Hexagon AB Beneish M-Score Historical Data
The historical data trend for Hexagon AB'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.
Hexagon AB Beneish M-Score Chart
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Hexagon AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.91 |
-2.37 |
-2.37 |
-2.68 |
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Hexagon AB 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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-2.37 |
-2.39 |
-2.38 |
-2.45 |
-2.68 |
Competitive Comparison of Hexagon AB's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Hexagon AB'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.
Hexagon AB's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hexagon AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hexagon AB's Beneish M-Score falls into.
Hexagon AB 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 Hexagon AB 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 * 0.9699 | + | 0.528 * 0.9988 | + | 0.404 * 0.9975 | + | 0.892 * 1.081 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2592 | + | 4.679 * -0.029946 | - | 0.327 * 1.0131 |
| = | -2.63 |
* 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 $1,568 Mil.
Revenue was 1565.213 + 1440.555 + 1478.873 + 1375.91 = $5,861 Mil.
Gross Profit was 1040.458 + 898.719 + 968.256 + 913.597 = $3,821 Mil.
Total Current Assets was $3,001 Mil.
Total Assets was $18,412 Mil.
Property, Plant and Equipment(Net PPE) was $873 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $424 Mil.
Total Current Liabilities was $3,364 Mil.
Long-Term Debt & Capital Lease Obligation was $3,254 Mil.
Net Income was 302.29 + 89.221 + 274.865 + 261.67 = $928 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 467.612 + 307.044 + 394.583 + 310.171 = $1,479 Mil.
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Total Receivables was $1,496 Mil.
Revenue was 1485.064 + 1303.564 + 1355.497 + 1277.203 = $5,421 Mil.
Gross Profit was 981.462 + 847.525 + 881.818 + 819.714 = $3,531 Mil.
Total Current Assets was $2,801 Mil.
Total Assets was $17,454 Mil.
Property, Plant and Equipment(Net PPE) was $838 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $312 Mil.
Total Current Liabilities was $2,826 Mil.
Long-Term Debt & Capital Lease Obligation was $3,366 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) |
| = | (1568.157 / 5860.551) | / | (1495.657 / 5421.328) |
| = | 0.267578 | / | 0.275884 |
| | = | 0.9699 |
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) |
| = | (3530.519 / 5421.328) | / | (3821.03 / 5860.551) |
| = | 0.651228 | / | 0.651992 |
| | = | 0.9988 |
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 - (3001.2 + 873.173) / 18411.996) | / | (1 - (2800.53 + 837.924) / 17454.449) |
| = | 0.789573 | / | 0.791546 |
| | = | 0.9975 |
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 |
| = | 5860.551 | / | 5421.328 |
| | = | 1.081 |
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)) |
| = | (0 / (0 + 837.924)) | / | (0 / (0 + 873.173)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (424.324 / 5860.551) | / | (311.721 / 5421.328) |
| = | 0.072403 | / | 0.057499 |
| | = | 1.2592 |
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) |
| = | ((3253.762 + 3363.795) / 18411.996) | / | ((3366.419 + 2825.636) / 17454.449) |
| = | 0.359416 | / | 0.354755 |
| | = | 1.0131 |
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 |
| = | (928.046 - 0 | - | 1479.41) | / | 18411.996 |
| | = | -0.029946 |
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.
Hexagon AB has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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