Siemens Healthineers AG Beneish M-Score Historical Data
The historical data trend for Siemens Healthineers AG'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.
Siemens Healthineers AG Beneish M-Score Chart
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Siemens Healthineers AG Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.13 |
-2.49 |
-2.39 |
-2.66 |
-2.51 |
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Siemens Healthineers AG 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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-2.66 |
-2.63 |
-2.48 |
-2.46 |
-2.51 |
Competitive Comparison of Siemens Healthineers AG's Beneish M-Score
For the Medical Devices subindustry, Siemens Healthineers AG'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.
Siemens Healthineers AG's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Siemens Healthineers AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Siemens Healthineers AG's Beneish M-Score falls into.
Siemens Healthineers AG 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 Siemens Healthineers AG 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 * 1.01 | + | 0.528 * 0.9389 | + | 0.404 * 0.9707 | + | 0.892 * 1.0315 | + | 0.115 * 1.2593 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9893 | + | 4.679 * -0.019194 | - | 0.327 * 0.8829 |
| = | -2.51 |
* 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 €6,404 Mil.
Revenue was 6329 + 5423 + 5435 + 5176 = €22,363 Mil.
Gross Profit was 2408 + 2090 + 2007 + 1964 = €8,469 Mil.
Total Current Assets was €14,443 Mil.
Total Assets was €46,055 Mil.
Property, Plant and Equipment(Net PPE) was €4,475 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,222 Mil.
Selling, General, & Admin. Expense(SGA) was €3,681 Mil.
Total Current Liabilities was €11,573 Mil.
Long-Term Debt & Capital Lease Obligation was €513 Mil.
Net Income was 616 + 469 + 426 + 431 = €1,942 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 1439 + 731 + 286 + 370 = €2,826 Mil.
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Total Receivables was €6,147 Mil.
Revenue was 6056 + 5201 + 5346 + 5077 = €21,680 Mil.
Gross Profit was 2293 + 1936 + 1623 + 1857 = €7,709 Mil.
Total Current Assets was €14,136 Mil.
Total Assets was €46,684 Mil.
Property, Plant and Equipment(Net PPE) was €4,210 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,558 Mil.
Selling, General, & Admin. Expense(SGA) was €3,607 Mil.
Total Current Liabilities was €13,440 Mil.
Long-Term Debt & Capital Lease Obligation was €436 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) |
| = | (6404 / 22363) | / | (6147 / 21680) |
| = | 0.286366 | / | 0.283533 |
| | = | 1.01 |
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) |
| = | (7709 / 21680) | / | (8469 / 22363) |
| = | 0.355581 | / | 0.378706 |
| | = | 0.9389 |
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 - (14443 + 4475) / 46055) | / | (1 - (14136 + 4210) / 46684) |
| = | 0.58923 | / | 0.607017 |
| | = | 0.9707 |
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 |
| = | 22363 | / | 21680 |
| | = | 1.0315 |
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)) |
| = | (1558 / (1558 + 4210)) | / | (1222 / (1222 + 4475)) |
| = | 0.270111 | / | 0.214499 |
| | = | 1.2593 |
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) |
| = | (3681 / 22363) | / | (3607 / 21680) |
| = | 0.164602 | / | 0.166375 |
| | = | 0.9893 |
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) |
| = | ((513 + 11573) / 46055) | / | ((436 + 13440) / 46684) |
| = | 0.262425 | / | 0.297232 |
| | = | 0.8829 |
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 |
| = | (1942 - 0 | - | 2826) | / | 46055 |
| | = | -0.019194 |
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.
Siemens Healthineers AG has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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