Bayer AG Beneish M-Score Historical Data
The historical data trend for Bayer AG'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.
|
Bayer AG Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-3.22 |
-3.37 |
-2.41 |
-2.61 |
-2.93 |
|
Bayer AG Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.61 |
-2.57 |
-2.61 |
-2.84 |
-2.93 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Bayer AG'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.
Bayer AG Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Bayer AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bayer AG's Beneish M-Score falls into.
Bayer AG 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 Bayer AG 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 * 0.9644 | + | 0.528 * 1.0393 | + | 0.404 * 0.9562 | + | 0.892 * 0.9587 | + | 0.115 * 0.7547 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9433 | + | 4.679 * -0.068763 | - | 0.327 * 1.0548 |
| = | -2.90 |
* 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 $10,846 Mil.
Revenue was 12935.66 + 11037.353 + 11965.33 + 15405.782 = $51,344 Mil.
Gross Profit was 8043.621 + 5901.814 + 6853.738 + 9267.666 = $30,067 Mil.
Total Current Assets was $40,955 Mil.
Total Assets was $126,782 Mil.
Property, Plant and Equipment(Net PPE) was $14,527 Mil.
Depreciation, Depletion and Amortization(DDA) was $10,761 Mil.
Selling, General, & Admin. Expense(SGA) was $16,096 Mil.
Total Current Liabilities was $32,123 Mil.
Long-Term Debt & Capital Lease Obligation was $41,625 Mil.
Net Income was 1458.015 + -4876.201 + -2044.42 + 2331.906 = $-3,131 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 6114.504 + 2749.2 + 524.377 + -3800.857 = $5,587 Mil.
|
Total Receivables was $11,731 Mil.
Revenue was 12711.864 + 11169.307 + 13550.74 + 16122.247 = $53,554 Mil.
Gross Profit was 7661.017 + 6964.356 + 7546.512 + 10421.806 = $32,594 Mil.
Total Current Assets was $40,000 Mil.
Total Assets was $132,285 Mil.
Property, Plant and Equipment(Net PPE) was $14,485 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,853 Mil.
Selling, General, & Admin. Expense(SGA) was $17,799 Mil.
Total Current Liabilities was $37,165 Mil.
Long-Term Debt & Capital Lease Obligation was $35,785 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) |
| = | (10846.238 / 51344.125) | / | (11730.932 / 53554.158) |
| = | 0.211246 | / | 0.219048 |
| | = | 0.9644 |
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) |
| = | (32593.691 / 53554.158) | / | (30066.839 / 51344.125) |
| = | 0.608612 | / | 0.585595 |
| | = | 1.0393 |
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 - (40955.289 + 14526.718) / 126781.897) | / | (1 - (40000 + 14485.169) / 132284.958) |
| = | 0.562382 | / | 0.588123 |
| | = | 0.9562 |
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 |
| = | 51344.125 | / | 53554.158 |
| | = | 0.9587 |
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)) |
| = | (6852.635 / (6852.635 + 14485.169)) | / | (10761.093 / (10761.093 + 14526.718)) |
| = | 0.32115 | / | 0.425545 |
| | = | 0.7547 |
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) |
| = | (16096.366 / 51344.125) | / | (17799.16 / 53554.158) |
| = | 0.3135 | / | 0.332358 |
| | = | 0.9433 |
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) |
| = | ((41624.864 + 32123.228) / 126781.897) | / | ((35784.958 + 37165.254) / 132284.958) |
| = | 0.581693 | / | 0.551463 |
| | = | 1.0548 |
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 |
| = | (-3130.7 - 0 | - | 5587.224) | / | 126781.897 |
| | = | -0.068763 |
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.
Bayer AG has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BAYZF has been successfully added to your