Siemens Healthineers AG Beneish M-Score Historical Data
The historical data trend for Siemens Healthineers 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.
Siemens Healthineers AG Beneish M-Score Chart
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Siemens Healthineers AG Annual Data
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Sep15 |
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Sep19 |
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Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.49 |
-2.13 |
-2.49 |
-2.39 |
-2.58 |
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Siemens Healthineers AG Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.40 |
-2.55 |
-2.53 |
-2.58 |
-2.63 |
Competitive Comparison of Siemens Healthineers AG's Beneish M-Score
For the Medical Devices subindustry, Siemens Healthineers 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.
Siemens Healthineers AG's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Siemens Healthineers AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Siemens Healthineers AG's Beneish M-Score falls into.
Siemens Healthineers 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 Siemens Healthineers 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 * 0.9582 | + | 0.528 * 1.0363 | + | 0.404 * 0.9731 | + | 0.892 * 1.0286 | + | 0.115 * 0.9392 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0379 | + | 4.679 * -0.018251 | - | 0.327 * 1.0671 |
| = | -2.61 |
* 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 $6,978 Mil.
Revenue was 5644.493 + 6463.18 + 5634.886 + 5723.769 = $23,466 Mil.
Gross Profit was 2141.767 + 2447.172 + 2097.508 + 1737.687 = $8,424 Mil.
Total Current Assets was $15,093 Mil.
Total Assets was $49,652 Mil.
Property, Plant and Equipment(Net PPE) was $4,568 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,630 Mil.
Selling, General, & Admin. Expense(SGA) was $3,909 Mil.
Total Current Liabilities was $13,528 Mil.
Long-Term Debt & Capital Lease Obligation was $498 Mil.
Net Income was 470.011 + 573.106 + 482.124 + 112.42 = $1,638 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 403.49 + 851.654 + 516.793 + 771.949 = $2,544 Mil.
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Total Receivables was $7,081 Mil.
Revenue was 5378.178 + 5940.594 + 5482.03 + 6013.216 = $22,814 Mil.
Gross Profit was 1967.161 + 2299.01 + 1975.687 + 2245.595 = $8,487 Mil.
Total Current Assets was $14,347 Mil.
Total Assets was $49,378 Mil.
Property, Plant and Equipment(Net PPE) was $4,379 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,436 Mil.
Selling, General, & Admin. Expense(SGA) was $3,662 Mil.
Total Current Liabilities was $12,618 Mil.
Long-Term Debt & Capital Lease Obligation was $454 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) |
| = | (6978.19 / 23466.328) | / | (7080.508 / 22814.018) |
| = | 0.29737 | / | 0.310358 |
| | = | 0.9582 |
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) |
| = | (8487.453 / 22814.018) | / | (8424.134 / 23466.328) |
| = | 0.372028 | / | 0.358988 |
| | = | 1.0363 |
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 - (15092.694 + 4568.157) / 49652.126) | / | (1 - (14347.458 + 4379.237) / 49378.178) |
| = | 0.604028 | / | 0.62075 |
| | = | 0.9731 |
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 |
| = | 23466.328 | / | 22814.018 |
| | = | 1.0286 |
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)) |
| = | (1436.075 / (1436.075 + 4379.237)) | / | (1629.646 / (1629.646 + 4568.157)) |
| = | 0.246947 | / | 0.262939 |
| | = | 0.9392 |
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) |
| = | (3909.213 / 23466.328) | / | (3661.666 / 22814.018) |
| = | 0.166588 | / | 0.160501 |
| | = | 1.0379 |
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) |
| = | ((498.364 + 13527.808) / 49652.126) | / | ((454.449 + 12617.585) / 49378.178) |
| = | 0.282489 | / | 0.264733 |
| | = | 1.0671 |
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 |
| = | (1637.661 - 0 | - | 2543.886) | / | 49652.126 |
| | = | -0.018251 |
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.
Siemens Healthineers AG has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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