3M Co Beneish M-Score Historical Data
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.
|
3M Co Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
|
|
|
|
|
-2.72 |
-2.65 |
-2.82 |
-2.62 |
-2.72 |
|
3M Co Quarterly Data
|
|
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.57 |
-2.67 |
-2.68 |
-2.72 |
-2.78 |
Competitive Comparison
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.
3M Co Beneish M-Score Distribution
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.
3M Co 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 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.
Create New Portfolio
Portfolio Contest
Personalize
Premium Gurus 
0.11(0.11%) Volume: 2,783,595 4:00PM EDT
Email Alerts
Stock PDF
RSS
Website
Filings
Download
Manual of Stocks™ Web APP
MMM has been successfully added to your 