Atmel Beneish M-Score Historical Data
The historical data trend for Atmel'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.
Atmel Beneish M-Score Chart
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Atmel Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.26 |
-3.02 |
-2.76 |
-2.90 |
-2.83 |
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Atmel Quarterly Data
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Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
| Beneish M-Score |
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-2.90 |
-2.86 |
-2.84 |
-3.10 |
-2.83 |
Competitive Comparison of Atmel's Beneish M-Score
For the Semiconductors subindustry, Atmel'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.
Atmel's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Atmel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atmel's Beneish M-Score falls into.
Atmel 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 Atmel 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 * 1.0089 | + | 0.528 * 0.9447 | + | 0.404 * 1.1422 | + | 0.892 * 0.9865 | + | 0.115 * 0.9007 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1336 | + | 4.679 * -0.068741 | - | 0.327 * 0.7805 |
| = | -2.74 |
* 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 (Dec15) TTM: | Last Year (Dec14) TTM: |
Total Receivables was €188 Mil.
Revenue was 239.857 + 255.301 + 272.961 + 294.098 = €1,062 Mil.
Gross Profit was 111.133 + 118.82 + 125.911 + 136.102 = €492 Mil.
Total Current Assets was €641 Mil.
Total Assets was €1,157 Mil.
Property, Plant and Equipment(Net PPE) was €120 Mil.
Depreciation, Depletion and Amortization(DDA) was €50 Mil.
Selling, General, & Admin. Expense(SGA) was €223 Mil.
Total Current Liabilities was €194 Mil.
Long-Term Debt & Capital Lease Obligation was €50 Mil.
Net Income was 4.313 + -0.547 + 5.624 + 15.241 = €25 Mil.
Non Operating Income was 3.512 + 0.478 + 0.395 + 3.967 = €8 Mil.
Cash Flow from Operations was 8.368 + 27.259 + 23.105 + 37.085 = €96 Mil.
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Total Receivables was €189 Mil.
Revenue was 280.569 + 290.6 + 261.673 + 243.912 = €1,077 Mil.
Gross Profit was 113.993 + 137.23 + 118.671 + 101.213 = €471 Mil.
Total Current Assets was €646 Mil.
Total Assets was €1,105 Mil.
Property, Plant and Equipment(Net PPE) was €128 Mil.
Depreciation, Depletion and Amortization(DDA) was €46 Mil.
Selling, General, & Admin. Expense(SGA) was €200 Mil.
Total Current Liabilities was €238 Mil.
Long-Term Debt & Capital Lease Obligation was €61 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) |
| = | (188.026 / 1062.217) | / | (188.927 / 1076.754) |
| = | 0.177013 | / | 0.17546 |
| | = | 1.0089 |
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) |
| = | (471.107 / 1076.754) | / | (491.966 / 1062.217) |
| = | 0.437525 | / | 0.46315 |
| | = | 0.9447 |
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 - (641.139 + 120.399) / 1157.064) | / | (1 - (645.8 + 128.366) / 1104.829) |
| = | 0.341836 | / | 0.299289 |
| | = | 1.1422 |
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 |
| = | 1062.217 | / | 1076.754 |
| | = | 0.9865 |
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)) |
| = | (45.981 / (45.981 + 128.366)) | / | (49.852 / (49.852 + 120.399)) |
| = | 0.263733 | / | 0.292815 |
| | = | 0.9007 |
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) |
| = | (223.346 / 1062.217) | / | (199.722 / 1076.754) |
| = | 0.210264 | / | 0.185485 |
| | = | 1.1336 |
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) |
| = | ((50.49 + 193.874) / 1157.064) | / | ((60.825 + 238.138) / 1104.829) |
| = | 0.211193 | / | 0.270597 |
| | = | 0.7805 |
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 |
| = | (24.631 - 8.352 | - | 95.817) | / | 1157.064 |
| | = | -0.068741 |
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.
Atmel has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Atmel (XPAR:AML) Business Description
Traded in Other Exchanges
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Atmel Corp was originally incorporated in California on December 5, 1984 and was reincorporated in Delaware in October 1999. The Company designs, develops and supplies microcontrollers, which are self-contained computers-on-a-chip. It organizes its business into four reportable operating segments; Microcontrollers, Nonvolatile Memories, Radio Frequency, and Application Specific Integrated Circuits. Its Microcontrollers segment includes Atmel's maXTouch capacitive touch product families and its general purpose microcontroller and microprocessor families, AVR 8-bit and 32-bit products, ARM based products, Atmel's 8051 8-bit products, designated commercial wireless products, including low power radio and SOC products that meet Zigbee and Wi-Fi specifications and optimized products for mobile sensor hub, smart energy, touch button and LED lighting applications. Its Nonvolatile Memories segment includes electrically erasable programmable read-only "EEPROM" and erasable programmable read-only memory "EPROM" devices. Its Radio Frequency and Automotive segment includes automotive electronics, wireless and wired devices for industrial, consumer and automotive applications and foundry services. Its Application Specific Integrated Circuits segment includes custom application specific integrated circuits designed to meet specialized single-customer requirements for its high performance devices, including products that provide hardware security for embedded digital systems, products with military and aerospace applications and application specific standard products for space applications, power management and secure cryptographic memory products. The Company markets its products in various countries to a diverse base of OEMs serving commercial markets. It also sells its products to OEM accounts through its direct sales force, using manufacturers' representatives or through national and regional distributors. It sells its products in United States, Asia and Europe. Throughout its product line, the Company competes with a number of semiconductor manufacturers, such as Cypress, Freescale, Infineon, Intel, Microchip, NXP Semiconductors, ON Semiconductor, Renesas, Samsung, Silicon Labs, Spansion, STMicroelectronics, Synaptics, and Texas Instruments. The Company relies on patents, copyrights, trademarks and trade secrets, as well as nondisclosure agreements and other methods to protect its proprietary technologies and processes.
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