Bruker Beneish M-Score Historical Data
The historical data trend for Bruker'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.
Bruker Beneish M-Score Chart
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Bruker Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.75 |
-2.35 |
-1.88 |
-2.30 |
-2.18 |
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Bruker 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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-2.30 |
-2.04 |
-2.07 |
-2.22 |
-2.18 |
Competitive Comparison of Bruker's Beneish M-Score
For the Medical Devices subindustry, Bruker'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.
Bruker's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Bruker's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bruker's Beneish M-Score falls into.
Bruker 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 Bruker 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 * 1.0341 | + | 0.528 * 1.0416 | + | 0.404 * 1.5426 | + | 0.892 * 1.1357 | + | 0.115 * 0.8005 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0768 | + | 4.679 * -0.001057 | - | 0.327 * 1.0396 |
| = | -2.14 |
* 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 €670 Mil.
Revenue was 935.518 + 778.824 + 743.85 + 663.964 = €3,122 Mil.
Gross Profit was 471.102 + 377.339 + 357.293 + 324.576 = €1,530 Mil.
Total Current Assets was €1,961 Mil.
Total Assets was €5,545 Mil.
Property, Plant and Equipment(Net PPE) was €778 Mil.
Depreciation, Depletion and Amortization(DDA) was €170 Mil.
Selling, General, & Admin. Expense(SGA) was €827 Mil.
Total Current Liabilities was €1,224 Mil.
Long-Term Debt & Capital Lease Obligation was €2,083 Mil.
Net Income was 13.084 + 36.851 + 7.06 + 46.828 = €104 Mil.
Non Operating Income was -83.372 + -13.515 + -29.728 + -0.828 = €-127 Mil.
Cash Flow from Operations was 181.45 + 34.598 + 1.022 + 20.056 = €237 Mil.
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Total Receivables was €570 Mil.
Revenue was 783.576 + 696.004 + 629.394 + 640.07 = €2,749 Mil.
Gross Profit was 394.585 + 358.684 + 314.282 + 335.96 = €1,404 Mil.
Total Current Assets was €1,985 Mil.
Total Assets was €3,897 Mil.
Property, Plant and Equipment(Net PPE) was €634 Mil.
Depreciation, Depletion and Amortization(DDA) was €106 Mil.
Selling, General, & Admin. Expense(SGA) was €676 Mil.
Total Current Liabilities was €1,102 Mil.
Long-Term Debt & Capital Lease Obligation was €1,133 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) |
| = | (669.646 / 3122.156) | / | (570.191 / 2749.044) |
| = | 0.214482 | / | 0.207414 |
| | = | 1.0341 |
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) |
| = | (1403.511 / 2749.044) | / | (1530.31 / 3122.156) |
| = | 0.510545 | / | 0.490145 |
| | = | 1.0416 |
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 - (1960.806 + 778.134) / 5545.399) | / | (1 - (1984.571 + 634.014) / 3897.158) |
| = | 0.506088 | / | 0.328078 |
| | = | 1.5426 |
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 |
| = | 3122.156 | / | 2749.044 |
| | = | 1.1357 |
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)) |
| = | (106.477 / (106.477 + 634.014)) | / | (170.386 / (170.386 + 778.134)) |
| = | 0.143792 | / | 0.179634 |
| | = | 0.8005 |
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) |
| = | (826.657 / 3122.156) | / | (675.975 / 2749.044) |
| = | 0.264771 | / | 0.245895 |
| | = | 1.0768 |
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) |
| = | ((2082.569 + 1223.642) / 5545.399) | / | ((1132.587 + 1102.326) / 3897.158) |
| = | 0.596208 | / | 0.573473 |
| | = | 1.0396 |
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 |
| = | (103.823 - -127.443 | - | 237.126) | / | 5545.399 |
| | = | -0.001057 |
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.
Bruker has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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