Thermo Fisher Scientific Beneish M-Score Historical Data
The historical data trend for Thermo Fisher Scientific'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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Thermo Fisher Scientific Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.44 |
-2.14 |
-2.46 |
-2.49 |
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Thermo Fisher Scientific 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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-2.46 |
-2.43 |
-2.43 |
-2.44 |
-2.49 |
Competitive Comparison
For the Diagnostics & Research subindustry, Thermo Fisher Scientific'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.
Thermo Fisher Scientific Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, Thermo Fisher Scientific's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thermo Fisher Scientific's Beneish M-Score falls into.
Thermo Fisher Scientific 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 Thermo Fisher Scientific 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 * 1.0744 | + | 0.528 * 1.0586 | + | 0.404 * 1.0162 | + | 0.892 * 0.9542 | + | 0.115 * 1.0078 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9842 | + | 4.679 * -0.019114 | - | 0.327 * 0.9712 |
| = | -2.49 |
* 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 $9,664 Mil.
Revenue was 10886 + 10574 + 10687 + 10710 = $42,857 Mil.
Gross Profit was 4393 + 4316 + 4251 + 4140 = $17,100 Mil.
Total Current Assets was $24,589 Mil.
Total Assets was $98,726 Mil.
Property, Plant and Equipment(Net PPE) was $9,448 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,406 Mil.
Selling, General, & Admin. Expense(SGA) was $8,445 Mil.
Total Current Liabilities was $14,012 Mil.
Long-Term Debt & Capital Lease Obligation was $31,308 Mil.
Net Income was 1630 + 1715 + 1361 + 1289 = $5,995 Mil.
Non Operating Income was -113 + -70 + -183 + -158 = $-524 Mil.
Cash Flow from Operations was 3723 + 2414 + 1540 + 729 = $8,406 Mil.
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Total Receivables was $9,427 Mil.
Revenue was 11450 + 10677 + 10970 + 11818 = $44,915 Mil.
Gross Profit was 4606 + 4302 + 4599 + 5464 = $18,971 Mil.
Total Current Assets was $25,229 Mil.
Total Assets was $97,154 Mil.
Property, Plant and Equipment(Net PPE) was $9,280 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,381 Mil.
Selling, General, & Admin. Expense(SGA) was $8,993 Mil.
Total Current Liabilities was $17,010 Mil.
Long-Term Debt & Capital Lease Obligation was $28,909 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) |
| = | (9664 / 42857) | / | (9427 / 44915) |
| = | 0.225494 | / | 0.209885 |
| | = | 1.0744 |
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) |
| = | (18971 / 44915) | / | (17100 / 42857) |
| = | 0.422376 | / | 0.399001 |
| | = | 1.0586 |
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 - (24589 + 9448) / 98726) | / | (1 - (25229 + 9280) / 97154) |
| = | 0.655238 | / | 0.644801 |
| | = | 1.0162 |
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 |
| = | 42857 | / | 44915 |
| | = | 0.9542 |
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)) |
| = | (3381 / (3381 + 9280)) | / | (3406 / (3406 + 9448)) |
| = | 0.267041 | / | 0.264976 |
| | = | 1.0078 |
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) |
| = | (8445 / 42857) | / | (8993 / 44915) |
| = | 0.197051 | / | 0.200223 |
| | = | 0.9842 |
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) |
| = | ((31308 + 14012) / 98726) | / | ((28909 + 17010) / 97154) |
| = | 0.459048 | / | 0.472641 |
| | = | 0.9712 |
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 |
| = | (5995 - -524 | - | 8406) | / | 98726 |
| | = | -0.019114 |
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.
Thermo Fisher Scientific has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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