Owens & Minor Beneish M-Score Historical Data
The historical data trend for Owens & Minor'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.
Owens & Minor Beneish M-Score Chart
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Owens & Minor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-2.84 |
-2.21 |
-2.31 |
-3.29 |
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Owens & Minor 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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-2.31 |
-3.07 |
-3.29 |
-3.27 |
-3.29 |
Competitive Comparison of Owens & Minor's Beneish M-Score
For the Medical Distribution subindustry, Owens & Minor'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.
Owens & Minor's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Owens & Minor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Owens & Minor's Beneish M-Score falls into.
Owens & Minor 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 Owens & Minor 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 * 0.7549 | + | 0.528 * 0.8921 | + | 0.404 * 1.0186 | + | 0.892 * 1.038 | + | 0.115 * 0.8252 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1237 | + | 4.679 * -0.113978 | - | 0.327 * 0.9931 |
| = | -3.29 |
* 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 $598 Mil.
Revenue was 2656.15 + 2591.742 + 2563.226 + 2522.849 = $10,334 Mil.
Gross Profit was 569.923 + 538.498 + 519.432 + 497.307 = $2,125 Mil.
Total Current Assets was $2,103 Mil.
Total Assets was $5,093 Mil.
Property, Plant and Equipment(Net PPE) was $841 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $1,814 Mil.
Total Current Liabilities was $1,892 Mil.
Long-Term Debt & Capital Lease Obligation was $2,113 Mil.
Net Income was 17.784 + -6.426 + -28.241 + -24.418 = $-41 Mil.
Non Operating Income was -52.9 + -57.095 + -52.238 + -39.249 = $-201 Mil.
Cash Flow from Operations was 111.765 + 157.435 + 313.112 + 158.398 = $741 Mil.
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Total Receivables was $763 Mil.
Revenue was 2551.107 + 2497.401 + 2500.015 + 2406.952 = $9,955 Mil.
Gross Profit was 407.119 + 513.279 + 532.505 + 373.448 = $1,826 Mil.
Total Current Assets was $2,295 Mil.
Total Assets was $5,386 Mil.
Property, Plant and Equipment(Net PPE) was $859 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General, & Admin. Expense(SGA) was $1,555 Mil.
Total Current Liabilities was $1,566 Mil.
Long-Term Debt & Capital Lease Obligation was $2,698 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) |
| = | (598.257 / 10333.967) | / | (763.497 / 9955.475) |
| = | 0.057892 | / | 0.076691 |
| | = | 0.7549 |
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) |
| = | (1826.351 / 9955.475) | / | (2125.16 / 10333.967) |
| = | 0.183452 | / | 0.205648 |
| | = | 0.8921 |
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 - (2102.79 + 840.505) / 5093.322) | / | (1 - (2295.185 + 858.934) / 5386.283) |
| = | 0.422127 | / | 0.414416 |
| | = | 1.0186 |
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 |
| = | 10333.967 | / | 9955.475 |
| | = | 1.038 |
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)) |
| = | (228.667 / (228.667 + 858.934)) | / | (287.377 / (287.377 + 840.505)) |
| = | 0.210249 | / | 0.254793 |
| | = | 0.8252 |
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) |
| = | (1813.56 / 10333.967) | / | (1554.821 / 9955.475) |
| = | 0.175495 | / | 0.156177 |
| | = | 1.1237 |
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) |
| = | ((2113.027 + 1891.885) / 5093.322) | / | ((2698.437 + 1566.466) / 5386.283) |
| = | 0.786306 | / | 0.791808 |
| | = | 0.9931 |
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 |
| = | (-41.301 - -201.482 | - | 740.71) | / | 5093.322 |
| | = | -0.113978 |
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.
Owens & Minor has a M-score of -3.29 suggests that the company is unlikely to be a manipulator.
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