ATS Beneish M-Score Historical Data
The historical data trend for ATS'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.
ATS Beneish M-Score Chart
|
ATS Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.46 |
-2.22 |
-2.62 |
-2.31 |
-2.23 |
|
ATS Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.12 |
-2.21 |
-2.23 |
-2.09 |
-2.16 |
Competitive Comparison of ATS's Beneish M-Score
For the Specialty Industrial Machinery subindustry, ATS'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.
ATS's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, ATS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ATS's Beneish M-Score falls into.
ATS 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 ATS 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 * 0.9857 | + | 0.528 * 0.9908 | + | 0.404 * 0.91 | + | 0.892 * 1.2203 | + | 0.115 * 1.142 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9873 | + | 4.679 * 0.022542 | - | 0.327 * 0.8438 |
| = | -2.16 |
* 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 C$1,138 Mil.
Revenue was 735.716 + 753.649 + 730.791 + 647.048 = C$2,867 Mil.
Gross Profit was 208.418 + 212.724 + 210.908 + 183.686 = C$816 Mil.
Total Current Assets was C$1,681 Mil.
Total Assets was C$3,767 Mil.
Property, Plant and Equipment(Net PPE) was C$379 Mil.
Depreciation, Depletion and Amortization(DDA) was C$131 Mil.
Selling, General, & Admin. Expense(SGA) was C$438 Mil.
Total Current Liabilities was C$973 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,090 Mil.
Net Income was 50.665 + 47.563 + 29.457 + 29.266 = C$157 Mil.
Non Operating Income was 0 + 0 + -15.751 + -10.465 = C$-26 Mil.
Cash Flow from Operations was 8.493 + -107.796 + 81.405 + 116.149 = C$98 Mil.
|
Total Receivables was C$946 Mil.
Revenue was 588.954 + 610.591 + 603.164 + 546.804 = C$2,350 Mil.
Gross Profit was 161.478 + 169.738 + 173.124 + 157.942 = C$662 Mil.
Total Current Assets was C$1,350 Mil.
Total Assets was C$3,290 Mil.
Property, Plant and Equipment(Net PPE) was C$302 Mil.
Depreciation, Depletion and Amortization(DDA) was C$126 Mil.
Selling, General, & Admin. Expense(SGA) was C$363 Mil.
Total Current Liabilities was C$905 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,231 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) |
| = | (1138.448 / 2867.204) | / | (946.408 / 2349.513) |
| = | 0.397059 | / | 0.40281 |
| | = | 0.9857 |
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) |
| = | (662.282 / 2349.513) | / | (815.736 / 2867.204) |
| = | 0.281881 | / | 0.284506 |
| | = | 0.9908 |
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 - (1681.268 + 378.768) / 3766.947) | / | (1 - (1349.851 + 302.202) / 3290.439) |
| = | 0.453128 | / | 0.497923 |
| | = | 0.91 |
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 |
| = | 2867.204 | / | 2349.513 |
| | = | 1.2203 |
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)) |
| = | (126.002 / (126.002 + 302.202)) | / | (131.479 / (131.479 + 378.768)) |
| = | 0.294257 | / | 0.257677 |
| | = | 1.142 |
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) |
| = | (437.501 / 2867.204) | / | (363.117 / 2349.513) |
| = | 0.152588 | / | 0.15455 |
| | = | 0.9873 |
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) |
| = | ((1090.39 + 972.902) / 3766.947) | / | ((1230.52 + 905.345) / 3290.439) |
| = | 0.547736 | / | 0.649112 |
| | = | 0.8438 |
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 |
| = | (156.951 - -26.216 | - | 98.251) | / | 3766.947 |
| | = | 0.022542 |
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.
ATS has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSX:ATS has been successfully added to your