AMETEK Beneish M-Score Historical Data
The historical data trend for AMETEK'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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AMETEK Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.88 |
-2.19 |
-2.37 |
-2.52 |
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AMETEK Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.47 |
-2.48 |
-2.51 |
-2.52 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, AMETEK'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.
AMETEK Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, AMETEK's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMETEK's Beneish M-Score falls into.
AMETEK 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 AMETEK 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 * 1.0273 | + | 0.528 * 0.965 | + | 0.404 * 1.0076 | + | 0.892 * 1.0726 | + | 0.115 * 1.2263 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9792 | + | 4.679 * -0.026815 | - | 0.327 * 1.0619 |
| = | -2.52 |
* 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 $1,013 Mil.
Revenue was 1730.885 + 1622.837 + 1646.111 + 1597.117 = $6,597 Mil.
Gross Profit was 615.035 + 601.917 + 592.921 + 574.592 = $2,384 Mil.
Total Current Assets was $2,825 Mil.
Total Assets was $15,024 Mil.
Property, Plant and Equipment(Net PPE) was $1,121 Mil.
Depreciation, Depletion and Amortization(DDA) was $338 Mil.
Selling, General, & Admin. Expense(SGA) was $677 Mil.
Total Current Liabilities was $2,883 Mil.
Long-Term Debt & Capital Lease Obligation was $1,895 Mil.
Net Income was 342.864 + 340.37 + 324.242 + 305.712 = $1,313 Mil.
Non Operating Income was -3.939 + -6.256 + -3.684 + -5.373 = $-19 Mil.
Cash Flow from Operations was 540.657 + 472.856 + 335.247 + 386.536 = $1,735 Mil.
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Total Receivables was $919 Mil.
Revenue was 1625.667 + 1551.786 + 1514.552 + 1458.525 = $6,151 Mil.
Gross Profit was 562.01 + 547.19 + 526.377 + 509.692 = $2,145 Mil.
Total Current Assets was $2,528 Mil.
Total Assets was $12,431 Mil.
Property, Plant and Equipment(Net PPE) was $806 Mil.
Depreciation, Depletion and Amortization(DDA) was $319 Mil.
Selling, General, & Admin. Expense(SGA) was $645 Mil.
Total Current Liabilities was $1,564 Mil.
Long-Term Debt & Capital Lease Obligation was $2,159 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) |
| = | (1012.932 / 6596.95) | / | (919.335 / 6150.53) |
| = | 0.153546 | / | 0.149472 |
| | = | 1.0273 |
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) |
| = | (2145.269 / 6150.53) | / | (2384.465 / 6596.95) |
| = | 0.348794 | / | 0.36145 |
| | = | 0.965 |
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 - (2824.668 + 1121.016) / 15023.533) | / | (1 - (2528.058 + 805.936) / 12431.12) |
| = | 0.737366 | / | 0.731803 |
| | = | 1.0076 |
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 |
| = | 6596.95 | / | 6150.53 |
| | = | 1.0726 |
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)) |
| = | (319.427 / (319.427 + 805.936)) | / | (337.636 / (337.636 + 1121.016)) |
| = | 0.283844 | / | 0.231471 |
| | = | 1.2263 |
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) |
| = | (677.006 / 6596.95) | / | (644.577 / 6150.53) |
| = | 0.102624 | / | 0.1048 |
| | = | 0.9792 |
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) |
| = | ((1895.432 + 2882.573) / 15023.533) | / | ((2158.928 + 1564.202) / 12431.12) |
| = | 0.318035 | / | 0.299501 |
| | = | 1.0619 |
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 |
| = | (1313.188 - -19.252 | - | 1735.296) | / | 15023.533 |
| | = | -0.026815 |
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.
AMETEK has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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