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.
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Baxter International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.47 |
-2.14 |
-2.67 |
-2.25 |
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Baxter International 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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-2.67 |
-2.68 |
-2.73 |
-2.35 |
-2.25 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.0252 | + | 0.528 * 1.0413 | + | 0.404 * 0.9125 | + | 0.892 * 1.0201 | + | 0.115 * 1.0272 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.999 | + | 4.679 * 0.035543 | - | 0.327 * 0.8851 |
| = | -2.25 |
* 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 $2,743 Mil.
Revenue was 3885 + 3708 + 3707 + 3649 = $14,949 Mil.
Gross Profit was 1472 + 1117 + 1111 + 1347 = $5,047 Mil.
Total Current Assets was $9,600 Mil.
Total Assets was $28,276 Mil.
Property, Plant and Equipment(Net PPE) was $4,957 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,263 Mil.
Selling, General, & Admin. Expense(SGA) was $3,911 Mil.
Total Current Liabilities was $6,503 Mil.
Long-Term Debt & Capital Lease Obligation was $11,568 Mil.
Net Income was 245 + 2508 + -141 + 44 = $2,656 Mil.
Non Operating Income was -55 + 7 + -41 + 14 = $-75 Mil.
Cash Flow from Operations was 531 + 365 + 351 + 479 = $1,726 Mil.
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Total Receivables was $2,623 Mil.
Revenue was 3745 + 3609 + 3594 + 3707 = $14,655 Mil.
Gross Profit was 1388 + 1045 + 1371 + 1348 = $5,152 Mil.
Total Current Assets was $8,011 Mil.
Total Assets was $28,287 Mil.
Property, Plant and Equipment(Net PPE) was $5,236 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,380 Mil.
Selling, General, & Admin. Expense(SGA) was $3,838 Mil.
Total Current Liabilities was $4,745 Mil.
Long-Term Debt & Capital Lease Obligation was $15,679 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) |
| = | (2743 / 14949) | / | (2623 / 14655) |
| = | 0.183491 | / | 0.178983 |
| | = | 1.0252 |
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) |
| = | (5152 / 14655) | / | (5047 / 14949) |
| = | 0.351552 | / | 0.337615 |
| | = | 1.0413 |
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 - (9600 + 4957) / 28276) | / | (1 - (8011 + 5236) / 28287) |
| = | 0.485182 | / | 0.531693 |
| | = | 0.9125 |
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 |
| = | 14949 | / | 14655 |
| | = | 1.0201 |
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)) |
| = | (1380 / (1380 + 5236)) | / | (1263 / (1263 + 4957)) |
| = | 0.208585 | / | 0.203055 |
| | = | 1.0272 |
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) |
| = | (3911 / 14949) | / | (3838 / 14655) |
| = | 0.261623 | / | 0.26189 |
| | = | 0.999 |
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) |
| = | ((11568 + 6503) / 28276) | / | ((15679 + 4745) / 28287) |
| = | 0.639093 | / | 0.722028 |
| | = | 0.8851 |
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 |
| = | (2656 - -75 | - | 1726) | / | 28276 |
| | = | 0.035543 |
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 -2.25 suggests that the company is unlikely to be a manipulator.
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