Teledyne Technologies Beneish M-Score Historical Data
The historical data trend for Teledyne Technologies'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.
Teledyne Technologies Beneish M-Score Chart
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Teledyne Technologies Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.69 |
-2.06 |
-2.32 |
-2.39 |
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Teledyne Technologies Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-2.53 |
-2.47 |
-2.39 |
-2.39 |
-2.42 |
Competitive Comparison of Teledyne Technologies's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Teledyne Technologies'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.
Teledyne Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Teledyne Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teledyne Technologies's Beneish M-Score falls into.
Teledyne Technologies 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 Teledyne Technologies 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 * 1.0627 | + | 0.528 * 0.9844 | + | 0.404 * 0.9741 | + | 0.892 * 0.9787 | + | 0.115 * 1.044 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0186 | + | 4.679 * -0.002204 | - | 0.327 * 0.8705 |
| = | -2.43 |
* 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 €1,088 Mil.
Revenue was 1242.092 + 1306.725 + 1314.143 + 1314.998 = €5,178 Mil.
Gross Profit was 533.508 + 571.383 + 567.166 + 570.783 = €2,243 Mil.
Total Current Assets was €2,966 Mil.
Total Assets was €13,468 Mil.
Property, Plant and Equipment(Net PPE) was €699 Mil.
Depreciation, Depletion and Amortization(DDA) was €289 Mil.
Selling, General, & Admin. Expense(SGA) was €1,102 Mil.
Total Current Liabilities was €1,635 Mil.
Long-Term Debt & Capital Lease Obligation was €2,434 Mil.
Net Income was 164.22 + 296.283 + 186.088 + 171.032 = €818 Mil.
Non Operating Income was 1.104 + -4.402 + -2.717 + -1.661 = €-8 Mil.
Cash Flow from Operations was 267.72 + 150.755 + 260.673 + 175.832 = €855 Mil.
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Total Receivables was €1,046 Mil.
Revenue was 1292.002 + 1338.781 + 1377.236 + 1282.587 = €5,291 Mil.
Gross Profit was 553.488 + 582.354 + 583.578 + 536.571 = €2,256 Mil.
Total Current Assets was €2,692 Mil.
Total Assets was €13,477 Mil.
Property, Plant and Equipment(Net PPE) was €715 Mil.
Depreciation, Depletion and Amortization(DDA) was €314 Mil.
Selling, General, & Admin. Expense(SGA) was €1,105 Mil.
Total Current Liabilities was €1,390 Mil.
Long-Term Debt & Capital Lease Obligation was €3,288 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) |
| = | (1088.084 / 5177.958) | / | (1046.173 / 5290.606) |
| = | 0.210138 | / | 0.197742 |
| | = | 1.0627 |
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) |
| = | (2255.991 / 5290.606) | / | (2242.84 / 5177.958) |
| = | 0.426414 | / | 0.433151 |
| | = | 0.9844 |
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 - (2965.712 + 699.2) / 13468.064) | / | (1 - (2692.162 + 714.79) / 13476.966) |
| = | 0.727881 | / | 0.747202 |
| | = | 0.9741 |
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 |
| = | 5177.958 | / | 5290.606 |
| | = | 0.9787 |
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)) |
| = | (313.742 / (313.742 + 714.79)) | / | (288.631 / (288.631 + 699.2)) |
| = | 0.305039 | / | 0.292187 |
| | = | 1.044 |
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) |
| = | (1101.856 / 5177.958) | / | (1105.316 / 5290.606) |
| = | 0.212797 | / | 0.20892 |
| | = | 1.0186 |
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) |
| = | ((2434.412 + 1634.656) / 13468.064) | / | ((3287.96 + 1389.792) / 13476.966) |
| = | 0.302127 | / | 0.347092 |
| | = | 0.8705 |
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 |
| = | (817.623 - -7.676 | - | 854.98) | / | 13468.064 |
| | = | -0.002204 |
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.
Teledyne Technologies has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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