Tobii Dynavox AB Beneish M-Score Historical Data
The historical data trend for Tobii Dynavox 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.
Tobii Dynavox AB Beneish M-Score Chart
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Tobii Dynavox AB Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.16 |
-2.80 |
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Tobii Dynavox AB Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.40 |
-2.75 |
-2.74 |
-2.80 |
-2.76 |
Competitive Comparison of Tobii Dynavox AB's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Tobii Dynavox 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.
Tobii Dynavox AB's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Tobii Dynavox AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tobii Dynavox AB's Beneish M-Score falls into.
Tobii Dynavox 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 Tobii Dynavox 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 * 0.9422 | + | 0.528 * 0.9607 | + | 0.404 * 0.9523 | + | 0.892 * 1.3082 | + | 0.115 * 1.1209 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0155 | + | 4.679 * -0.103544 | - | 0.327 * 0.9571 |
| = | -2.76 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was kr355 Mil.
Revenue was 429 + 472.3 + 424 + 381 = kr1,706 Mil.
Gross Profit was 289 + 324.4 + 290 + 258 = kr1,161 Mil.
Total Current Assets was kr619 Mil.
Total Assets was kr1,693 Mil.
Property, Plant and Equipment(Net PPE) was kr142 Mil.
Depreciation, Depletion and Amortization(DDA) was kr174 Mil.
Selling, General, & Admin. Expense(SGA) was kr835 Mil.
Total Current Liabilities was kr540 Mil.
Long-Term Debt & Capital Lease Obligation was kr646 Mil.
Net Income was 11 + 45.1 + 35 + 17 = kr108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 50 + 101.4 + 71 + 61 = kr283 Mil.
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Total Receivables was kr288 Mil.
Revenue was 335 + 361.3 + 320 + 288 = kr1,304 Mil.
Gross Profit was 223 + 232.9 + 213 + 184 = kr853 Mil.
Total Current Assets was kr460 Mil.
Total Assets was kr1,287 Mil.
Property, Plant and Equipment(Net PPE) was kr83 Mil.
Depreciation, Depletion and Amortization(DDA) was kr134 Mil.
Selling, General, & Admin. Expense(SGA) was kr629 Mil.
Total Current Liabilities was kr404 Mil.
Long-Term Debt & Capital Lease Obligation was kr538 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) |
| = | (355 / 1706.3) | / | (288 / 1304.3) |
| = | 0.208053 | / | 0.220808 |
| | = | 0.9422 |
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) |
| = | (852.9 / 1304.3) | / | (1161.4 / 1706.3) |
| = | 0.653914 | / | 0.680654 |
| | = | 0.9607 |
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 - (619 + 142) / 1693) | / | (1 - (460 + 83) / 1287) |
| = | 0.550502 | / | 0.578089 |
| | = | 0.9523 |
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 |
| = | 1706.3 | / | 1304.3 |
| | = | 1.3082 |
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)) |
| = | (134 / (134 + 83)) | / | (174.2 / (174.2 + 142)) |
| = | 0.617512 | / | 0.550917 |
| | = | 1.1209 |
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) |
| = | (835.2 / 1706.3) | / | (628.7 / 1304.3) |
| = | 0.48948 | / | 0.482021 |
| | = | 1.0155 |
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) |
| = | ((646 + 540) / 1693) | / | ((538 + 404) / 1287) |
| = | 0.700532 | / | 0.731935 |
| | = | 0.9571 |
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 |
| = | (108.1 - 0 | - | 283.4) | / | 1693 |
| | = | -0.103544 |
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.
Tobii Dynavox AB has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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