ABB Beneish M-Score Historical Data
The historical data trend for ABB'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.
ABB Beneish M-Score Chart
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ABB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.81 |
-2.68 |
-2.37 |
-2.63 |
-2.56 |
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ABB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.71 |
-2.69 |
-2.76 |
-2.56 |
Competitive Comparison of ABB's Beneish M-Score
For the Electrical Equipment & Parts subindustry, ABB'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.
ABB's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, ABB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ABB's Beneish M-Score falls into.
ABB 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 ABB 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 * 1.027 | + | 0.528 * 0.9313 | + | 0.404 * 1.0049 | + | 0.892 * 1 | + | 0.115 * 1.0155 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.018502 | - | 0.327 * 0.9553 |
| = | -2.56 |
* 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 CHF7,581 Mil.
Revenue was 7658.844 + 6905.527 + 7364.018 + 6993.282 = CHF28,922 Mil.
Gross Profit was 2718.488 + 2639.875 + 2836.921 + 2608.041 = CHF10,803 Mil.
Total Current Assets was CHF18,590 Mil.
Total Assets was CHF35,982 Mil.
Property, Plant and Equipment(Net PPE) was CHF4,473 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF706 Mil.
Selling, General, & Admin. Expense(SGA) was CHF5,026 Mil.
Total Current Liabilities was CHF13,567 Mil.
Long-Term Debt & Capital Lease Obligation was CHF6,494 Mil.
Net Income was 880.009 + 802.298 + 979.605 + 804.183 = CHF3,466 Mil.
Non Operating Income was 0 + 0 + 8.938 + 14.218 = CHF23 Mil.
Cash Flow from Operations was 1370.389 + 1139.484 + 953.685 + 645.124 = CHF4,109 Mil.
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Total Receivables was CHF7,382 Mil.
Revenue was 7130.276 + 7168.013 + 7349.965 + 7273.505 = CHF28,922 Mil.
Gross Profit was 2462.95 + 2484.695 + 2600.355 + 2513.658 = CHF10,062 Mil.
Total Current Assets was CHF18,400 Mil.
Total Assets was CHF35,405 Mil.
Property, Plant and Equipment(Net PPE) was CHF4,354 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF700 Mil.
Selling, General, & Admin. Expense(SGA) was CHF4,971 Mil.
Total Current Liabilities was CHF15,570 Mil.
Long-Term Debt & Capital Lease Obligation was CHF5,091 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) |
| = | (7581.275 / 28921.671) | / | (7381.933 / 28921.759) |
| = | 0.262131 | / | 0.255238 |
| | = | 1.027 |
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) |
| = | (10061.658 / 28921.759) | / | (10803.325 / 28921.671) |
| = | 0.347892 | / | 0.373537 |
| | = | 0.9313 |
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 - (18589.86 + 4473.157) / 35982.301) | / | (1 - (18400.35 + 4354.268) / 35404.912) |
| = | 0.359046 | / | 0.357303 |
| | = | 1.0049 |
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 |
| = | 28921.671 | / | 28921.759 |
| | = | 1 |
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)) |
| = | (699.866 / (699.866 + 4354.268)) | / | (706.292 / (706.292 + 4473.157)) |
| = | 0.138474 | / | 0.136364 |
| | = | 1.0155 |
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) |
| = | (5026.13 / 28921.671) | / | (4970.596 / 28921.759) |
| = | 0.173784 | / | 0.171864 |
| | = | 1.0112 |
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) |
| = | ((6493.523 + 13566.586) / 35982.301) | / | ((5091.078 + 15569.859) / 35404.912) |
| = | 0.557499 | / | 0.583561 |
| | = | 0.9553 |
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 |
| = | (3466.095 - 23.156 | - | 4108.682) | / | 35982.301 |
| | = | -0.018502 |
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.
ABB has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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