Elekta AB Beneish M-Score Historical Data
The historical data trend for Elekta AB'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.
Elekta AB Beneish M-Score Chart
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Elekta AB Annual Data
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Apr16 |
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Apr22 |
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Apr25 |
| Beneish M-Score |
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-2.63 |
-2.43 |
-2.54 |
-2.61 |
-2.78 |
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Elekta AB Quarterly Data
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Jul20 |
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Apr25 |
| Beneish M-Score |
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-2.61 |
-2.68 |
-2.76 |
-2.68 |
-2.78 |
Competitive Comparison of Elekta AB's Beneish M-Score
For the Medical Devices subindustry, Elekta AB'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.
Elekta AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Elekta AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Elekta AB's Beneish M-Score falls into.
Elekta AB 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 Elekta AB 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 * 0.9909 | + | 0.528 * 0.9989 | + | 0.404 * 0.9719 | + | 0.892 * 0.9943 | + | 0.115 * 0.8348 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0234 | + | 4.679 * -0.082445 | - | 0.327 * 1.0626 |
| = | -2.93 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was kr6,571 Mil.
Revenue was 5156 + 4695 + 4341 + 3825 = kr18,017 Mil.
Gross Profit was 2053 + 1734 + 1542 + 1417 = kr6,746 Mil.
Total Current Assets was kr13,417 Mil.
Total Assets was kr28,977 Mil.
Property, Plant and Equipment(Net PPE) was kr1,907 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,298 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,063 Mil.
Total Current Liabilities was kr12,348 Mil.
Long-Term Debt & Capital Lease Obligation was kr7,156 Mil.
Net Income was -386 + 341 + 212 + 70 = kr237 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1568 + 1095 + 456 + -493 = kr2,626 Mil.
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Total Receivables was kr6,669 Mil.
Revenue was 5023 + 4537 + 4732 + 3828 = kr18,120 Mil.
Gross Profit was 1829 + 1664 + 1695 + 1589 = kr6,777 Mil.
Total Current Assets was kr13,958 Mil.
Total Assets was kr31,413 Mil.
Property, Plant and Equipment(Net PPE) was kr2,226 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,137 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,010 Mil.
Total Current Liabilities was kr13,996 Mil.
Long-Term Debt & Capital Lease Obligation was kr5,902 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) |
| = | (6571 / 18017) | / | (6669 / 18120) |
| = | 0.364711 | / | 0.368046 |
| | = | 0.9909 |
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) |
| = | (6777 / 18120) | / | (6746 / 18017) |
| = | 0.374007 | / | 0.374424 |
| | = | 0.9989 |
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 - (13417 + 1907) / 28977) | / | (1 - (13958 + 2226) / 31413) |
| = | 0.471167 | / | 0.484799 |
| | = | 0.9719 |
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 |
| = | 18017 | / | 18120 |
| | = | 0.9943 |
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)) |
| = | (1137 / (1137 + 2226)) | / | (1298 / (1298 + 1907)) |
| = | 0.338091 | / | 0.404992 |
| | = | 0.8348 |
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) |
| = | (3063 / 18017) | / | (3010 / 18120) |
| = | 0.170006 | / | 0.166115 |
| | = | 1.0234 |
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) |
| = | ((7156 + 12348) / 28977) | / | ((5902 + 13996) / 31413) |
| = | 0.673086 | / | 0.633432 |
| | = | 1.0626 |
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 |
| = | (237 - 0 | - | 2626) | / | 28977 |
| | = | -0.082445 |
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.
Elekta AB has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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