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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of CR Bard Inc was -2.19. The lowest was -3.77. And the median was -2.67.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 CR Bard Inc 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 * 0.8965||+||0.528 * 0.9809||+||0.404 * 0.9747||+||0.892 * 1.0758||+||0.115 * 0.9912|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9688||+||4.679 * -0.012||-||0.327 * 1.0214|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $437 Mil.|
Revenue was 819.7 + 867.2 + 830 + 827.1 = $3,344 Mil.
Gross Profit was 508.5 + 547.7 + 521.1 + 506.4 = $2,084 Mil.
Total Current Assets was $2,037 Mil.
Total Assets was $5,057 Mil.
Property, Plant and Equipment(Net PPE) was $453 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General & Admin. Expense(SGA) was $980 Mil.
Total Current Liabilities was $903 Mil.
Long-Term Debt was $1,147 Mil.
Net Income was 139.8 + 134.2 + 131.3 + -119.4 = $286 Mil.
Non Operating Income was -16.6 + -23.4 + -14.8 + -258.4 = $-313 Mil.
Cash Flow from Operations was 114 + 121.6 + 254.4 + 169.7 = $660 Mil.
|Accounts Receivable was $453 Mil.
Revenue was 799.3 + 791.3 + 758 + 759.9 = $3,109 Mil.
Gross Profit was 489.8 + 480.7 + 466.1 + 463.3 = $1,900 Mil.
Total Current Assets was $1,941 Mil.
Total Assets was $4,878 Mil.
Property, Plant and Equipment(Net PPE) was $396 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General & Admin. Expense(SGA) was $941 Mil.
Total Current Liabilities was $532 Mil.
Long-Term Debt was $1,405 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(436.5 / 3344)||/||(452.6 / 3108.5)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(547.7 / 3108.5)||/||(508.5 / 3344)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2036.8 + 452.6) / 5056.7)||/||(1 - (1941.2 + 395.8) / 4877.9)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(153.5 / (153.5 + 395.8))||/||(177.7 / (177.7 + 452.6))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(980.4 / 3344)||/||(940.7 / 3108.5)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1147.4 + 903) / 5056.7)||/||((1404.8 + 531.7) / 4877.9)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(285.9 - -313.2||-||659.7)||/||5056.7|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
CR Bard Inc has a M-score of -2.59 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
CR Bard Inc Annual Data
CR Bard Inc Quarterly Data