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.
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Fortive Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-1.53 |
-2.88 |
-2.82 |
-2.35 |
-2.59 |
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Fortive Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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|
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|
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-2.35 |
-2.52 |
-2.49 |
-2.57 |
-2.59 |
Competitive Comparison
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 Beneish M-Score Distribution
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 in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 * 0.9294 | + | 0.528 * 0.9912 | + | 0.404 * 1.0061 | + | 0.892 * 1.1087 | + | 0.115 * 0.7799 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9594 | + | 4.679 * -0.0324 | - | 0.327 * 0.9111 |
| = | -2.59 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $959 Mil.
Revenue was 1529.9 + 1456 + 1463.3 + 1376.5 = $5,826 Mil.
Gross Profit was 892.5 + 845.4 + 833.5 + 792 = $3,363 Mil.
Total Current Assets was $2,477 Mil.
Total Assets was $15,891 Mil.
Property, Plant and Equipment(Net PPE) was $422 Mil.
Depreciation, Depletion and Amortization(DDA) was $466 Mil.
Selling, General, & Admin. Expense(SGA) was $1,957 Mil.
Total Current Liabilities was $2,727 Mil.
Long-Term Debt & Capital Lease Obligation was $2,252 Mil.
Net Income was 227.2 + 189.9 + 173 + 165.1 = $755 Mil.
Non Operating Income was -2.4 + -9.1 + -19.3 + -2.7 = $-34 Mil.
Cash Flow from Operations was 464.2 + 329.8 + 294.4 + 214.8 = $1,303 Mil.
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Total Receivables was $930 Mil.
Revenue was 1374.8 + 1301 + 1319.7 + 1259.2 = $5,255 Mil.
Gross Profit was 794 + 745.7 + 755.5 + 711.9 = $3,007 Mil.
Total Current Assets was $2,515 Mil.
Total Assets was $16,466 Mil.
Property, Plant and Equipment(Net PPE) was $571 Mil.
Depreciation, Depletion and Amortization(DDA) was $396 Mil.
Selling, General, & Admin. Expense(SGA) was $1,840 Mil.
Total Current Liabilities was $3,715 Mil.
Long-Term Debt & Capital Lease Obligation was $1,947 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) |
| = | (958.5 / 5825.7) | / | (930.2 / 5254.7) |
| = | 0.16452958 | / | 0.17702248 |
| | = | 0.9294 |
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) |
| = | (3007.1 / 5254.7) | / | (3363.4 / 5825.7) |
| = | 0.57226864 | / | 0.57733835 |
| | = | 0.9912 |
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 - (2477 + 421.9) / 15890.6) | / | (1 - (2514.9 + 571.1) / 16465.5) |
| = | 0.81757139 | / | 0.81257781 |
| | = | 1.0061 |
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 |
| = | 5825.7 | / | 5254.7 |
| | = | 1.1087 |
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)) |
| = | (395.5 / (395.5 + 571.1)) | / | (465.6 / (465.6 + 421.9)) |
| = | 0.40916615 | / | 0.52461972 |
| | = | 0.7799 |
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) |
| = | (1956.6 / 5825.7) | / | (1839.5 / 5254.7) |
| = | 0.33585664 | / | 0.35006756 |
| | = | 0.9594 |
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) |
| = | ((2251.6 + 2727.1) / 15890.6) | / | ((1947.2 + 3714.9) / 16465.5) |
| = | 0.31331101 | / | 0.34387659 |
| | = | 0.9111 |
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 |
| = | (755.2 - -33.5 | - | 1303.2) | / | 15890.6 |
| | = | -0.0324 |
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 -2.59 suggests that the company is unlikely to be a manipulator.
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