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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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Danaher's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Danaher was -2.23. The lowest was -2.79. And the median was -2.57.
The historical data trend for Danaher'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.
Danaher Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.77 | -2.23 | -2.48 | -2.62 | -2.57 |
Danaher 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 |
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-2.56 | -2.64 | -2.64 | -2.57 | -2.77 |
For the Diagnostics & Research subindustry, Danaher'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 Medical Diagnostics & Research industry and Healthcare sector, Danaher's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Danaher'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 Danaher 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 * 0.8664 | + | 0.528 * 1.0413 | + | 0.404 * 1.02 | + | 0.892 * 0.9042 | + | 0.115 * 1.0422 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1235 | + | 4.679 * -0.026882 | - | 0.327 * 0.914 | |||||||
= | -2.77 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,379 Mil. Revenue was 5796 + 2693 + 6873 + 7157 = $22,519 Mil. Gross Profit was 3487 + 1623 + 4000 + 4041 = $13,151 Mil. Total Current Assets was $14,372 Mil. Total Assets was $83,402 Mil. Property, Plant and Equipment(Net PPE) was $4,562 Mil. Depreciation, Depletion and Amortization(DDA) was $2,217 Mil. Selling, General, & Admin. Expense(SGA) was $6,912 Mil. Total Current Liabilities was $7,778 Mil. Long-Term Debt & Capital Lease Obligation was $16,417 Mil. Net Income was 1088 + 1079 + 1129 + 1106 = $4,402 Mil. Non Operating Income was -36 + -200 + -47 + -29 = $-312 Mil. Cash Flow from Operations was 1739 + 1619 + 1672 + 1926 = $6,956 Mil. |
Total Receivables was $4,313 Mil. Revenue was 5949 + 3541 + 7663 + 7751 = $24,904 Mil. Gross Profit was 3662 + 2178 + 4584 + 4721 = $15,145 Mil. Total Current Assets was $16,532 Mil. Total Assets was $85,040 Mil. Property, Plant and Equipment(Net PPE) was $4,065 Mil. Depreciation, Depletion and Amortization(DDA) was $2,102 Mil. Selling, General, & Admin. Expense(SGA) was $6,804 Mil. Total Current Liabilities was $8,730 Mil. Long-Term Debt & Capital Lease Obligation was $18,261 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) |
= | (3379 / 22519) | / | (4313 / 24904) | |
= | 0.150051 | / | 0.173185 | |
= | 0.8664 |
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) | |
= | (15145 / 24904) | / | (13151 / 22519) | |
= | 0.608135 | / | 0.583996 | |
= | 1.0413 |
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 - (14372 + 4562) / 83402) | / | (1 - (16532 + 4065) / 85040) | |
= | 0.772979 | / | 0.757796 | |
= | 1.02 |
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 | |
= | 22519 | / | 24904 | |
= | 0.9042 |
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)) |
= | (2102 / (2102 + 4065)) | / | (2217 / (2217 + 4562)) | |
= | 0.340846 | / | 0.327039 | |
= | 1.0422 |
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) |
= | (6912 / 22519) | / | (6804 / 24904) | |
= | 0.306941 | / | 0.273209 | |
= | 1.1235 |
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) |
= | ((16417 + 7778) / 83402) | / | ((18261 + 8730) / 85040) | |
= | 0.290101 | / | 0.317392 | |
= | 0.914 |
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 | |
= | (4402 - -312 | - | 6956) | / | 83402 | |
= | -0.026882 |
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.
Danaher has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Danaher's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jose-carlos Gutierrez-ramos | officer: SVP, Chief Scientific Officer | C/O MOMENTA PHARMACEUTICALS, INC., 675 WEST KENDALL STREET, CAMBRIDGE MA 02142 |
Linda Filler | director | 2200 PENNSYLVANIA AVE NW, SUITE 800W, WASHINGTON DC 20037 |
Daniel Raskas | officer: VP-Corporate Development | 2099 PENNSYLVANIA AVENUE, NORTHWEST, WASHINGTON DC 20006 |
Teri List | director | 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037 |
Joakim Weidemanis | officer: Executive Vice President | 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037 |
Walter G Lohr | director | DANAHER CORP, 2099 PENNSYLVANIA AVE NW 12TH FL, WASHINGTON DC 20006 |
Georgeann Couchara | officer: SVP, Human Resources | 2200 PENNSYLVANIA AVENUE, NW, SUITE 800W, WASHINGTON DC 20037 |
Raymond C Stevens | director | 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037 |
Matthew Mcgrew | officer: EVP & Chief Financial Officer | 2200 PENNSYLVANIA AVENUE, NW, SUITE 800 W, WASHINGTON DC 20010 |
Jennifer Honeycutt | officer: Executive Vice President | 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037 |
Alan G Spoon | director | 1150 15TH ST NW, WASHINGTON DC 20071 |
Rainer Blair | officer: Executive Vice President | 2200 PENNSYLVANIA AVENUE, NW, SUITE 800W, WASHINGTON DC 20037 |
Feroz Dewan | director | C/O ARENA HOLDINGS MANAGEMENT LLC, 119 FIFTH AVENUE - 8TH FLOOR, NEW YORK NY 10003 |
Mitchell P Rales | director, officer: Chairman of Exec. Committee | 11790 GLEN ROAD, POTOMAC MD 20854 |
Brian W Ellis | officer: Senior Vice President - GC | 2200 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20037 |
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