Boston Scientific Beneish M-Score Historical Data
The historical data trend for Boston Scientific'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.
Boston Scientific Beneish M-Score Chart
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Boston Scientific Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.83 |
-2.39 |
-2.41 |
-2.46 |
-2.45 |
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Boston Scientific Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.46 |
-2.49 |
-2.46 |
-2.43 |
-2.45 |
Competitive Comparison of Boston Scientific's Beneish M-Score
For the Medical Devices subindustry, Boston Scientific'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.
Boston Scientific's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Boston Scientific's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boston Scientific's Beneish M-Score falls into.
Boston Scientific 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 Boston Scientific 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 * 0.9763 | + | 0.528 * 1.0129 | + | 0.404 * 1.0119 | + | 0.892 * 1.176 | + | 0.115 * 1.0513 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9804 | + | 4.679 * -0.027009 | - | 0.327 * 1.0122 |
| = | -2.45 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $2,558 Mil.
Revenue was 4561 + 4209 + 4120 + 3856 = $16,746 Mil.
Gross Profit was 3095 + 2897 + 2850 + 2647 = $11,489 Mil.
Total Current Assets was $6,920 Mil.
Total Assets was $39,395 Mil.
Property, Plant and Equipment(Net PPE) was $3,744 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,269 Mil.
Selling, General, & Admin. Expense(SGA) was $5,984 Mil.
Total Current Liabilities was $6,399 Mil.
Long-Term Debt & Capital Lease Obligation was $9,369 Mil.
Net Income was 566 + 468 + 324 + 492 = $1,850 Mil.
Non Operating Income was -230 + 29 + -302 + -18 = $-521 Mil.
Cash Flow from Operations was 1456 + 1002 + 813 + 164 = $3,435 Mil.
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Total Receivables was $2,228 Mil.
Revenue was 3725 + 3527 + 3599 + 3389 = $14,240 Mil.
Gross Profit was 2579 + 2426 + 2542 + 2349 = $9,896 Mil.
Total Current Assets was $6,514 Mil.
Total Assets was $35,136 Mil.
Property, Plant and Equipment(Net PPE) was $3,298 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,196 Mil.
Selling, General, & Admin. Expense(SGA) was $5,190 Mil.
Total Current Liabilities was $4,933 Mil.
Long-Term Debt & Capital Lease Obligation was $8,961 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) |
| = | (2558 / 16746) | / | (2228 / 14240) |
| = | 0.152753 | / | 0.156461 |
| | = | 0.9763 |
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) |
| = | (9896 / 14240) | / | (11489 / 16746) |
| = | 0.694944 | / | 0.686074 |
| | = | 1.0129 |
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 - (6920 + 3744) / 39395) | / | (1 - (6514 + 3298) / 35136) |
| = | 0.729306 | / | 0.720742 |
| | = | 1.0119 |
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 |
| = | 16746 | / | 14240 |
| | = | 1.176 |
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)) |
| = | (1196 / (1196 + 3298)) | / | (1269 / (1269 + 3744)) |
| = | 0.266133 | / | 0.253142 |
| | = | 1.0513 |
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) |
| = | (5984 / 16746) | / | (5190 / 14240) |
| = | 0.357339 | / | 0.364466 |
| | = | 0.9804 |
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) |
| = | ((9369 + 6399) / 39395) | / | ((8961 + 4933) / 35136) |
| = | 0.400254 | / | 0.395435 |
| | = | 1.0122 |
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 |
| = | (1850 - -521 | - | 3435) | / | 39395 |
| | = | -0.027009 |
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.
Boston Scientific has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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