AMETEK Beneish M-Score Historical Data
The historical data trend for AMETEK'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.
AMETEK Beneish M-Score Chart
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AMETEK Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.88 |
-2.19 |
-2.37 |
-2.52 |
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AMETEK Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.51 |
-2.52 |
-2.51 |
-2.55 |
-2.53 |
Competitive Comparison of AMETEK's Beneish M-Score
For the Specialty Industrial Machinery subindustry, AMETEK'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.
AMETEK's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, AMETEK's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMETEK's Beneish M-Score falls into.
AMETEK 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 AMETEK 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 * 1.0595 | + | 0.528 * 1.013 | + | 0.404 * 1.0627 | + | 0.892 * 1.0938 | + | 0.115 * 1.1745 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9683 | + | 4.679 * -0.03033 | - | 0.327 * 0.9375 |
| = | -2.41 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was R$5,362 Mil.
Revenue was 9461.686 + 9343.989 + 8645.829 + 8480.99 = R$35,932 Mil.
Gross Profit was 3410.233 + 3363.129 + 2945.547 + 3013.548 = R$12,732 Mil.
Total Current Assets was R$15,139 Mil.
Total Assets was R$81,780 Mil.
Property, Plant and Equipment(Net PPE) was R$5,726 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,970 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,595 Mil.
Total Current Liabilities was R$10,892 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,777 Mil.
Net Income was 1884.187 + 1818.794 + 1548.434 + 1679.965 = R$6,931 Mil.
Non Operating Income was -10.455 + 0.463 + -3.152 + -19.3 = R$-32 Mil.
Cash Flow from Operations was 2697.85 + 2054.447 + 2042.848 + 2649.111 = R$9,444 Mil.
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Total Receivables was R$4,627 Mil.
Revenue was 8014.705 + 7989.729 + 8318.744 + 8527.274 = R$32,850 Mil.
Gross Profit was 2972.687 + 2877.861 + 2992.82 + 2947.967 = R$11,791 Mil.
Total Current Assets was R$15,402 Mil.
Total Assets was R$64,664 Mil.
Property, Plant and Equipment(Net PPE) was R$3,937 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,693 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,394 Mil.
Total Current Liabilities was R$8,266 Mil.
Long-Term Debt & Capital Lease Obligation was R$9,167 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) |
| = | (5361.919 / 35932.494) | / | (4626.589 / 32850.452) |
| = | 0.149222 | / | 0.140838 |
| | = | 1.0595 |
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) |
| = | (11791.335 / 32850.452) | / | (12732.457 / 35932.494) |
| = | 0.35894 | / | 0.354344 |
| | = | 1.013 |
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 - (15138.628 + 5726.03) / 81780.231) | / | (1 - (15402.299 + 3936.845) / 64664.256) |
| = | 0.744869 | / | 0.70093 |
| | = | 1.0627 |
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 |
| = | 35932.494 | / | 32850.452 |
| | = | 1.0938 |
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)) |
| = | (1692.807 / (1692.807 + 3936.845)) | / | (1970.37 / (1970.37 + 5726.03)) |
| = | 0.300695 | / | 0.256012 |
| | = | 1.1745 |
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) |
| = | (3595.044 / 35932.494) | / | (3394.39 / 32850.452) |
| = | 0.10005 | / | 0.103329 |
| | = | 0.9683 |
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) |
| = | ((9776.836 + 10892.437) / 81780.231) | / | ((9166.864 + 8266.001) / 64664.256) |
| = | 0.252742 | / | 0.26959 |
| | = | 0.9375 |
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 |
| = | (6931.38 - -32.444 | - | 9444.256) | / | 81780.231 |
| | = | -0.03033 |
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.
AMETEK has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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