McKesson Beneish M-Score Historical Data
The historical data trend for McKesson'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.
McKesson Beneish M-Score Chart
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McKesson Annual Data
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Trend |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
Mar25 |
| Beneish M-Score |
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-2.57 |
-2.77 |
-2.40 |
-2.41 |
-2.42 |
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McKesson Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.41 |
-2.47 |
-2.52 |
-2.30 |
-2.42 |
Competitive Comparison of McKesson's Beneish M-Score
For the Medical Distribution subindustry, McKesson'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.
McKesson's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, McKesson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where McKesson's Beneish M-Score falls into.
McKesson 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 McKesson 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 * 1.0205 | + | 0.528 * 1.119 | + | 0.404 * 0.8993 | + | 0.892 * 1.1622 | + | 0.115 * 1.0496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8455 | + | 4.679 * -0.032273 | - | 0.327 * 1.0206 |
| = | -2.42 |
* 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 $25,643 Mil.
Revenue was 90823 + 95294 + 93651 + 79283 = $359,051 Mil.
Gross Profit was 3639 + 3284 + 3248 + 3152 = $13,323 Mil.
Total Current Assets was $55,398 Mil.
Total Assets was $75,140 Mil.
Property, Plant and Equipment(Net PPE) was $4,284 Mil.
Depreciation, Depletion and Amortization(DDA) was $636 Mil.
Selling, General, & Admin. Expense(SGA) was $8,507 Mil.
Total Current Liabilities was $61,604 Mil.
Long-Term Debt & Capital Lease Obligation was $5,941 Mil.
Net Income was 1260 + 879 + 241 + 915 = $3,295 Mil.
Non Operating Income was -277 + 37 + -133 + 8 = $-365 Mil.
Cash Flow from Operations was 7748 + -2383 + 2100 + -1380 = $6,085 Mil.
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Total Receivables was $21,622 Mil.
Revenue was 76355 + 80898 + 77215 + 74483 = $308,951 Mil.
Gross Profit was 3585 + 3152 + 3069 + 3022 = $12,828 Mil.
Total Current Assets was $47,970 Mil.
Total Assets was $67,443 Mil.
Property, Plant and Equipment(Net PPE) was $4,045 Mil.
Depreciation, Depletion and Amortization(DDA) was $635 Mil.
Selling, General, & Admin. Expense(SGA) was $8,657 Mil.
Total Current Liabilities was $52,357 Mil.
Long-Term Debt & Capital Lease Obligation was $7,045 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) |
| = | (25643 / 359051) | / | (21622 / 308951) |
| = | 0.071419 | / | 0.069985 |
| | = | 1.0205 |
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) |
| = | (12828 / 308951) | / | (13323 / 359051) |
| = | 0.041521 | / | 0.037106 |
| | = | 1.119 |
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 - (55398 + 4284) / 75140) | / | (1 - (47970 + 4045) / 67443) |
| = | 0.205723 | / | 0.228756 |
| | = | 0.8993 |
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 |
| = | 359051 | / | 308951 |
| | = | 1.1622 |
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)) |
| = | (635 / (635 + 4045)) | / | (636 / (636 + 4284)) |
| = | 0.135684 | / | 0.129268 |
| | = | 1.0496 |
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) |
| = | (8507 / 359051) | / | (8657 / 308951) |
| = | 0.023693 | / | 0.028021 |
| | = | 0.8455 |
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) |
| = | ((5941 + 61604) / 75140) | / | ((7045 + 52357) / 67443) |
| = | 0.898922 | / | 0.880773 |
| | = | 1.0206 |
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 |
| = | (3295 - -365 | - | 6085) | / | 75140 |
| | = | -0.032273 |
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.
McKesson has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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