Henry Schein Beneish M-Score Historical Data
The historical data trend for Henry Schein'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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Henry Schein Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.39 |
-2.48 |
-2.49 |
-2.24 |
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Henry Schein 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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-2.49 |
-2.46 |
-2.46 |
-2.52 |
-2.24 |
Competitive Comparison
For the Medical Distribution subindustry, Henry Schein'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.
Henry Schein Beneish M-Score Distribution
For the Medical Distribution industry and Healthcare sector, Henry Schein's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Henry Schein's Beneish M-Score falls into.
Henry Schein 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 Henry Schein 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 * 1.3242 | + | 0.528 * 0.9681 | + | 0.404 * 1.0839 | + | 0.892 * 0.9756 | + | 0.115 * 1.0416 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0934 | + | 4.679 * -9.5E-5 | - | 0.327 * 1.134 |
| = | -2.24 |
* 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 $1,863 Mil.
Revenue was 3017 + 3162 + 3100 + 3060 = $12,339 Mil.
Gross Profit was 925 + 995 + 975 + 966 = $3,861 Mil.
Total Current Assets was $4,488 Mil.
Total Assets was $10,573 Mil.
Property, Plant and Equipment(Net PPE) was $823 Mil.
Depreciation, Depletion and Amortization(DDA) was $248 Mil.
Selling, General, & Admin. Expense(SGA) was $2,956 Mil.
Total Current Liabilities was $2,683 Mil.
Long-Term Debt & Capital Lease Obligation was $2,247 Mil.
Net Income was 18 + 137 + 140 + 121 = $416 Mil.
Non Operating Income was -22 + -13 + -17 + -31 = $-83 Mil.
Cash Flow from Operations was -32 + 231 + 274 + 27 = $500 Mil.
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Total Receivables was $1,442 Mil.
Revenue was 3371 + 3067 + 3030 + 3179 = $12,647 Mil.
Gross Profit was 999 + 914 + 945 + 973 = $3,831 Mil.
Total Current Assets was $3,988 Mil.
Total Assets was $8,607 Mil.
Property, Plant and Equipment(Net PPE) was $667 Mil.
Depreciation, Depletion and Amortization(DDA) was $212 Mil.
Selling, General, & Admin. Expense(SGA) was $2,771 Mil.
Total Current Liabilities was $2,224 Mil.
Long-Term Debt & Capital Lease Obligation was $1,315 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) |
| = | (1863 / 12339) | / | (1442 / 12647) |
| = | 0.150985 | / | 0.114019 |
| | = | 1.3242 |
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) |
| = | (3831 / 12647) | / | (3861 / 12339) |
| = | 0.302918 | / | 0.31291 |
| | = | 0.9681 |
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 - (4488 + 823) / 10573) | / | (1 - (3988 + 667) / 8607) |
| = | 0.497683 | / | 0.459161 |
| | = | 1.0839 |
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 |
| = | 12339 | / | 12647 |
| | = | 0.9756 |
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)) |
| = | (212 / (212 + 667)) | / | (248 / (248 + 823)) |
| = | 0.241183 | / | 0.231559 |
| | = | 1.0416 |
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) |
| = | (2956 / 12339) | / | (2771 / 12647) |
| = | 0.239566 | / | 0.219103 |
| | = | 1.0934 |
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) |
| = | ((2247 + 2683) / 10573) | / | ((1315 + 2224) / 8607) |
| = | 0.466282 | / | 0.411177 |
| | = | 1.134 |
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 |
| = | (416 - -83 | - | 500) | / | 10573 |
| | = | -9.5E-5 |
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.
Henry Schein has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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