Abbott Laboratories Beneish M-Score Historical Data
The historical data trend for Abbott Laboratories'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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Abbott Laboratories Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.59 |
-2.64 |
-2.66 |
-2.56 |
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Abbott Laboratories Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.82 |
-2.75 |
-2.58 |
-2.56 |
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Competitive Comparison
For the Medical Devices subindustry, Abbott Laboratories'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.
Abbott Laboratories Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Abbott Laboratories's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abbott Laboratories's Beneish M-Score falls into.
Abbott Laboratories 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 Abbott Laboratories 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 * 1.081 | + | 0.528 * 1.0175 | + | 0.404 * 1.0253 | + | 0.892 * 0.9188 | + | 0.115 * 1.0859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0594 | + | 4.679 * -0.026989 | - | 0.327 * 0.9325 |
| = | -2.56 |
* 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 $8,821 Mil.
Revenue was 10241 + 10143 + 9978 + 9747 = $40,109 Mil.
Gross Profit was 5685 + 5538 + 5495 + 5416 = $22,134 Mil.
Total Current Assets was $22,670 Mil.
Total Assets was $73,214 Mil.
Property, Plant and Equipment(Net PPE) was $10,154 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,243 Mil.
Selling, General, & Admin. Expense(SGA) was $10,949 Mil.
Total Current Liabilities was $13,841 Mil.
Long-Term Debt & Capital Lease Obligation was $14,548 Mil.
Net Income was 1594 + 1436 + 1375 + 1318 = $5,723 Mil.
Non Operating Income was 85 + 93 + 155 + 105 = $438 Mil.
Cash Flow from Operations was 3038 + 1877 + 1203 + 1143 = $7,261 Mil.
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Total Receivables was $8,881 Mil.
Revenue was 10091 + 10410 + 11257 + 11895 = $43,653 Mil.
Gross Profit was 5498 + 5781 + 6324 + 6908 = $24,511 Mil.
Total Current Assets was $25,224 Mil.
Total Assets was $74,438 Mil.
Property, Plant and Equipment(Net PPE) was $9,162 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,267 Mil.
Selling, General, & Admin. Expense(SGA) was $11,248 Mil.
Total Current Liabilities was $15,489 Mil.
Long-Term Debt & Capital Lease Obligation was $15,465 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) |
| = | (8821 / 40109) | / | (8881 / 43653) |
| = | 0.219926 | / | 0.203445 |
| | = | 1.081 |
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) |
| = | (24511 / 43653) | / | (22134 / 40109) |
| = | 0.561496 | / | 0.551846 |
| | = | 1.0175 |
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 - (22670 + 10154) / 73214) | / | (1 - (25224 + 9162) / 74438) |
| = | 0.55167 | / | 0.538059 |
| | = | 1.0253 |
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 |
| = | 40109 | / | 43653 |
| | = | 0.9188 |
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)) |
| = | (3267 / (3267 + 9162)) | / | (3243 / (3243 + 10154)) |
| = | 0.262853 | / | 0.242069 |
| | = | 1.0859 |
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) |
| = | (10949 / 40109) | / | (11248 / 43653) |
| = | 0.272981 | / | 0.257668 |
| | = | 1.0594 |
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) |
| = | ((14548 + 13841) / 73214) | / | ((15465 + 15489) / 74438) |
| = | 0.387754 | / | 0.415836 |
| | = | 0.9325 |
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 |
| = | (5723 - 438 | - | 7261) | / | 73214 |
| | = | -0.026989 |
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.
Abbott Laboratories has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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