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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Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-2.50 |
-2.55 |
-2.54 |
-2.43 |
-2.50 |
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 * 0.9984 | + | 0.528 * 1.0121 | + | 0.404 * 0.9899 | + | 0.892 * 1.1627 | + | 0.115 * 1.0568 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0503 | + | 4.679 * -0.032703 | - | 0.327 * 1.0451 |
| = | -2.50 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was C$1,446 Mil.
Revenue was 1632.277 + 1823.616 + 1620.102 + 1666.528 = C$6,743 Mil.
Gross Profit was 940.318 + 1109.841 + 991.567 + 1004.576 = C$4,046 Mil.
Total Current Assets was C$3,868 Mil.
Total Assets was C$19,277 Mil.
Property, Plant and Equipment(Net PPE) was C$2,270 Mil.
Depreciation, Depletion and Amortization(DDA) was C$603 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,992 Mil.
Total Current Liabilities was C$2,478 Mil.
Long-Term Debt & Capital Lease Obligation was C$6,875 Mil.
Net Income was -304.347 + -4.274 + 5.418 + -206.945 = C$-510 Mil.
Non Operating Income was -40.197 + -4.274 + -36.574 + -23.298 = C$-104 Mil.
Cash Flow from Operations was -35.89 + 31.343 + 208.608 + 20.557 = C$225 Mil.
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Total Receivables was C$1,245 Mil.
Revenue was 1487.606 + 1573.697 + 1362.572 + 1375.101 = C$5,799 Mil.
Gross Profit was 913.68 + 955.219 + 832.156 + 821.075 = C$3,522 Mil.
Total Current Assets was C$3,713 Mil.
Total Assets was C$17,993 Mil.
Property, Plant and Equipment(Net PPE) was C$1,891 Mil.
Depreciation, Depletion and Amortization(DDA) was C$539 Mil.
Selling, General, & Admin. Expense(SGA) was C$2,450 Mil.
Total Current Liabilities was C$2,189 Mil.
Long-Term Debt & Capital Lease Obligation was C$6,164 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) |
| = | (1445.649 / 6742.523) | / | (1245.312 / 5798.976) |
| = | 0.214408 | / | 0.214747 |
| | = | 0.9984 |
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) |
| = | (3522.13 / 5798.976) | / | (4046.302 / 6742.523) |
| = | 0.607371 | / | 0.600117 |
| | = | 1.0121 |
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 - (3867.506 + 2269.684) / 19277.237) | / | (1 - (3712.925 + 1890.979) / 17993.405) |
| = | 0.681635 | / | 0.688558 |
| | = | 0.9899 |
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 |
| = | 6742.523 | / | 5798.976 |
| | = | 1.1627 |
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)) |
| = | (539.036 / (539.036 + 1890.979)) | / | (602.953 / (602.953 + 2269.684)) |
| = | 0.221824 | / | 0.209895 |
| | = | 1.0568 |
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) |
| = | (2991.601 / 6742.523) | / | (2449.829 / 5798.976) |
| = | 0.443692 | / | 0.422459 |
| | = | 1.0503 |
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) |
| = | ((6875.088 + 2477.846) / 19277.237) | / | ((6164.294 + 2188.771) / 17993.405) |
| = | 0.48518 | / | 0.464229 |
| | = | 1.0451 |
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 |
| = | (-510.148 - -104.343 | - | 224.618) | / | 19277.237 |
| | = | -0.032703 |
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 -2.50 suggests that the company is unlikely to be a manipulator.
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