Market Cap : 53.48 B | Enterprise Value : 66.36 B | PE Ratio : 10.05 | PB Ratio : 3.50 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for 3M Co's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of 3M Co was -2.03. The lowest was -3.17. And the median was -2.67.
The historical data trend for 3M Co'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.
For the Conglomerates subindustry, 3M Co'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.
For the Conglomerates industry and Industrials sector, 3M Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 3M Co'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.
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 3M Co 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 * 1.018 | + | 0.528 * 1.066 | + | 0.404 * 1.0078 | + | 0.892 * 0.9462 | + | 0.115 * 1.0242 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3149 | + | 4.679 * -0.058333 | - | 0.327 * 0.9609 | |||||||
= | -2.78 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $4,638 Mil. Revenue was 8031 + 8079 + 8619 + 8702 = $33,431 Mil. Gross Profit was 3418 + 3494 + 3891 + 3609 = $14,412 Mil. Total Current Assets was $14,963 Mil. Total Assets was $46,886 Mil. Property, Plant and Equipment(Net PPE) was $10,130 Mil. Depreciation, Depletion and Amortization(DDA) was $1,838 Mil. Selling, General, & Admin. Expense(SGA) was $8,593 Mil. Total Current Liabilities was $10,556 Mil. Long-Term Debt & Capital Lease Obligation was $13,575 Mil. Net Income was 976 + 541 + 3859 + 78 = $5,454 Mil. Non Operating Income was -52 + -470 + 2789 + 67 = $2,334 Mil. Cash Flow from Operations was 1275 + 1922 + 1531 + 1127 = $5,855 Mil. |
Total Receivables was $4,815 Mil. Revenue was 8829 + 8612 + 8942 + 8950 = $35,333 Mil. Gross Profit was 4003 + 3914 + 4089 + 4231 = $16,237 Mil. Total Current Assets was $14,452 Mil. Total Assets was $45,855 Mil. Property, Plant and Equipment(Net PPE) was $10,254 Mil. Depreciation, Depletion and Amortization(DDA) was $1,914 Mil. Selling, General, & Admin. Expense(SGA) was $6,907 Mil. Total Current Liabilities was $9,152 Mil. Long-Term Debt & Capital Lease Obligation was $15,409 Mil. |
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) |
= | (4638 / 33431) | / | (4815 / 35333) | |
= | 0.138734 | / | 0.136275 | |
= | 1.018 |
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) | |
= | (16237 / 35333) | / | (14412 / 33431) | |
= | 0.459542 | / | 0.431097 | |
= | 1.066 |
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 - (14963 + 10130) / 46886) | / | (1 - (14452 + 10254) / 45855) | |
= | 0.464808 | / | 0.461215 | |
= | 1.0078 |
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 | |
= | 33431 | / | 35333 | |
= | 0.9462 |
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)) |
= | (1914 / (1914 + 10254)) | / | (1838 / (1838 + 10130)) | |
= | 0.157298 | / | 0.153576 | |
= | 1.0242 |
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) |
= | (8593 / 33431) | / | (6907 / 35333) | |
= | 0.257037 | / | 0.195483 | |
= | 1.3149 |
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) |
= | ((13575 + 10556) / 46886) | / | ((15409 + 9152) / 45855) | |
= | 0.514674 | / | 0.535623 | |
= | 0.9609 |
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 | |
= | (5454 - 2334 | - | 5855) | / | 46886 | |
= | -0.058333 |
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.
3M Co has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of 3M Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Suzan Kereere | director | 255 FISERV DRIVE, BROOKFIELD WI 53045 |
Kevin H Rhodes | officer: EVP & Chief Legal Officer | 3M COMPANY, 3M CENTER, BLDG 220-09-E-02, ST. PAUL MN 55144-1000 |
Peter D Gibbons | officer: Group President | 2401 UTAH AVENUE SOUTH, SUITE 800, SEATTLE WA 98134 |
Chavez Rodriguez Beatriz Karina | officer: Senior Vice President | 3M COMPANY, 3M CENTER BLDG 220-09-E-02, ST. PAUL MN 55144-1000 |
Mark W. Murphy | officer: Executive Vice President | ONE ST. JUDE MEDICAL DRIVE, ST. PAUL MN 55117 |
Zoe L Dickson | officer: Executive Vice President | 3M COMPANY, 3M CENTER, BLDG 220 09 E-02, ST. PAUL MN 55144-1000 |
James R Fitterling | director | 2211 H.H. DOW WAY, MIDLAND MI 48674 |
Jeffrey R Lavers | officer: Executive Vice President | 3M COMPANY, 3M CENTER, BLDG 220 09 E-02, ST. PAUL MN 55144-1000 |
Veena M Lakkundi | officer: Senior Vice President | 3M COMPANY, 3M CENTER, BLDG 220 09 E-02, ST. PAUL MN 55144-1000 |
Monish D Patolawala | officer: Senior VP and CFO | 3M COMPANY, 3M CENTER, BLDG 220 09 E-02, ST. PAUL MN 55144-1000 |
Vinita Lee Piper | other: IVM001 | 712 WILCREST, SUITE 3020, HOUSTON TX 77042 |
Pamela Craig | director | C/O ACCENTURE, 161 N CLARK STREET, CHICAGO IL 60601 |
Ty R Silberhorn | officer: Senior Vice President | 3M COMPANY OFFICE OF GENERAL COUNSEL, 3M CENTER, ST PAUL MN 55144-1000 |
Theresa E Reinseth | officer: Vice President/CAO | 3M COMPANY OFFICE OF GENERAL COUNSEL, 3M CENTER, ST PAUL MN 55144-1000 |
Denise R Rutherford | officer: Senior Vice President | 3M COMPANY OFFICE OF GENERAL COUNSEL, 3M CENTER, ST PAUL MN 55144-1000 |
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