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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 C.R. Bard Inc was -2.19. The lowest was -3.75. And the median was -2.71.
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 C.R. 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 * 0.9729||+||0.528 * 0.9845||+||0.404 * 0.9878||+||0.892 * 1.0602||+||0.115 * 0.9416|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0487||+||4.679 * -0.0429||-||0.327 * 0.9627|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $456 Mil.|
Revenue was 941.9 + 931.5 + 873.5 + 870.8 = $3,618 Mil.
Gross Profit was 589.7 + 580.5 + 553.1 + 550.8 = $2,274 Mil.
Total Current Assets was $2,302 Mil.
Total Assets was $5,311 Mil.
Property, Plant and Equipment(Net PPE) was $477 Mil.
Depreciation, Depletion and Amortization(DDA) was $211 Mil.
Selling, General & Admin. Expense(SGA) was $1,101 Mil.
Total Current Liabilities was $875 Mil.
Long-Term Debt was $1,641 Mil.
Net Income was 96.4 + 159.2 + 116.2 + 136.3 = $508 Mil.
Non Operating Income was -116.2 + -9.6 + -60.3 + 461 = $275 Mil.
Cash Flow from Operations was 188.1 + 88.9 + 67.2 + 116.8 = $461 Mil.
|Accounts Receivable was $442 Mil.
Revenue was 865.7 + 859.8 + 819.7 + 867.2 = $3,412 Mil.
Gross Profit was 529.4 + 526.1 + 508.5 + 547.7 = $2,112 Mil.
Total Current Assets was $2,106 Mil.
Total Assets was $4,972 Mil.
Property, Plant and Equipment(Net PPE) was $467 Mil.
Depreciation, Depletion and Amortization(DDA) was $189 Mil.
Selling, General & Admin. Expense(SGA) was $990 Mil.
Total Current Liabilities was $1,300 Mil.
Long-Term Debt was $1,148 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)|
|=||(455.8 / 3617.7)||/||(441.9 / 3412.4)|
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)|
|=||(2111.7 / 3412.4)||/||(2274.1 / 3617.7)|
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 - (2302.4 + 476.9) / 5310.7)||/||(1 - (2106.1 + 466.8) / 4972.4)|
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))|
|=||(189.4 / (189.4 + 466.8))||/||(210.8 / (210.8 + 476.9))|
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)|
|=||(1101 / 3617.7)||/||(990.3 / 3412.4)|
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)|
|=||((1641.2 + 875.1) / 5310.7)||/||((1147.7 + 1299.5) / 4972.4)|
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|
|=||(508.1 - 274.9||-||461)||/||5310.7|
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.
C.R. Bard Inc has a M-score of -2.67 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
C.R. Bard Inc Annual Data
C.R. Bard Inc Quarterly Data