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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Atmos Energy's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Atmos Energy was -1.73. The lowest was -3.38. And the median was -2.62.
The historical data trend for Atmos Energy'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.
Atmos Energy Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.77 | -2.66 | -1.73 | -2.33 | -3.09 |
Atmos Energy Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | -3.09 | - | - |
For the Utilities - Regulated Gas subindustry, Atmos Energy'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.
For the Utilities - Regulated industry and Utilities sector, Atmos Energy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atmos Energy's Beneish M-Score falls into.
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 Atmos Energy 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 * 0.8963 | + | 0.528 * 0.8942 | + | 0.404 * 1.0502 | + | 0.892 * 1.0175 | + | 0.115 * 1.0068 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1 | + | 4.679 * -0.117087 | - | 0.327 * 0.8363 | |||||||
= | -3.09 |
* 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 $343 Mil. Revenue was $4,275 Mil. Gross Profit was $2,058 Mil. Total Current Assets was $886 Mil. Total Assets was $22,517 Mil. Property, Plant and Equipment(Net PPE) was $19,830 Mil. Depreciation, Depletion and Amortization(DDA) was $604 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $1,353 Mil. Long-Term Debt & Capital Lease Obligation was $6,749 Mil. Net Income was $886 Mil. Gross Profit was $63 Mil. Cash Flow from Operations was $3,460 Mil. |
Total Receivables was $376 Mil. Revenue was $4,202 Mil. Gross Profit was $1,809 Mil. Total Current Assets was $3,048 Mil. Total Assets was $22,193 Mil. Property, Plant and Equipment(Net PPE) was $17,455 Mil. Depreciation, Depletion and Amortization(DDA) was $536 Mil. Selling, General, & Admin. Expense(SGA) was $0 Mil. Total Current Liabilities was $3,603 Mil. Long-Term Debt & Capital Lease Obligation was $5,945 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) |
= | (342.572 / 4275.357) | / | (375.619 / 4201.662) | |
= | 0.080127 | / | 0.089398 | |
= | 0.8963 |
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) | |
= | (1808.845 / 4201.662) | / | (2058.278 / 4275.357) | |
= | 0.430507 | / | 0.481428 | |
= | 0.8942 |
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 - (885.768 + 19829.949) / 22516.968) | / | (1 - (3047.693 + 17454.902) / 22192.989) | |
= | 0.079995 | / | 0.076168 | |
= | 1.0502 |
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 | |
= | 4275.357 | / | 4201.662 | |
= | 1.0175 |
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)) |
= | (535.655 / (535.655 + 17454.902)) | / | (604.327 / (604.327 + 19829.949)) | |
= | 0.029774 | / | 0.029574 | |
= | 1.0068 |
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) |
= | (0 / 4275.357) | / | (0 / 4201.662) | |
= | 0 | / | 0 | |
= | 1 |
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) |
= | ((6748.585 + 1352.592) / 22516.968) | / | ((5944.948 + 3602.6) / 22192.989) | |
= | 0.359781 | / | 0.430206 | |
= | 0.8363 |
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 | |
= | (885.862 - 62.568 | - | 3459.743) | / | 22516.968 | |
= | -0.117087 |
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.
Atmos Energy has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Atmos Energy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Richard M Thomas | officer: VICE PRESIDENT & CONTROLLER | P O BOX 650205, DALLAS TX 75265-0205 |
Kim R Cocklin | director | C/O ATMOS ENERGY CORPORATION, PO BOX 650205, DALLAS TX 75256 |
Diana J Walters | director | 5430 LBJ FREEWAY, SUITE 1800, DALLAS TX 75240 |
John S Mcdill | officer: SR VP, UTILITY OPERATIONS | 5430 LBJ FREEWAY, SUITE 1800, DALLAS TX 75240 |
John C. Ale | director | 5430 LBJ FREEWAY, SUITE 1800, DALLAS TX 75240 |
Christopher T Forsythe | officer: Vice President and Controller | P O BOX 650205, DALLAS TX 75265 |
Sean Donohue | director | P O BOX 650205, DALLAS TX 75265 |
J Matt Robbins | officer: SR VP, Human Resources | P O BOX 650205, DALLAS TX 75265-0205 |
Frank H Yoho | director | 5430 LBJ FREEWAY, SUITE 1800, DALLAS TX 75240 |
Richard A Sampson | director | PO BOX 650205, DALLAS TX 75265 |
David J Park | officer: SR VP, Utility Operations | P O BOX 650205, DALLAS TX 75265-0205 |
Richard W Douglas | director | 10670 N CENTRAL EXPRESSWAY, DALLAS TX 75231 |
Nancy K Quinn | director | P O BOX 650205, DALLAS TX 75265 |
Karen E Hartsfield | officer: SR VP, GC & CORPORATE SEC'Y | P O BOX 650205, DALLAS TX 75265-0205 |
John K Akers | officer: SR VP, Safety & Enterprise Ser | P O BOX 650205, DALLAS TX 75265-0205 |
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