Patterson Beneish M-Score Historical Data
The historical data trend for Patterson'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.
Patterson Beneish M-Score Chart
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Patterson Annual Data
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Apr14 |
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Apr20 |
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Apr22 |
Apr23 |
| Beneish M-Score |
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-2.65 |
-2.42 |
-0.87 |
-0.69 |
-0.94 |
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Patterson Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-0.94 |
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Competitive Comparison of Patterson's Beneish M-Score
For the Medical Distribution subindustry, Patterson'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.
Patterson's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Patterson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Patterson's Beneish M-Score falls into.
Patterson 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 Patterson 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 * 1.0722 | + | 0.528 * 0.9349 | + | 0.404 * 0.9669 | + | 0.892 * 0.9957 | + | 0.115 * 1.0414 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.324604 | - | 0.327 * 0.9869 |
| = | -0.94 |
* 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 (Apr23) TTM: | Last Year (Apr22) TTM: |
Total Receivables was $477 Mil.
Revenue was $6,471 Mil.
Gross Profit was $1,373 Mil.
Total Current Assets was $1,783 Mil.
Total Assets was $2,879 Mil.
Property, Plant and Equipment(Net PPE) was $305 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,085 Mil.
Long-Term Debt & Capital Lease Obligation was $519 Mil.
Net Income was $208 Mil.
Gross Profit was $28 Mil.
Cash Flow from Operations was $-755 Mil.
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Total Receivables was $447 Mil.
Revenue was $6,499 Mil.
Gross Profit was $1,289 Mil.
Total Current Assets was $1,679 Mil.
Total Assets was $2,742 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,016 Mil.
Long-Term Debt & Capital Lease Obligation was $532 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) |
| = | (477.384 / 6471.471) | / | (447.162 / 6499.405) |
| = | 0.073767 | / | 0.0688 |
| | = | 1.0722 |
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) |
| = | (1289.087 / 6499.405) | / | (1372.945 / 6471.471) |
| = | 0.198339 | / | 0.212153 |
| | = | 0.9349 |
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 - (1783.136 + 305.239) / 2879.146) | / | (1 - (1679.022 + 283.862) / 2741.63) |
| = | 0.274655 | / | 0.284045 |
| | = | 0.9669 |
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 |
| = | 6471.471 | / | 6499.405 |
| | = | 0.9957 |
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)) |
| = | (81.992 / (81.992 + 283.862)) | / | (83.704 / (83.704 + 305.239)) |
| = | 0.224111 | / | 0.215209 |
| | = | 1.0414 |
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) |
| = | (0 / 6471.471) | / | (0 / 6499.405) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((518.607 + 1085.332) / 2879.146) | / | ((531.886 + 1015.669) / 2741.63) |
| = | 0.557088 | / | 0.564465 |
| | = | 0.9869 |
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 |
| = | (207.557 - 27.826 | - | -754.852) | / | 2879.146 |
| | = | 0.324604 |
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.
Patterson has a M-score of -0.94 signals that the company is likely to be a manipulator.
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