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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.
CR Bard Inc has a M-score of -3.36 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of CR Bard Inc was -2.19. The lowest was -3.75. And the median was -2.66.
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 * 0.9634||+||0.528 * 1.0071||+||0.404 * 1.1035||+||0.892 * 1.0472||+||0.115 * 1|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0805||+||4.679 * -0.2047||-||0.327 * 0.8873|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|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.
Net Income was 148.4 + 667.5 + 93.2 + -161.6 = $748 Mil.
Non Operating Income was 0 + 957.9 + -12.6 + -295.7 = $650 Mil.
Cash Flow from Operations was 114.3 + 706.3 + 201.3 + 74.7 = $1,097 Mil.
|Accounts Receivable was $449 Mil.
Revenue was 740.3 + 762.6 + 722.9 + 742.6 = $2,968 Mil.
Gross Profit was 445 + 475 + 450.3 + 456.9 = $1,827 Mil.
Total Current Assets was $1,796 Mil.
Total Assets was $4,077 Mil.
Property, Plant and Equipment(Net PPE) was $357 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General & Admin. Expense(SGA) was $831 Mil.
Total Current Liabilities was $416 Mil.
Long-Term Debt was $1,409 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)|
|=||(452.6 / 3108.5)||/||(448.6 / 2968.4)|
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)|
|=||(480.7 / 2968.4)||/||(489.8 / 3108.5)|
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 - (1941.2 + 395.8) / 4877.9)||/||(1 - (1795.9 + 356.6) / 4077.1)|
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))|
|=||(138.3 / (138.3 + 356.6))||/||(153.5 / (153.5 + 395.8))|
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)|
|=||(940.7 / 3108.5)||/||(831.4 / 2968.4)|
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)|
|=||((1404.8 + 531.7) / 4877.9)||/||((1408.6 + 415.6) / 4077.1)|
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|
|=||(747.5 - 649.6||-||1096.6)||/||4877.9|
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 -3.36 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