Bausch & Lomb Beneish M-Score Historical Data
The historical data trend for Bausch & Lomb'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.
Bausch & Lomb Beneish M-Score Chart
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Bausch & Lomb Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-3.31 |
-2.54 |
-2.43 |
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Bausch & Lomb Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.54 |
-2.50 |
-2.55 |
-2.55 |
-2.43 |
Competitive Comparison of Bausch & Lomb's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Bausch & Lomb'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.
Bausch & Lomb's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Bausch & Lomb's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bausch & Lomb's Beneish M-Score falls into.
Bausch & Lomb 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 Bausch & Lomb 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 * 1.0993 | + | 0.528 * 0.9914 | + | 0.404 * 0.9858 | + | 0.892 * 1.1813 | + | 0.115 * 0.9794 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0369 | + | 4.679 * -0.036054 | - | 0.327 * 1.0586 |
| = | -2.43 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was C$1,462 Mil.
Revenue was 1823.616 + 1620.102 + 1666.528 + 1487.606 = C$6,598 Mil.
Gross Profit was 1109.841 + 991.567 + 1004.576 + 913.68 = C$4,020 Mil.
Total Current Assets was C$3,972 Mil.
Total Assets was C$19,189 Mil.
Property, Plant and Equipment(Net PPE) was C$2,116 Mil.
Depreciation, Depletion and Amortization(DDA) was C$600 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,866 Mil.
Total Current Liabilities was C$2,476 Mil.
Long-Term Debt & Capital Lease Obligation was C$6,759 Mil.
Net Income was -4.274 + 5.418 + -206.945 + -226.051 = C$-432 Mil.
Non Operating Income was -4.274 + -16.255 + -23.298 + -12.182 = C$-56 Mil.
Cash Flow from Operations was 31.343 + 208.608 + 20.557 + 55.498 = C$316 Mil.
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Total Receivables was C$1,126 Mil.
Revenue was 1573.697 + 1362.572 + 1375.101 + 1273.887 = C$5,585 Mil.
Gross Profit was 955.219 + 832.156 + 821.075 + 764.88 = C$3,373 Mil.
Total Current Assets was C$3,679 Mil.
Total Assets was C$18,034 Mil.
Property, Plant and Equipment(Net PPE) was C$1,865 Mil.
Depreciation, Depletion and Amortization(DDA) was C$515 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,340 Mil.
Total Current Liabilities was C$2,118 Mil.
Long-Term Debt & Capital Lease Obligation was C$6,080 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) |
| = | (1461.742 / 6597.852) | / | (1125.602 / 5585.257) |
| = | 0.221548 | / | 0.201531 |
| | = | 1.0993 |
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) |
| = | (3373.33 / 5585.257) | / | (4019.664 / 6597.852) |
| = | 0.60397 | / | 0.609238 |
| | = | 0.9914 |
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 - (3972.064 + 2115.68) / 19189.284) | / | (1 - (3678.667 + 1864.824) / 18033.787) |
| = | 0.682753 | / | 0.692605 |
| | = | 0.9858 |
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 |
| = | 6597.852 | / | 5585.257 |
| | = | 1.1813 |
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)) |
| = | (514.655 / (514.655 + 1864.824)) | / | (599.675 / (599.675 + 2115.68)) |
| = | 0.216289 | / | 0.220846 |
| | = | 0.9794 |
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) |
| = | (2865.572 / 6597.852) | / | (2339.564 / 5585.257) |
| = | 0.434319 | / | 0.418882 |
| | = | 1.0369 |
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) |
| = | ((6758.777 + 2476.129) / 19189.284) | / | ((6080.131 + 2118.386) / 18033.787) |
| = | 0.481253 | / | 0.45462 |
| | = | 1.0586 |
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 |
| = | (-431.852 - -56.009 | - | 316.006) | / | 19189.284 |
| | = | -0.036054 |
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.
Bausch & Lomb has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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