Atco Beneish M-Score Historical Data
The historical data trend for Atco'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.
Atco Beneish M-Score Chart
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Atco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.01 |
-2.86 |
-2.65 |
-2.68 |
-2.89 |
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Atco Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.73 |
-2.71 |
-2.89 |
-2.89 |
-2.75 |
Competitive Comparison of Atco's Beneish M-Score
For the Utilities - Diversified subindustry, Atco'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.
Atco's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Atco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atco's Beneish M-Score falls into.
Atco 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 Atco 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 * 1.192 | + | 0.528 * 0.9663 | + | 0.404 * 1.0598 | + | 0.892 * 0.9312 | + | 0.115 * 0.935 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1365 | + | 4.679 * -0.075031 | - | 0.327 * 0.9801 |
| = | -2.73 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $686 Mil.
Revenue was 978.132 + 910.107 + 781.908 + 830.95 = $3,501 Mil.
Gross Profit was 636.082 + 588.104 + 495.159 + 535.902 = $2,255 Mil.
Total Current Assets was $1,245 Mil.
Total Assets was $18,726 Mil.
Property, Plant and Equipment(Net PPE) was $15,576 Mil.
Depreciation, Depletion and Amortization(DDA) was $611 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $1,051 Mil.
Long-Term Debt & Capital Lease Obligation was $7,854 Mil.
Net Income was 108.599 + 70.811 + 67.253 + 59.461 = $306 Mil.
Non Operating Income was 35.461 + 183.363 + 15.52 + 15.806 = $250 Mil.
Cash Flow from Operations was 409.279 + 421.884 + 335.526 + 294.295 = $1,461 Mil.
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Total Receivables was $618 Mil.
Revenue was 992.472 + 992.271 + 868.131 + 906.748 = $3,760 Mil.
Gross Profit was 630.71 + 605.079 + 524.027 + 580.287 = $2,340 Mil.
Total Current Assets was $1,595 Mil.
Total Assets was $18,315 Mil.
Property, Plant and Equipment(Net PPE) was $14,961 Mil.
Depreciation, Depletion and Amortization(DDA) was $547 Mil.
Selling, General, & Admin. Expense(SGA) was $449 Mil.
Total Current Liabilities was $1,330 Mil.
Long-Term Debt & Capital Lease Obligation was $7,556 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) |
| = | (686.318 / 3501.097) | / | (618.285 / 3759.622) |
| = | 0.196029 | / | 0.164454 |
| | = | 1.192 |
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) |
| = | (2340.103 / 3759.622) | / | (2255.247 / 3501.097) |
| = | 0.62243 | / | 0.644154 |
| | = | 0.9663 |
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 - (1244.829 + 15575.502) / 18725.621) | / | (1 - (1595.41 + 14960.9) / 18314.697) |
| = | 0.101748 | / | 0.09601 |
| | = | 1.0598 |
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 |
| = | 3501.097 | / | 3759.622 |
| | = | 0.9312 |
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)) |
| = | (547.259 / (547.259 + 14960.9)) | / | (610.881 / (610.881 + 15575.502)) |
| = | 0.035288 | / | 0.03774 |
| | = | 0.935 |
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) |
| = | (475.396 / 3501.097) | / | (449.185 / 3759.622) |
| = | 0.135785 | / | 0.119476 |
| | = | 1.1365 |
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) |
| = | ((7853.871 + 1051.271) / 18725.621) | / | ((7556.092 + 1330.118) / 18314.697) |
| = | 0.475559 | / | 0.485196 |
| | = | 0.9801 |
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 |
| = | (306.124 - 250.15 | - | 1460.984) | / | 18725.621 |
| | = | -0.075031 |
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.
Atco has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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