Bio-Techne Beneish M-Score Historical Data
The historical data trend for Bio-Techne'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.
Bio-Techne Beneish M-Score Chart
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Bio-Techne Annual Data
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| Beneish M-Score |
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-2.58 |
-2.79 |
-2.54 |
-2.33 |
-2.40 |
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Bio-Techne Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.37 |
-2.54 |
-2.40 |
-2.39 |
-2.59 |
Competitive Comparison of Bio-Techne's Beneish M-Score
For the Biotechnology subindustry, Bio-Techne'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.
Bio-Techne's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Bio-Techne's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bio-Techne's Beneish M-Score falls into.
Bio-Techne 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 Bio-Techne 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 * 1.0981 | + | 0.528 * 1.0173 | + | 0.404 * 1.0482 | + | 0.892 * 1.0225 | + | 0.115 * 1.0244 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0817 | + | 4.679 * -0.019644 | - | 0.327 * 1.4438 |
| = | -2.59 |
* 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 $207 Mil.
Revenue was 272.598 + 276.935 + 301.32 + 294.146 = $1,145 Mil.
Gross Profit was 176.587 + 185.191 + 204.698 + 202.162 = $769 Mil.
Total Current Assets was $591 Mil.
Total Assets was $2,731 Mil.
Property, Plant and Equipment(Net PPE) was $335 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $381 Mil.
Total Current Liabilities was $135 Mil.
Long-Term Debt & Capital Lease Obligation was $543 Mil.
Net Income was 27.465 + 50.993 + 75.484 + 70.218 = $224 Mil.
Non Operating Income was -1.104 + -2.301 + 4.404 + 0.378 = $1 Mil.
Cash Flow from Operations was 83.116 + 59.383 + 83.393 + 50.535 = $276 Mil.
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Total Receivables was $185 Mil.
Revenue was 271.581 + 269.655 + 288.228 + 290.376 = $1,120 Mil.
Gross Profit was 183.36 + 179.595 + 200.35 + 201.458 = $765 Mil.
Total Current Assets was $565 Mil.
Total Assets was $2,363 Mil.
Property, Plant and Equipment(Net PPE) was $308 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $345 Mil.
Total Current Liabilities was $128 Mil.
Long-Term Debt & Capital Lease Obligation was $278 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) |
| = | (207.451 / 1144.999) | / | (184.763 / 1119.84) |
| = | 0.18118 | / | 0.164991 |
| | = | 1.0981 |
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) |
| = | (764.763 / 1119.84) | / | (768.638 / 1144.999) |
| = | 0.682922 | / | 0.6713 |
| | = | 1.0173 |
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 - (590.64 + 335.067) / 2730.753) | / | (1 - (565.183 + 307.788) / 2363.401) |
| = | 0.661007 | / | 0.630629 |
| | = | 1.0482 |
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 |
| = | 1144.999 | / | 1119.84 |
| | = | 1.0225 |
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)) |
| = | (104.577 / (104.577 + 307.788)) | / | (110.237 / (110.237 + 335.067)) |
| = | 0.253603 | / | 0.247554 |
| | = | 1.0244 |
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) |
| = | (381.05 / 1144.999) | / | (344.518 / 1119.84) |
| = | 0.332795 | / | 0.307649 |
| | = | 1.0817 |
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) |
| = | ((543.027 + 135.231) / 2730.753) | / | ((278.183 + 128.395) / 2363.401) |
| = | 0.248378 | / | 0.172031 |
| | = | 1.4438 |
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 |
| = | (224.16 - 1.377 | - | 276.427) | / | 2730.753 |
| | = | -0.019644 |
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.
Bio-Techne has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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