Getinge AB Beneish M-Score Historical Data
The historical data trend for Getinge AB'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.
Getinge AB Beneish M-Score Chart
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Getinge AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-3.09 |
-2.84 |
-2.42 |
-2.45 |
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Getinge AB Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.80 |
-2.85 |
-2.45 |
-2.60 |
-2.59 |
Competitive Comparison of Getinge AB's Beneish M-Score
For the Medical Devices subindustry, Getinge AB'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.
Getinge AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Getinge AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Getinge AB's Beneish M-Score falls into.
Getinge AB 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 Getinge AB 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 * 0.942 | + | 0.528 * 1.0048 | + | 0.404 * 1.0839 | + | 0.892 * 1.1292 | + | 0.115 * 1.0539 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0151 | + | 4.679 * -0.036238 | - | 0.327 * 1.049 |
| = | -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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $665 Mil.
Revenue was 791.933 + 721.62 + 965.431 + 686.255 = $3,165 Mil.
Gross Profit was 372.938 + 348.852 + 417.837 + 323.957 = $1,464 Mil.
Total Current Assets was $1,571 Mil.
Total Assets was $5,267 Mil.
Property, Plant and Equipment(Net PPE) was $534 Mil.
Depreciation, Depletion and Amortization(DDA) was $202 Mil.
Selling, General, & Admin. Expense(SGA) was $971 Mil.
Total Current Liabilities was $1,368 Mil.
Long-Term Debt & Capital Lease Obligation was $398 Mil.
Net Income was 48.918 + 44.087 + 69.899 + 80.651 = $244 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 58.072 + 119.966 + 129.075 + 127.291 = $434 Mil.
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Total Receivables was $625 Mil.
Revenue was 666.351 + 681.634 + 818.848 + 636.199 = $2,803 Mil.
Gross Profit was 287.768 + 335.901 + 368.857 + 309.805 = $1,302 Mil.
Total Current Assets was $1,708 Mil.
Total Assets was $4,907 Mil.
Property, Plant and Equipment(Net PPE) was $481 Mil.
Depreciation, Depletion and Amortization(DDA) was $196 Mil.
Selling, General, & Admin. Expense(SGA) was $847 Mil.
Total Current Liabilities was $928 Mil.
Long-Term Debt & Capital Lease Obligation was $640 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) |
| = | (664.823 / 3165.239) | / | (625.029 / 2803.032) |
| = | 0.210039 | / | 0.222983 |
| | = | 0.942 |
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) |
| = | (1302.331 / 2803.032) | / | (1463.584 / 3165.239) |
| = | 0.464615 | / | 0.462393 |
| | = | 1.0048 |
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 - (1570.516 + 533.613) / 5266.616) | / | (1 - (1707.664 + 480.634) / 4906.724) |
| = | 0.600478 | / | 0.554021 |
| | = | 1.0839 |
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 |
| = | 3165.239 | / | 2803.032 |
| | = | 1.1292 |
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)) |
| = | (195.945 / (195.945 + 480.634)) | / | (202.193 / (202.193 + 533.613)) |
| = | 0.289611 | / | 0.274791 |
| | = | 1.0539 |
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) |
| = | (971.333 / 3165.239) | / | (847.381 / 2803.032) |
| = | 0.306875 | / | 0.302309 |
| | = | 1.0151 |
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) |
| = | ((397.54 + 1367.598) / 5266.616) | / | ((640.072 + 927.561) / 4906.724) |
| = | 0.335156 | / | 0.319487 |
| | = | 1.049 |
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 |
| = | (243.555 - 0 | - | 434.404) | / | 5266.616 |
| | = | -0.036238 |
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.
Getinge AB has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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