ATI Beneish M-Score Historical Data
The historical data trend for ATI'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.
ATI Beneish M-Score Chart
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ATI Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-3.07 |
-2.40 |
-2.39 |
-1.97 |
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ATI Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.12 |
-1.97 |
-2.24 |
-2.23 |
-2.38 |
Competitive Comparison of ATI's Beneish M-Score
For the Metal Fabrication subindustry, ATI'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.
ATI's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, ATI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ATI's Beneish M-Score falls into.
ATI 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 ATI 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 * 1.0534 | + | 0.528 * 0.9446 | + | 0.404 * 1.0001 | + | 0.892 * 1.013 | + | 0.115 * 0.988 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0746 | + | 4.679 * 0.00164 | - | 0.327 * 0.8787 |
| = | -2.42 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €739 Mil.
Revenue was 947.131 + 1017.534 + 959.468 + 975.688 = €3,900 Mil.
Gross Profit was 202.545 + 211.255 + 181.608 + 188.627 = €784 Mil.
Total Current Assets was €2,503 Mil.
Total Assets was €4,564 Mil.
Property, Plant and Equipment(Net PPE) was €1,574 Mil.
Depreciation, Depletion and Amortization(DDA) was €139 Mil.
Selling, General, & Admin. Expense(SGA) was €320 Mil.
Total Current Liabilities was €852 Mil.
Long-Term Debt & Capital Lease Obligation was €1,672 Mil.
Net Income was 74.513 + 76.085 + 60.812 + 133.607 = €345 Mil.
Non Operating Income was 0.451 + 0.743 + 0.184 + -71.067 = €-70 Mil.
Cash Flow from Operations was 21.624 + 93.922 + -90.896 + 382.572 = €407 Mil.
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Total Receivables was €693 Mil.
Revenue was 960.987 + 965.458 + 969.585 + 953.818 = €3,850 Mil.
Gross Profit was 182.34 + 192.999 + 180.449 + 175.301 = €731 Mil.
Total Current Assets was €2,436 Mil.
Total Assets was €4,433 Mil.
Property, Plant and Equipment(Net PPE) was €1,524 Mil.
Depreciation, Depletion and Amortization(DDA) was €133 Mil.
Selling, General, & Admin. Expense(SGA) was €294 Mil.
Total Current Liabilities was €777 Mil.
Long-Term Debt & Capital Lease Obligation was €2,012 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) |
| = | (739.451 / 3899.821) | / | (693.005 / 3849.848) |
| = | 0.189612 | / | 0.180008 |
| | = | 1.0534 |
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) |
| = | (731.089 / 3849.848) | / | (784.035 / 3899.821) |
| = | 0.189901 | / | 0.201044 |
| | = | 0.9446 |
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 - (2503.338 + 1573.597) / 4564.286) | / | (1 - (2435.919 + 1523.843) / 4433.041) |
| = | 0.106775 | / | 0.106762 |
| | = | 1.0001 |
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 |
| = | 3899.821 | / | 3849.848 |
| | = | 1.013 |
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)) |
| = | (133.071 / (133.071 + 1523.843)) | / | (139.239 / (139.239 + 1573.597)) |
| = | 0.080313 | / | 0.081291 |
| | = | 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) |
| = | (320.313 / 3899.821) | / | (294.248 / 3849.848) |
| = | 0.082135 | / | 0.076431 |
| | = | 1.0746 |
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) |
| = | ((1671.806 + 851.715) / 4564.286) | / | ((2012.395 + 777.054) / 4433.041) |
| = | 0.552884 | / | 0.629241 |
| | = | 0.8787 |
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 |
| = | (345.017 - -69.689 | - | 407.222) | / | 4564.286 |
| | = | 0.00164 |
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.
ATI has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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