Danaher Beneish M-Score Historical Data
The historical data trend for Danaher'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.
Danaher Beneish M-Score Chart
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Danaher Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.23 |
-2.48 |
-2.62 |
-2.57 |
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Danaher Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.56 |
-2.64 |
-2.64 |
-2.57 |
-2.77 |
Competitive Comparison of Danaher's Beneish M-Score
For the Diagnostics & Research subindustry, Danaher'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.
Danaher's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Danaher's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Danaher's Beneish M-Score falls into.
Danaher 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 Danaher 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 * 0.8664 | + | 0.528 * 1.0413 | + | 0.404 * 1.02 | + | 0.892 * 0.9042 | + | 0.115 * 1.0422 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1235 | + | 4.679 * -0.026882 | - | 0.327 * 0.914 |
| = | -2.77 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,379 Mil.
Revenue was 5796 + 2693 + 6873 + 7157 = $22,519 Mil.
Gross Profit was 3487 + 1623 + 4000 + 4041 = $13,151 Mil.
Total Current Assets was $14,372 Mil.
Total Assets was $83,402 Mil.
Property, Plant and Equipment(Net PPE) was $4,562 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,217 Mil.
Selling, General, & Admin. Expense(SGA) was $6,912 Mil.
Total Current Liabilities was $7,778 Mil.
Long-Term Debt & Capital Lease Obligation was $16,417 Mil.
Net Income was 1088 + 1079 + 1129 + 1106 = $4,402 Mil.
Non Operating Income was -36 + -200 + -47 + -29 = $-312 Mil.
Cash Flow from Operations was 1739 + 1619 + 1672 + 1926 = $6,956 Mil.
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Total Receivables was $4,313 Mil.
Revenue was 5949 + 3541 + 7663 + 7751 = $24,904 Mil.
Gross Profit was 3662 + 2178 + 4584 + 4721 = $15,145 Mil.
Total Current Assets was $16,532 Mil.
Total Assets was $85,040 Mil.
Property, Plant and Equipment(Net PPE) was $4,065 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,102 Mil.
Selling, General, & Admin. Expense(SGA) was $6,804 Mil.
Total Current Liabilities was $8,730 Mil.
Long-Term Debt & Capital Lease Obligation was $18,261 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) |
| = | (3379 / 22519) | / | (4313 / 24904) |
| = | 0.150051 | / | 0.173185 |
| | = | 0.8664 |
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) |
| = | (15145 / 24904) | / | (13151 / 22519) |
| = | 0.608135 | / | 0.583996 |
| | = | 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 - (14372 + 4562) / 83402) | / | (1 - (16532 + 4065) / 85040) |
| = | 0.772979 | / | 0.757796 |
| | = | 1.02 |
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 |
| = | 22519 | / | 24904 |
| | = | 0.9042 |
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)) |
| = | (2102 / (2102 + 4065)) | / | (2217 / (2217 + 4562)) |
| = | 0.340846 | / | 0.327039 |
| | = | 1.0422 |
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) |
| = | (6912 / 22519) | / | (6804 / 24904) |
| = | 0.306941 | / | 0.273209 |
| | = | 1.1235 |
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) |
| = | ((16417 + 7778) / 83402) | / | ((18261 + 8730) / 85040) |
| = | 0.290101 | / | 0.317392 |
| | = | 0.914 |
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 |
| = | (4402 - -312 | - | 6956) | / | 83402 |
| | = | -0.026882 |
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.
Danaher has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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