.
Revenue was 1061.59 + 982.573 + 840.801 + 923.731 = $3,809 Mil.
Gross Profit was 454.323 + 416.416 + 354.808 + 357.3 = $1,583 Mil.
Total Current Assets was $1,434 Mil.
Total Assets was $2,484 Mil.
Property, Plant and Equipment(Net PPE) was $385 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $346 Mil.
Total Current Liabilities was $518 Mil.
Long-Term Debt & Capital Lease Obligation was $792 Mil.
Net Income was 254.313 + 233.477 + 204.843 + 202.561 = $895 Mil.
Non Operating Income was -0.15 + 0.807 + 0.308 + 9.972 = $11 Mil.
Cash Flow from Operations was 210.617 + 63.967 + 97.192 + 254.281 = $626 Mil.
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Total Receivables was $525 Mil.
Revenue was 853.658 + 639.543 + 511.082 + 477.42 = $2,482 Mil.
Gross Profit was 339.273 + 239.849 + 189.191 + 147.054 = $915 Mil.
Total Current Assets was $1,231 Mil.
Total Assets was $1,977 Mil.
Property, Plant and Equipment(Net PPE) was $291 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $265 Mil.
Total Current Liabilities was $398 Mil.
Long-Term Debt & Capital Lease Obligation was $803 Mil.
|
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) |
| = | (737.319 / 3808.695) | / | (524.857 / 2481.703) |
| = | 0.19358836 | / | 0.21149066 |
| | = | 0.9154 |
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) |
| = | (915.367 / 2481.703) | / | (1582.847 / 3808.695) |
| = | 0.36884631 | / | 0.41558775 |
| | = | 0.8875 |
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 - (1433.706 + 385.461) / 2484.051) | / | (1 - (1230.923 + 291.098) / 1977.359) |
| = | 0.26766117 | / | 0.23027584 |
| | = | 1.1624 |
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 |
| = | 3808.695 | / | 2481.703 |
| | = | 1.5347 |
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)) |
| = | (91.774 / (91.774 + 291.098)) | / | (94.387 / (94.387 + 385.461)) |
| = | 0.23969891 | / | 0.19670187 |
| | = | 1.2186 |
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) |
| = | (345.79 / 3808.695) | / | (265.012 / 2481.703) |
| = | 0.09078963 | / | 0.10678635 |
| | = | 0.8502 |
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) |
| = | ((791.713 + 518.154) / 2484.051) | / | ((803.484 + 397.945) / 1977.359) |
| = | 0.52731083 | / | 0.60759275 |
| | = | 0.8679 |
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 |
| = | (895.194 - 10.937 | - | 626.057) | / | 2484.051 |
| | = | 0.1039 |
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 -1.49 signals that the company is likely to be a manipulator.
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