Baxter International Beneish M-Score Historical Data
The historical data trend for Baxter International'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.
Baxter International Beneish M-Score Chart
|
Baxter International Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.49 |
-2.14 |
-2.71 |
-2.50 |
-2.70 |
|
Baxter International Quarterly Data
|
|
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.25 |
-2.18 |
-2.70 |
-2.70 |
-2.86 |
Competitive Comparison of Baxter International's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Baxter International'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.
Baxter International's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Baxter International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Baxter International's Beneish M-Score falls into.
Baxter International 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 Baxter International 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 * 0.6328 | + | 0.528 * 1.0184 | + | 0.404 * 1.0881 | + | 0.892 * 1.0319 | + | 0.115 * 0.6613 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0061 | + | 4.679 * -0.018447 | - | 0.327 * 0.9566 |
| = | -2.86 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,646 Mil.
Revenue was 2625 + 2753 + 2699 + 3812 = $11,889 Mil.
Gross Profit was 861 + 959 + 1033 + 1431 = $4,284 Mil.
Total Current Assets was $7,035 Mil.
Total Assets was $21,304 Mil.
Property, Plant and Equipment(Net PPE) was $3,018 Mil.
Depreciation, Depletion and Amortization(DDA) was $973 Mil.
Selling, General, & Admin. Expense(SGA) was $3,239 Mil.
Total Current Liabilities was $3,481 Mil.
Long-Term Debt & Capital Lease Obligation was $9,647 Mil.
Net Income was 126 + -512 + 140 + -314 = $-560 Mil.
Non Operating Income was 3 + -430 + 6 + -409 = $-830 Mil.
Cash Flow from Operations was -193 + 488 + 253 + 115 = $663 Mil.
|
Total Receivables was $2,521 Mil.
Revenue was 2490 + 2726 + 2599 + 3707 = $11,522 Mil.
Gross Profit was 961 + 1100 + 1056 + 1111 = $4,228 Mil.
Total Current Assets was $9,400 Mil.
Total Assets was $27,788 Mil.
Property, Plant and Equipment(Net PPE) was $4,901 Mil.
Depreciation, Depletion and Amortization(DDA) was $942 Mil.
Selling, General, & Admin. Expense(SGA) was $3,120 Mil.
Total Current Liabilities was $6,365 Mil.
Long-Term Debt & Capital Lease Obligation was $11,536 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) |
| = | (1646 / 11889) | / | (2521 / 11522) |
| = | 0.138447 | / | 0.218799 |
| | = | 0.6328 |
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) |
| = | (4228 / 11522) | / | (4284 / 11889) |
| = | 0.36695 | / | 0.360333 |
| | = | 1.0184 |
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 - (7035 + 3018) / 21304) | / | (1 - (9400 + 4901) / 27788) |
| = | 0.528117 | / | 0.485353 |
| | = | 1.0881 |
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 |
| = | 11889 | / | 11522 |
| | = | 1.0319 |
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)) |
| = | (942 / (942 + 4901)) | / | (973 / (973 + 3018)) |
| = | 0.161219 | / | 0.243799 |
| | = | 0.6613 |
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) |
| = | (3239 / 11889) | / | (3120 / 11522) |
| = | 0.272437 | / | 0.270786 |
| | = | 1.0061 |
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) |
| = | ((9647 + 3481) / 21304) | / | ((11536 + 6365) / 27788) |
| = | 0.616222 | / | 0.644199 |
| | = | 0.9566 |
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 |
| = | (-560 - -830 | - | 663) | / | 21304 |
| | = | -0.018447 |
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.
Baxter International has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BAX has been successfully added to your