Fortive Beneish M-Score Historical Data
The historical data trend for Fortive'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.
Fortive Beneish M-Score Chart
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Fortive Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-2.82 |
-2.36 |
-2.58 |
-2.66 |
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Fortive 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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-2.58 |
-2.59 |
-2.58 |
-2.66 |
-2.65 |
Competitive Comparison of Fortive's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Fortive'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.
Fortive's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Fortive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fortive's Beneish M-Score falls into.
Fortive 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 Fortive 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 * 0.9867 | + | 0.528 * 0.9716 | + | 0.404 * 1.011 | + | 0.892 * 1.0371 | + | 0.115 * 0.9767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0285 | + | 4.679 * -0.031866 | - | 0.327 * 1.0846 |
| = | -2.65 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $963 Mil.
Revenue was 1524.5 + 1583.7 + 1494.5 + 1526.4 = $6,129 Mil.
Gross Profit was 904.2 + 947.5 + 893 + 905.4 = $3,650 Mil.
Total Current Assets was $2,614 Mil.
Total Assets was $17,520 Mil.
Property, Plant and Equipment(Net PPE) was $423 Mil.
Depreciation, Depletion and Amortization(DDA) was $481 Mil.
Selling, General, & Admin. Expense(SGA) was $2,116 Mil.
Total Current Liabilities was $1,739 Mil.
Long-Term Debt & Capital Lease Obligation was $3,942 Mil.
Net Income was 207.4 + 265.2 + 218 + 209 = $900 Mil.
Non Operating Income was 38.9 + -4.9 + -4.2 + -7.8 = $22 Mil.
Cash Flow from Operations was 256.7 + 446.8 + 411.4 + 321 = $1,436 Mil.
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Total Receivables was $941 Mil.
Revenue was 1460.7 + 1529.9 + 1456 + 1463.3 = $5,910 Mil.
Gross Profit was 848.2 + 892.5 + 845.4 + 833.5 = $3,420 Mil.
Total Current Assets was $2,455 Mil.
Total Assets was $15,805 Mil.
Property, Plant and Equipment(Net PPE) was $426 Mil.
Depreciation, Depletion and Amortization(DDA) was $461 Mil.
Selling, General, & Admin. Expense(SGA) was $1,984 Mil.
Total Current Liabilities was $2,630 Mil.
Long-Term Debt & Capital Lease Obligation was $2,095 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) |
| = | (962.6 / 6129.1) | / | (940.7 / 5909.9) |
| = | 0.157054 | / | 0.159174 |
| | = | 0.9867 |
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) |
| = | (3419.6 / 5909.9) | / | (3650.1 / 6129.1) |
| = | 0.578622 | / | 0.595536 |
| | = | 0.9716 |
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 - (2613.9 + 422.7) / 17520.1) | / | (1 - (2455.3 + 425.6) / 15804.8) |
| = | 0.826679 | / | 0.81772 |
| | = | 1.011 |
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 |
| = | 6129.1 | / | 5909.9 |
| | = | 1.0371 |
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)) |
| = | (460.6 / (460.6 + 425.6)) | / | (480.8 / (480.8 + 422.7)) |
| = | 0.519747 | / | 0.532153 |
| | = | 0.9767 |
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) |
| = | (2115.9 / 6129.1) | / | (1983.7 / 5909.9) |
| = | 0.345222 | / | 0.335657 |
| | = | 1.0285 |
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) |
| = | ((3941.7 + 1738.7) / 17520.1) | / | ((2094.6 + 2630.1) / 15804.8) |
| = | 0.324222 | / | 0.298941 |
| | = | 1.0846 |
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 |
| = | (899.6 - 22 | - | 1435.9) | / | 17520.1 |
| | = | -0.031866 |
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.
Fortive has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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