Danaher Beneish M-Score Historical Data
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.
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Danaher Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.77 |
-2.23 |
-2.48 |
-2.62 |
-2.59 |
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Danaher 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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|
|
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|
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-2.62 |
-2.56 |
-2.64 |
-2.65 |
-2.59 |
Competitive Comparison
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.
Danaher Beneish M-Score Distribution
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.
Danaher 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 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 * 1.0663 | + | 0.528 * 1.0343 | + | 0.404 * 1.0175 | + | 0.892 * 0.8967 | + | 0.115 * 1.1323 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1353 | + | 4.679 * -0.025424 | - | 0.327 * 0.9167 |
| = | -2.59 |
* 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 $3,922 Mil.
Revenue was 2693 + 6873 + 7157 + 7167 = $23,890 Mil.
Gross Profit was 1623 + 4000 + 4041 + 4370 = $14,034 Mil.
Total Current Assets was $13,937 Mil.
Total Assets was $84,488 Mil.
Property, Plant and Equipment(Net PPE) was $4,553 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,166 Mil.
Selling, General, & Admin. Expense(SGA) was $7,252 Mil.
Total Current Liabilities was $8,274 Mil.
Long-Term Debt & Capital Lease Obligation was $17,661 Mil.
Net Income was 1079 + 1129 + 1106 + 1450 = $4,764 Mil.
Non Operating Income was -200 + -47 + -29 + 24 = $-252 Mil.
Cash Flow from Operations was 1619 + 1672 + 1926 + 1947 = $7,164 Mil.
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Total Receivables was $4,102 Mil.
Revenue was 3541 + 7663 + 7751 + 7688 = $26,643 Mil.
Gross Profit was 2178 + 4584 + 4721 + 4705 = $16,188 Mil.
Total Current Assets was $15,883 Mil.
Total Assets was $84,350 Mil.
Property, Plant and Equipment(Net PPE) was $3,709 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,132 Mil.
Selling, General, & Admin. Expense(SGA) was $7,124 Mil.
Total Current Liabilities was $8,389 Mil.
Long-Term Debt & Capital Lease Obligation was $19,858 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) |
| = | (3922 / 23890) | / | (4102 / 26643) |
| = | 0.164169 | / | 0.153962 |
| | = | 1.0663 |
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) |
| = | (16188 / 26643) | / | (14034 / 23890) |
| = | 0.607589 | / | 0.587442 |
| | = | 1.0343 |
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 - (13937 + 4553) / 84488) | / | (1 - (15883 + 3709) / 84350) |
| = | 0.781152 | / | 0.76773 |
| | = | 1.0175 |
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 |
| = | 23890 | / | 26643 |
| | = | 0.8967 |
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)) |
| = | (2132 / (2132 + 3709)) | / | (2166 / (2166 + 4553)) |
| = | 0.365006 | / | 0.322369 |
| | = | 1.1323 |
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) |
| = | (7252 / 23890) | / | (7124 / 26643) |
| = | 0.303558 | / | 0.267387 |
| | = | 1.1353 |
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) |
| = | ((17661 + 8274) / 84488) | / | ((19858 + 8389) / 84350) |
| = | 0.306967 | / | 0.334878 |
| | = | 0.9167 |
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 |
| = | (4764 - -252 | - | 7164) | / | 84488 |
| | = | -0.025424 |
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 -2.59 suggests that the company is unlikely to be a manipulator.
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