Atmos Energy Beneish M-Score Historical Data
The historical data trend for Atmos Energy'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.
Atmos Energy Beneish M-Score Chart
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Atmos Energy Annual Data
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Trend |
Sep14 |
Sep15 |
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Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.77 |
-2.66 |
-1.73 |
-2.33 |
-3.09 |
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Atmos Energy Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-3.09 |
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Competitive Comparison of Atmos Energy's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Atmos Energy'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.
Atmos Energy's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Atmos Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atmos Energy's Beneish M-Score falls into.
Atmos Energy 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 Atmos Energy 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 * 0.8963 | + | 0.528 * 0.8942 | + | 0.404 * 1.0502 | + | 0.892 * 1.0175 | + | 0.115 * 1.0068 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.117087 | - | 0.327 * 0.8363 |
| = | -3.09 |
* 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 $343 Mil.
Revenue was $4,275 Mil.
Gross Profit was $2,058 Mil.
Total Current Assets was $886 Mil.
Total Assets was $22,517 Mil.
Property, Plant and Equipment(Net PPE) was $19,830 Mil.
Depreciation, Depletion and Amortization(DDA) was $604 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,353 Mil.
Long-Term Debt & Capital Lease Obligation was $6,749 Mil.
Net Income was $886 Mil.
Gross Profit was $63 Mil.
Cash Flow from Operations was $3,460 Mil.
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Total Receivables was $376 Mil.
Revenue was $4,202 Mil.
Gross Profit was $1,809 Mil.
Total Current Assets was $3,048 Mil.
Total Assets was $22,193 Mil.
Property, Plant and Equipment(Net PPE) was $17,455 Mil.
Depreciation, Depletion and Amortization(DDA) was $536 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,603 Mil.
Long-Term Debt & Capital Lease Obligation was $5,945 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) |
| = | (342.572 / 4275.357) | / | (375.619 / 4201.662) |
| = | 0.080127 | / | 0.089398 |
| | = | 0.8963 |
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) |
| = | (1808.845 / 4201.662) | / | (2058.278 / 4275.357) |
| = | 0.430507 | / | 0.481428 |
| | = | 0.8942 |
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 - (885.768 + 19829.949) / 22516.968) | / | (1 - (3047.693 + 17454.902) / 22192.989) |
| = | 0.079995 | / | 0.076168 |
| | = | 1.0502 |
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 |
| = | 4275.357 | / | 4201.662 |
| | = | 1.0175 |
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)) |
| = | (535.655 / (535.655 + 17454.902)) | / | (604.327 / (604.327 + 19829.949)) |
| = | 0.029774 | / | 0.029574 |
| | = | 1.0068 |
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) |
| = | (0 / 4275.357) | / | (0 / 4201.662) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((6748.585 + 1352.592) / 22516.968) | / | ((5944.948 + 3602.6) / 22192.989) |
| = | 0.359781 | / | 0.430206 |
| | = | 0.8363 |
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 |
| = | (885.862 - 62.568 | - | 3459.743) | / | 22516.968 |
| | = | -0.117087 |
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.
Atmos Energy has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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