Fortive Beneish M-Score Historical Data
The historical data trend for Fortive'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.
Fortive Beneish M-Score Chart
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Fortive Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.82 |
-2.36 |
-2.58 |
-2.66 |
-2.67 |
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Fortive Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.65 |
-2.67 |
-2.70 |
-2.67 |
-2.71 |
Competitive Comparison of Fortive's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Fortive'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.
Fortive's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Fortive's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fortive's Beneish M-Score falls into.
Fortive 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 Fortive 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 * 0.9572 | + | 0.528 * 0.9929 | + | 0.404 * 0.9882 | + | 0.892 * 1.0085 | + | 0.115 * 0.9582 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0097 | + | 4.679 * -0.038175 | - | 0.327 * 1.0177 |
| = | -2.71 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $929 Mil.
Revenue was 1474.2 + 1620.3 + 1534.6 + 1552.4 = $6,182 Mil.
Gross Profit was 880.9 + 977.2 + 921.3 + 928.3 = $3,708 Mil.
Total Current Assets was $2,704 Mil.
Total Assets was $17,137 Mil.
Property, Plant and Equipment(Net PPE) was $434 Mil.
Depreciation, Depletion and Amortization(DDA) was $542 Mil.
Selling, General, & Admin. Expense(SGA) was $2,155 Mil.
Total Current Liabilities was $2,726 Mil.
Long-Term Debt & Capital Lease Obligation was $2,929 Mil.
Net Income was 171.9 + 208.8 + 221.6 + 195.1 = $797 Mil.
Non Operating Income was -0.2 + 0.7 + -26.3 + -34.4 = $-60 Mil.
Cash Flow from Operations was 241.7 + 502.2 + 459 + 308.9 = $1,512 Mil.
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Total Receivables was $963 Mil.
Revenue was 1524.5 + 1583.7 + 1494.5 + 1526.4 = $6,129 Mil.
Gross Profit was 904.2 + 947.5 + 893 + 905.4 = $3,650 Mil.
Total Current Assets was $2,614 Mil.
Total Assets was $17,520 Mil.
Property, Plant and Equipment(Net PPE) was $423 Mil.
Depreciation, Depletion and Amortization(DDA) was $481 Mil.
Selling, General, & Admin. Expense(SGA) was $2,116 Mil.
Total Current Liabilities was $1,739 Mil.
Long-Term Debt & Capital Lease Obligation was $3,942 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) |
| = | (929.3 / 6181.5) | / | (962.6 / 6129.1) |
| = | 0.150336 | / | 0.157054 |
| | = | 0.9572 |
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) |
| = | (3650.1 / 6129.1) | / | (3707.7 / 6181.5) |
| = | 0.595536 | / | 0.599806 |
| | = | 0.9929 |
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 - (2704.1 + 433.9) / 17137) | / | (1 - (2613.9 + 422.7) / 17520.1) |
| = | 0.816887 | / | 0.826679 |
| | = | 0.9882 |
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 |
| = | 6181.5 | / | 6129.1 |
| | = | 1.0085 |
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)) |
| = | (480.8 / (480.8 + 422.7)) | / | (542 / (542 + 433.9)) |
| = | 0.532153 | / | 0.555385 |
| | = | 0.9582 |
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) |
| = | (2154.7 / 6181.5) | / | (2115.9 / 6129.1) |
| = | 0.348572 | / | 0.345222 |
| | = | 1.0097 |
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) |
| = | ((2929.1 + 2725.7) / 17137) | / | ((3941.7 + 1738.7) / 17520.1) |
| = | 0.329976 | / | 0.324222 |
| | = | 1.0177 |
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 |
| = | (797.4 - -60.2 | - | 1511.8) | / | 17137 |
| | = | -0.038175 |
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.
Fortive has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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