Axcelis Technologies Beneish M-Score Historical Data
The historical data trend for Axcelis Technologies'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.
Axcelis Technologies Beneish M-Score Chart
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Axcelis Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.06 |
-2.63 |
-2.79 |
-2.23 |
-1.75 |
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Axcelis Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-2.24 |
-2.58 |
-2.17 |
-1.75 |
Competitive Comparison of Axcelis Technologies's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Axcelis Technologies'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.
Axcelis Technologies's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Axcelis Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Axcelis Technologies's Beneish M-Score falls into.
Axcelis Technologies 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 Axcelis Technologies 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 * 1.0427 | + | 0.528 * 1.0056 | + | 0.404 * 1.2014 | + | 0.892 * 1.196 | + | 0.115 * 1.2453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9409 | + | 4.679 * 0.070866 | - | 0.327 * 0.8863 |
| = | -1.77 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €200 Mil.
Revenue was 284.534 + 273.909 + 252.874 + 237.255 = €1,049 Mil.
Gross Profit was 126.451 + 121.514 + 110.486 + 97.154 = €456 Mil.
Total Current Assets was €990 Mil.
Total Assets was €1,176 Mil.
Property, Plant and Equipment(Net PPE) was €93 Mil.
Depreciation, Depletion and Amortization(DDA) was €12 Mil.
Selling, General, & Admin. Expense(SGA) was €119 Mil.
Total Current Liabilities was €261 Mil.
Long-Term Debt & Capital Lease Obligation was €40 Mil.
Net Income was 65.158 + 61.777 + 56.837 + 44.549 = €228 Mil.
Non Operating Income was 3.943 + -1.181 + -1.892 + -0.969 = €-0 Mil.
Cash Flow from Operations was 60.132 + 22.507 + 30.196 + 32.278 = €145 Mil.
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Total Receivables was €160 Mil.
Revenue was 251.152 + 231.467 + 209.233 + 184.864 = €877 Mil.
Gross Profit was 103.388 + 104.354 + 93.825 + 81.508 = €383 Mil.
Total Current Assets was €828 Mil.
Total Assets was €957 Mil.
Property, Plant and Equipment(Net PPE) was €66 Mil.
Depreciation, Depletion and Amortization(DDA) was €11 Mil.
Selling, General, & Admin. Expense(SGA) was €106 Mil.
Total Current Liabilities was €234 Mil.
Long-Term Debt & Capital Lease Obligation was €43 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) |
| = | (199.873 / 1048.572) | / | (160.266 / 876.716) |
| = | 0.190614 | / | 0.182803 |
| | = | 1.0427 |
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) |
| = | (383.075 / 876.716) | / | (455.605 / 1048.572) |
| = | 0.436943 | / | 0.4345 |
| | = | 1.0056 |
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 - (990.352 + 92.91) / 1175.564) | / | (1 - (828.497 + 65.846) / 956.877) |
| = | 0.078517 | / | 0.065352 |
| | = | 1.2014 |
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 |
| = | 1048.572 | / | 876.716 |
| | = | 1.196 |
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)) |
| = | (11.051 / (11.051 + 65.846)) | / | (12.121 / (12.121 + 92.91)) |
| = | 0.143712 | / | 0.115404 |
| | = | 1.2453 |
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) |
| = | (119.285 / 1048.572) | / | (105.999 / 876.716) |
| = | 0.113759 | / | 0.120905 |
| | = | 0.9409 |
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) |
| = | ((40.049 + 261.463) / 1175.564) | / | ((42.655 + 234.237) / 956.877) |
| = | 0.256483 | / | 0.289371 |
| | = | 0.8863 |
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 |
| = | (228.321 - -0.099 | - | 145.113) | / | 1175.564 |
| | = | 0.070866 |
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.
Axcelis Technologies has a M-score of -1.77 signals that the company is likely to be a manipulator.
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