Mettler-Toledo International Beneish M-Score Historical Data
The historical data trend for Mettler-Toledo International'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.
Mettler-Toledo International Beneish M-Score Chart
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Mettler-Toledo International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.66 |
-2.56 |
-2.40 |
-2.76 |
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Mettler-Toledo International 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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-2.40 |
-2.49 |
-2.53 |
-2.56 |
-2.76 |
Competitive Comparison of Mettler-Toledo International's Beneish M-Score
For the Diagnostics & Research subindustry, Mettler-Toledo International'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.
Mettler-Toledo International's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Mettler-Toledo International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mettler-Toledo International's Beneish M-Score falls into.
Mettler-Toledo International 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 Mettler-Toledo International 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 * 0.9684 | + | 0.528 * 0.9953 | + | 0.404 * 1.0278 | + | 0.892 * 0.9665 | + | 0.115 * 0.9672 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9968 | + | 4.679 * -0.044257 | - | 0.327 * 1.0454 |
| = | -2.76 |
* 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 $664 Mil.
Revenue was 934.992 + 942.462 + 982.117 + 928.738 = $3,788 Mil.
Gross Profit was 551.638 + 559.539 + 583.543 + 546.566 = $2,241 Mil.
Total Current Assets was $1,230 Mil.
Total Assets was $3,356 Mil.
Property, Plant and Equipment(Net PPE) was $803 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $904 Mil.
Total Current Liabilities was $1,181 Mil.
Long-Term Debt & Capital Lease Obligation was $1,889 Mil.
Net Income was 184.794 + 201.631 + 213.927 + 188.426 = $789 Mil.
Non Operating Income was -11.487 + -6.214 + -7.01 + -3.878 = $-29 Mil.
Cash Flow from Operations was 281.505 + 264.296 + 266.811 + 153.262 = $966 Mil.
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Total Receivables was $709 Mil.
Revenue was 1057.685 + 985.846 + 978.387 + 897.791 = $3,920 Mil.
Gross Profit was 632.14 + 584.656 + 571.661 + 519.585 = $2,308 Mil.
Total Current Assets was $1,375 Mil.
Total Assets was $3,492 Mil.
Property, Plant and Equipment(Net PPE) was $779 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $938 Mil.
Total Current Liabilities was $1,148 Mil.
Long-Term Debt & Capital Lease Obligation was $1,908 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) |
| = | (663.893 / 3788.309) | / | (709.321 / 3919.709) |
| = | 0.175248 | / | 0.180963 |
| | = | 0.9684 |
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) |
| = | (2308.042 / 3919.709) | / | (2241.286 / 3788.309) |
| = | 0.58883 | / | 0.591632 |
| | = | 0.9953 |
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 - (1230.203 + 803.374) / 3355.555) | / | (1 - (1375.089 + 778.6) / 3492.395) |
| = | 0.393967 | / | 0.38332 |
| | = | 1.0278 |
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 |
| = | 3788.309 | / | 3919.709 |
| | = | 0.9665 |
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)) |
| = | (113.023 / (113.023 + 778.6)) | / | (121.164 / (121.164 + 803.374)) |
| = | 0.126761 | / | 0.131054 |
| | = | 0.9672 |
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) |
| = | (904.106 / 3788.309) | / | (938.461 / 3919.709) |
| = | 0.238657 | / | 0.239421 |
| | = | 0.9968 |
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) |
| = | ((1888.62 + 1181.082) / 3355.555) | / | ((1908.48 + 1147.731) / 3492.395) |
| = | 0.914812 | / | 0.875105 |
| | = | 1.0454 |
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 |
| = | (788.778 - -28.589 | - | 965.874) | / | 3355.555 |
| | = | -0.044257 |
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.
Mettler-Toledo International has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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