GE HealthCare Technologies Beneish M-Score Historical Data
The historical data trend for GE HealthCare Technologies'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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GE HealthCare Technologies Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
- |
-2.56 |
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GE HealthCare Technologies Quarterly Data
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Dec19 |
Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
- |
- |
- |
-2.90 |
-2.56 |
Competitive Comparison
For the Health Information Services subindustry, GE HealthCare Technologies'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.
GE HealthCare Technologies Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, GE HealthCare Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GE HealthCare Technologies's Beneish M-Score falls into.
GE HealthCare Technologies 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 GE HealthCare Technologies 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 * 0.9994 | + | 0.528 * 0.966 | + | 0.404 * 1.0311 | + | 0.892 * 1.066 | + | 0.115 * 1.0951 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1062 | + | 4.679 * -0.030043 | - | 0.327 * 0.9577 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $4,254 Mil.
Revenue was 5206 + 4822 + 4817 + 4707 = $19,552 Mil.
Gross Profit was 2156 + 1935 + 1940 + 1891 = $7,922 Mil.
Total Current Assets was $9,410 Mil.
Total Assets was $32,454 Mil.
Property, Plant and Equipment(Net PPE) was $2,500 Mil.
Depreciation, Depletion and Amortization(DDA) was $610 Mil.
Selling, General, & Admin. Expense(SGA) was $4,282 Mil.
Total Current Liabilities was $8,981 Mil.
Long-Term Debt & Capital Lease Obligation was $8,747 Mil.
Net Income was 403 + 375 + 418 + 372 = $1,568 Mil.
Non Operating Income was 44 + 151 + 137 + 110 = $442 Mil.
Cash Flow from Operations was 1050 + 650 + -67 + 468 = $2,101 Mil.
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Total Receivables was $3,993 Mil.
Revenue was 4938 + 4576 + 4484 + 4343 = $18,341 Mil.
Gross Profit was 1932 + 1773 + 1796 + 1678 = $7,179 Mil.
Total Current Assets was $8,318 Mil.
Total Assets was $27,539 Mil.
Property, Plant and Equipment(Net PPE) was $2,314 Mil.
Depreciation, Depletion and Amortization(DDA) was $633 Mil.
Selling, General, & Admin. Expense(SGA) was $3,631 Mil.
Total Current Liabilities was $7,191 Mil.
Long-Term Debt & Capital Lease Obligation was $8,516 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) |
| = | (4254 / 19552) | / | (3993 / 18341) |
| = | 0.217574 | / | 0.217709 |
| | = | 0.9994 |
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) |
| = | (7179 / 18341) | / | (7922 / 19552) |
| = | 0.391418 | / | 0.405176 |
| | = | 0.966 |
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 - (9410 + 2500) / 32454) | / | (1 - (8318 + 2314) / 27539) |
| = | 0.633019 | / | 0.613929 |
| | = | 1.0311 |
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 |
| = | 19552 | / | 18341 |
| | = | 1.066 |
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)) |
| = | (633 / (633 + 2314)) | / | (610 / (610 + 2500)) |
| = | 0.214795 | / | 0.196141 |
| | = | 1.0951 |
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) |
| = | (4282 / 19552) | / | (3631 / 18341) |
| = | 0.219006 | / | 0.197972 |
| | = | 1.1062 |
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) |
| = | ((8747 + 8981) / 32454) | / | ((8516 + 7191) / 27539) |
| = | 0.54625 | / | 0.570355 |
| | = | 0.9577 |
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 |
| = | (1568 - 442 | - | 2101) | / | 32454 |
| | = | -0.030043 |
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.
GE HealthCare Technologies has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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