The Cooper Beneish M-Score Historical Data
The historical data trend for The Cooper'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.
The Cooper Beneish M-Score Chart
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The Cooper Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.52 |
-2.64 |
-1.07 |
-2.64 |
-2.52 |
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The Cooper Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.45 |
-2.52 |
-2.43 |
-2.52 |
-2.50 |
Competitive Comparison of The Cooper's Beneish M-Score
For the Medical Instruments & Supplies subindustry, The Cooper'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.
The Cooper's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, The Cooper's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Cooper's Beneish M-Score falls into.
The Cooper 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 The Cooper 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 * 1.0315 | + | 0.528 * 0.9758 | + | 0.404 * 0.965 | + | 0.892 * 1.0848 | + | 0.115 * 1.0682 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0561 | + | 4.679 * -0.021276 | - | 0.327 * 1.0009 |
| = | -2.50 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $651 Mil.
Revenue was 931.6 + 927.1 + 930.2 + 877.4 = $3,666 Mil.
Gross Profit was 623.8 + 606.5 + 610 + 582.9 = $2,423 Mil.
Total Current Assets was $1,794 Mil.
Total Assets was $12,033 Mil.
Property, Plant and Equipment(Net PPE) was $1,682 Mil.
Depreciation, Depletion and Amortization(DDA) was $375 Mil.
Selling, General, & Admin. Expense(SGA) was $1,551 Mil.
Total Current Liabilities was $965 Mil.
Long-Term Debt & Capital Lease Obligation was $2,726 Mil.
Net Income was 81.2 + 84.5 + 85.3 + 39.8 = $291 Mil.
Non Operating Income was -3.2 + -3 + -6 + -4.6 = $-17 Mil.
Cash Flow from Operations was 122.7 + 174.2 + 142.5 + 124.2 = $564 Mil.
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Total Receivables was $582 Mil.
Revenue was 858.5 + 848.1 + 843.4 + 829.8 = $3,380 Mil.
Gross Profit was 558.5 + 536.6 + 552.1 + 532.5 = $2,180 Mil.
Total Current Assets was $1,578 Mil.
Total Assets was $11,561 Mil.
Property, Plant and Equipment(Net PPE) was $1,464 Mil.
Depreciation, Depletion and Amortization(DDA) was $354 Mil.
Selling, General, & Admin. Expense(SGA) was $1,354 Mil.
Total Current Liabilities was $916 Mil.
Long-Term Debt & Capital Lease Obligation was $2,627 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) |
| = | (651 / 3666.3) | / | (581.8 / 3379.8) |
| = | 0.177563 | / | 0.17214 |
| | = | 1.0315 |
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) |
| = | (2179.7 / 3379.8) | / | (2423.2 / 3666.3) |
| = | 0.64492 | / | 0.660939 |
| | = | 0.9758 |
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 - (1793.9 + 1682.2) / 12032.6) | / | (1 - (1577.5 + 1464) / 11561.1) |
| = | 0.71111 | / | 0.736919 |
| | = | 0.965 |
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 |
| = | 3666.3 | / | 3379.8 |
| | = | 1.0848 |
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)) |
| = | (353.8 / (353.8 + 1464)) | / | (374.8 / (374.8 + 1682.2)) |
| = | 0.194631 | / | 0.182207 |
| | = | 1.0682 |
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) |
| = | (1551.2 / 3666.3) | / | (1354 / 3379.8) |
| = | 0.423097 | / | 0.400615 |
| | = | 1.0561 |
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) |
| = | ((2726.2 + 964.9) / 12032.6) | / | ((2627.3 + 915.8) / 11561.1) |
| = | 0.306758 | / | 0.306467 |
| | = | 1.0009 |
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 |
| = | (290.8 - -16.8 | - | 563.6) | / | 12032.6 |
| | = | -0.021276 |
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.
The Cooper has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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