McKesson Europe AG Beneish M-Score Historical Data
The historical data trend for McKesson Europe 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.
McKesson Europe AG Beneish M-Score Chart
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McKesson Europe AG Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-2.76 |
-2.89 |
-3.01 |
-2.00 |
-3.83 |
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McKesson Europe AG Semi-Annual Data
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Dec02 |
Dec03 |
Dec04 |
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Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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-2.76 |
-2.89 |
-3.01 |
-2.00 |
-3.83 |
Competitive Comparison of McKesson Europe AG's Beneish M-Score
For the Medical Distribution subindustry, McKesson Europe 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.
McKesson Europe AG's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, McKesson Europe AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where McKesson Europe AG's Beneish M-Score falls into.
McKesson Europe 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 McKesson Europe 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 * 0.4493 | + | 0.528 * 1.0205 | + | 0.404 * 0.6211 | + | 0.892 * 1.0054 | + | 0.115 * 0.3931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8953 | + | 4.679 * -0.171145 | - | 0.327 * 0.7699 |
| = | -3.90 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $1,017 Mil.
Revenue was $10,195 Mil.
Gross Profit was $885 Mil.
Total Current Assets was $4,570 Mil.
Total Assets was $5,619 Mil.
Property, Plant and Equipment(Net PPE) was $396 Mil.
Depreciation, Depletion and Amortization(DDA) was $176 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $2,509 Mil.
Long-Term Debt & Capital Lease Obligation was $168 Mil.
Net Income was $-961 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1 Mil.
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Total Receivables was $2,252 Mil.
Revenue was $10,140 Mil.
Gross Profit was $899 Mil.
Total Current Assets was $5,836 Mil.
Total Assets was $8,390 Mil.
Property, Plant and Equipment(Net PPE) was $985 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $27 Mil.
Total Current Liabilities was $4,646 Mil.
Long-Term Debt & Capital Lease Obligation was $545 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) |
| = | (1017.181 / 10195.044) | / | (2251.905 / 10140.119) |
| = | 0.099772 | / | 0.222079 |
| | = | 0.4493 |
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) |
| = | (898.571 / 10140.119) | / | (885.242 / 10195.044) |
| = | 0.088615 | / | 0.086831 |
| | = | 1.0205 |
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 - (4570.485 + 396.035) / 5619.053) | / | (1 - (5836.429 + 984.643) / 8389.643) |
| = | 0.116129 | / | 0.186965 |
| | = | 0.6211 |
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 |
| = | 10195.044 | / | 10140.119 |
| | = | 1.0054 |
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)) |
| = | (135.476 / (135.476 + 984.643)) | / | (175.991 / (175.991 + 396.035)) |
| = | 0.120948 | / | 0.307663 |
| | = | 0.3931 |
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) |
| = | (23.899 / 10195.044) | / | (26.548 / 10140.119) |
| = | 0.002344 | / | 0.002618 |
| | = | 0.8953 |
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) |
| = | ((167.841 + 2508.59) / 5619.053) | / | ((544.762 + 4645.595) / 8389.643) |
| = | 0.476314 | / | 0.618662 |
| | = | 0.7699 |
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 |
| = | (-960.683 - 0 | - | 0.991) | / | 5619.053 |
| | = | -0.171145 |
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.
McKesson Europe AG has a M-score of -3.90 suggests that the company is unlikely to be a manipulator.
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