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Elekta AB (OSTO:EKTA B) Beneish M-Score : -2.78 (As of Jul. 04, 2025)


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What is Elekta AB Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Elekta AB's Beneish M-Score or its related term are showing as below:

OSTO:EKTA B' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.62   Max: -2.43
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Elekta AB was -2.43. The lowest was -2.95. And the median was -2.62.


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.

* Premium members only.

Elekta AB Beneish M-Score Chart

Elekta AB Annual Data
Trend Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.63 -2.43 -2.54 -2.61 -2.78

Elekta AB Quarterly Data
Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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.


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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 * 1.1621+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
=-2.78

* 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 kr7,706 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.
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.




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)
=(7706 / 18017) / (6669 / 18120)
=0.427707 / 0.368046
=1.1621

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 -2.78 suggests that the company is unlikely to be a manipulator.


Elekta AB Beneish M-Score Related Terms

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Elekta AB Business Description

Address
Kungstensgatan 18, Box 7593, Stockholm, SWE, SE-103 93
Sweden-based Elekta develops, manufactures, and distributes treatment planning systems for neurosurgery and radiotherapy, including stereotactic radiosurgery and brachytherapy. The company has an installed base of more than 7,300 linear accelerators, Gamma Knife and Unity platforms, as well as brachytherapy installations. The company's sales are evenly distributed across geographies, with North and South America accounting for 30%; Europe, the Middle East, and Africa accounting for 36%; and the Asia-Pacific contributing the remainder.

Elekta AB Headlines

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