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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Apr14 |
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Apr23 |
| Beneish M-Score |
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-2.43 |
-2.48 |
-2.63 |
-2.43 |
-2.54 |
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Elekta AB Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.30 |
-2.54 |
-2.36 |
-2.47 |
-2.74 |
Competitive Comparison of Elekta AB's Beneish M-Score
For the Medical Instruments & Supplies 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 * 0.8389 | + | 0.528 * 0.9926 | + | 0.404 * 1.012 | + | 0.892 * 1.14 | + | 0.115 * 1.1049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8749 | + | 4.679 * -0.055384 | - | 0.327 * 1.0249 |
| = | -2.74 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was kr8,311 Mil.
Revenue was 4537 + 4732 + 3828 + 5124 = kr18,221 Mil.
Gross Profit was 1664 + 1695 + 1589 + 1930 = kr6,878 Mil.
Total Current Assets was kr14,200 Mil.
Total Assets was kr30,731 Mil.
Property, Plant and Equipment(Net PPE) was kr2,153 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,097 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,957 Mil.
Total Current Liabilities was kr12,972 Mil.
Long-Term Debt & Capital Lease Obligation was kr6,801 Mil.
Net Income was 305 + 344 + 238 + 546 = kr1,433 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 1072 + 623 + -551 + 1991 = kr3,135 Mil.
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Total Receivables was kr8,691 Mil.
Revenue was 4337 + 4081 + 3327 + 4239 = kr15,984 Mil.
Gross Profit was 1652 + 1479 + 1288 + 1570 = kr5,989 Mil.
Total Current Assets was kr13,246 Mil.
Total Assets was kr27,971 Mil.
Property, Plant and Equipment(Net PPE) was kr1,794 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,067 Mil.
Selling, General, & Admin. Expense(SGA) was kr2,965 Mil.
Total Current Liabilities was kr12,679 Mil.
Long-Term Debt & Capital Lease Obligation was kr4,881 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) |
| = | (8311 / 18221) | / | (8691 / 15984) |
| = | 0.456122 | / | 0.543731 |
| | = | 0.8389 |
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) |
| = | (5989 / 15984) | / | (6878 / 18221) |
| = | 0.374687 | / | 0.377477 |
| | = | 0.9926 |
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 - (14200 + 2153) / 30731) | / | (1 - (13246 + 1794) / 27971) |
| = | 0.467866 | / | 0.4623 |
| | = | 1.012 |
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 |
| = | 18221 | / | 15984 |
| | = | 1.14 |
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)) |
| = | (1067 / (1067 + 1794)) | / | (1097 / (1097 + 2153)) |
| = | 0.372947 | / | 0.337538 |
| | = | 1.1049 |
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) |
| = | (2957 / 18221) | / | (2965 / 15984) |
| = | 0.162285 | / | 0.185498 |
| | = | 0.8749 |
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) |
| = | ((6801 + 12972) / 30731) | / | ((4881 + 12679) / 27971) |
| = | 0.643422 | / | 0.627793 |
| | = | 1.0249 |
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 |
| = | (1433 - 0 | - | 3135) | / | 30731 |
| | = | -0.055384 |
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 -2.74 suggests that the company is unlikely to be a manipulator.
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