AptarGroup Beneish M-Score Historical Data
The historical data trend for AptarGroup'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.
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AptarGroup Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.81 |
-2.40 |
-2.73 |
-2.76 |
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AptarGroup Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.69 |
-2.66 |
-2.68 |
-2.76 |
Competitive Comparison
For the Medical Instruments & Supplies subindustry, AptarGroup'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.
AptarGroup Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, AptarGroup's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AptarGroup's Beneish M-Score falls into.
AptarGroup 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 AptarGroup 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 * 0.9538 | + | 0.528 * 0.967 | + | 0.404 * 0.9405 | + | 0.892 * 1.0497 | + | 0.115 * 1.0261 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9903 | + | 4.679 * -0.05674 | - | 0.327 * 0.9278 |
| = | -2.76 |
* 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 $678 Mil.
Revenue was 838.48 + 892.997 + 895.906 + 860.067 = $3,487 Mil.
Gross Profit was 312.253 + 326.306 + 322.195 + 302.645 = $1,263 Mil.
Total Current Assets was $1,549 Mil.
Total Assets was $4,452 Mil.
Property, Plant and Equipment(Net PPE) was $1,537 Mil.
Depreciation, Depletion and Amortization(DDA) was $249 Mil.
Selling, General, & Admin. Expense(SGA) was $566 Mil.
Total Current Liabilities was $1,251 Mil.
Long-Term Debt & Capital Lease Obligation was $726 Mil.
Net Income was 62.355 + 84.296 + 83.072 + 54.764 = $284 Mil.
Non Operating Income was -20.537 + -6.396 + 1.418 + -12.638 = $-38 Mil.
Cash Flow from Operations was 219.637 + 173.401 + 83.897 + 98.304 = $575 Mil.
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Total Receivables was $677 Mil.
Revenue was 795.914 + 836.86 + 844.543 + 844.932 = $3,322 Mil.
Gross Profit was 275.617 + 290.484 + 295.533 + 302.204 = $1,164 Mil.
Total Current Assets was $1,430 Mil.
Total Assets was $4,203 Mil.
Property, Plant and Equipment(Net PPE) was $1,402 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General, & Admin. Expense(SGA) was $544 Mil.
Total Current Liabilities was $917 Mil.
Long-Term Debt & Capital Lease Obligation was $1,096 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) |
| = | (677.822 / 3487.45) | / | (676.987 / 3322.249) |
| = | 0.19436 | / | 0.203774 |
| | = | 0.9538 |
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) |
| = | (1163.838 / 3322.249) | / | (1263.399 / 3487.45) |
| = | 0.350316 | / | 0.36227 |
| | = | 0.967 |
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 - (1549.279 + 1537.137) / 4451.89) | / | (1 - (1430.291 + 1402.339) / 4203.458) |
| = | 0.306718 | / | 0.326119 |
| | = | 0.9405 |
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 |
| = | 3487.45 | / | 3322.249 |
| | = | 1.0497 |
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)) |
| = | (233.706 / (233.706 + 1402.339)) | / | (248.593 / (248.593 + 1537.137)) |
| = | 0.142848 | / | 0.139211 |
| | = | 1.0261 |
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) |
| = | (565.783 / 3487.45) | / | (544.262 / 3322.249) |
| = | 0.162234 | / | 0.163823 |
| | = | 0.9903 |
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) |
| = | ((726.455 + 1251.309) / 4451.89) | / | ((1095.545 + 917.176) / 4203.458) |
| = | 0.444253 | / | 0.478825 |
| | = | 0.9278 |
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 |
| = | (284.487 - -38.153 | - | 575.239) | / | 4451.89 |
| | = | -0.05674 |
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.
AptarGroup has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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