Danaher Beneish M-Score Historical Data
The historical data trend for Danaher'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.
Danaher Beneish M-Score Chart
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Danaher Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.23 |
-2.48 |
-2.62 |
-2.59 |
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Danaher 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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-2.61 |
-2.59 |
-2.77 |
-2.74 |
-2.66 |
Competitive Comparison of Danaher's Beneish M-Score
For the Diagnostics & Research subindustry, Danaher'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.
Danaher's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Danaher's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Danaher's Beneish M-Score falls into.
Danaher 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 Danaher 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 * 0.7393 | + | 0.528 * 0.996 | + | 0.404 * 1.1493 | + | 0.892 * 1.1292 | + | 0.115 * 1.0087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1185 | + | 4.679 * -0.027154 | - | 0.327 * 0.8917 |
| = | -2.66 |
* 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 $3,507 Mil.
Revenue was 5798 + 5743 + 5796 + 6405 = $23,742 Mil.
Gross Profit was 3401 + 3428 + 3487 + 3779 = $14,095 Mil.
Total Current Assets was $10,060 Mil.
Total Assets was $80,615 Mil.
Property, Plant and Equipment(Net PPE) was $4,843 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,315 Mil.
Selling, General, & Admin. Expense(SGA) was $7,694 Mil.
Total Current Liabilities was $7,339 Mil.
Long-Term Debt & Capital Lease Obligation was $16,324 Mil.
Net Income was 818 + 907 + 1088 + 1079 = $3,892 Mil.
Non Operating Income was 102 + -59 + -36 + -214 = $-207 Mil.
Cash Flow from Operations was 1513 + 1417 + 1739 + 1619 = $6,288 Mil.
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Total Receivables was $4,201 Mil.
Revenue was 5624 + 5912 + 5949 + 3541 = $21,026 Mil.
Gross Profit was 3275 + 3318 + 3662 + 2178 = $12,433 Mil.
Total Current Assets was $21,205 Mil.
Total Assets was $87,734 Mil.
Property, Plant and Equipment(Net PPE) was $4,302 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,083 Mil.
Selling, General, & Admin. Expense(SGA) was $6,092 Mil.
Total Current Liabilities was $9,367 Mil.
Long-Term Debt & Capital Lease Obligation was $19,513 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) |
| = | (3507 / 23742) | / | (4201 / 21026) |
| = | 0.147713 | / | 0.1998 |
| | = | 0.7393 |
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) |
| = | (12433 / 21026) | / | (14095 / 23742) |
| = | 0.591316 | / | 0.593674 |
| | = | 0.996 |
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 - (10060 + 4843) / 80615) | / | (1 - (21205 + 4302) / 87734) |
| = | 0.815134 | / | 0.709269 |
| | = | 1.1493 |
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 |
| = | 23742 | / | 21026 |
| | = | 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)) |
| = | (2083 / (2083 + 4302)) | / | (2315 / (2315 + 4843)) |
| = | 0.326233 | / | 0.323414 |
| | = | 1.0087 |
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) |
| = | (7694 / 23742) | / | (6092 / 21026) |
| = | 0.324067 | / | 0.289737 |
| | = | 1.1185 |
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) |
| = | ((16324 + 7339) / 80615) | / | ((19513 + 9367) / 87734) |
| = | 0.293531 | / | 0.329177 |
| | = | 0.8917 |
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 |
| = | (3892 - -207 | - | 6288) | / | 80615 |
| | = | -0.027154 |
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.
Danaher has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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