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
|
The Cooper Annual Data
|
|
Trend |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
Oct24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.64 |
-1.07 |
-2.64 |
-2.52 |
-2.43 |
|
The Cooper Quarterly Data
|
|
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
Apr25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.38 |
-2.43 |
-2.43 |
-2.50 |
-2.47 |
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 * 1.0382 | + | 0.528 * 0.9853 | + | 0.404 * 0.9568 | + | 0.892 * 1.2328 | + | 0.115 * 1.1315 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9579 | + | 4.679 * -0.025856 | - | 0.327 * 0.9475 |
| = | -2.34 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was R$4,522 Mil.
Revenue was 5803.818 + 5798.715 + 5731.352 + 5559.323 = R$22,893 Mil.
Gross Profit was 3932.329 + 3968.396 + 3813.96 + 3675.539 = R$15,390 Mil.
Total Current Assets was R$12,309 Mil.
Total Assets was R$71,881 Mil.
Property, Plant and Equipment(Net PPE) was R$11,167 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,089 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,958 Mil.
Total Current Liabilities was R$5,863 Mil.
Long-Term Debt & Capital Lease Obligation was R$14,624 Mil.
Net Income was 507.827 + 626.937 + 661.266 + 580.436 = R$2,376 Mil.
Non Operating Income was -93.227 + -16.229 + -15.758 + -1.663 = R$-127 Mil.
Cash Flow from Operations was 557.046 + 1145.678 + 1508.813 + 1150.338 = R$4,362 Mil.
|
Total Receivables was R$3,533 Mil.
Revenue was 4835.538 + 4581.795 + 4687.325 + 4465.425 = R$18,570 Mil.
Gross Profit was 3238.056 + 3067.973 + 3066.403 + 2928.305 = R$12,301 Mil.
Total Current Assets was R$9,537 Mil.
Total Assets was R$61,803 Mil.
Property, Plant and Equipment(Net PPE) was R$8,769 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,903 Mil.
Selling, General, & Admin. Expense(SGA) was R$7,585 Mil.
Total Current Liabilities was R$4,886 Mil.
Long-Term Debt & Capital Lease Obligation was R$13,704 Mil.
|
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) |
| = | (4521.801 / 22893.208) | / | (3533.031 / 18570.083) |
| = | 0.197517 | / | 0.190254 |
| | = | 1.0382 |
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) |
| = | (12300.737 / 18570.083) | / | (15390.224 / 22893.208) |
| = | 0.662395 | / | 0.672262 |
| | = | 0.9853 |
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 - (12308.866 + 11166.979) / 71880.951) | / | (1 - (9536.67 + 8768.709) / 61803.162) |
| = | 0.673407 | / | 0.703812 |
| | = | 0.9568 |
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 |
| = | 22893.208 | / | 18570.083 |
| | = | 1.2328 |
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)) |
| = | (1902.69 / (1902.69 + 8768.709)) | / | (2088.72 / (2088.72 + 11166.979)) |
| = | 0.178298 | / | 0.157571 |
| | = | 1.1315 |
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) |
| = | (8957.501 / 22893.208) | / | (7585.096 / 18570.083) |
| = | 0.391273 | / | 0.408458 |
| | = | 0.9579 |
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) |
| = | ((14624.487 + 5862.881) / 71880.951) | / | ((13703.769 + 4886.325) / 61803.162) |
| = | 0.285018 | / | 0.300795 |
| | = | 0.9475 |
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 |
| = | (2376.466 - -126.877 | - | 4361.875) | / | 71880.951 |
| | = | -0.025856 |
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 -2.34 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BSP:C1OO34 has been successfully added to your