Veralto Beneish M-Score Historical Data
The historical data trend for Veralto'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.
Veralto Beneish M-Score Chart
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Veralto Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.77 |
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Veralto Quarterly Data
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|
Dec20 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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|
|
|
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- |
-2.77 |
- |
-2.64 |
-2.54 |
Competitive Comparison of Veralto's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Veralto'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.
Veralto's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Veralto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veralto's Beneish M-Score falls into.
Veralto 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 Veralto 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 * 0.9972 | + | 0.528 * 0.9689 | + | 0.404 * 0.8576 | + | 0.892 * 1.0311 | + | 0.115 * 0.8852 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0515 | + | 4.679 * -0.006067 | - | 0.327 * 0.8753 |
| = | -2.54 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $839 Mil.
Revenue was 1314 + 1288 + 1246 + 1288 = $5,136 Mil.
Gross Profit was 783 + 774 + 747 + 746 = $3,050 Mil.
Total Current Assets was $2,617 Mil.
Total Assets was $6,263 Mil.
Property, Plant and Equipment(Net PPE) was $261 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $1,623 Mil.
Total Current Liabilities was $1,226 Mil.
Long-Term Debt & Capital Lease Obligation was $2,639 Mil.
Net Income was 219 + 203 + 184 + 200 = $806 Mil.
Non Operating Income was 5 + 1 + -15 + 0 = $-9 Mil.
Cash Flow from Operations was 224 + 251 + 115 + 263 = $853 Mil.
|
Total Receivables was $816 Mil.
Revenue was 1255 + 1253 + 1225 + 1248 = $4,981 Mil.
Gross Profit was 723 + 724 + 708 + 711 = $2,866 Mil.
Total Current Assets was $1,660 Mil.
Total Assets was $5,160 Mil.
Property, Plant and Equipment(Net PPE) was $248 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $1,497 Mil.
Total Current Liabilities was $1,034 Mil.
Long-Term Debt & Capital Lease Obligation was $2,604 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) |
| = | (839 / 5136) | / | (816 / 4981) |
| = | 0.163357 | / | 0.163823 |
| | = | 0.9972 |
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) |
| = | (2866 / 4981) | / | (3050 / 5136) |
| = | 0.575386 | / | 0.593847 |
| | = | 0.9689 |
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 - (2617 + 261) / 6263) | / | (1 - (1660 + 248) / 5160) |
| = | 0.540476 | / | 0.630233 |
| | = | 0.8576 |
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 |
| = | 5136 | / | 4981 |
| | = | 1.0311 |
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)) |
| = | (65 / (65 + 248)) | / | (80 / (80 + 261)) |
| = | 0.207668 | / | 0.234604 |
| | = | 0.8852 |
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) |
| = | (1623 / 5136) | / | (1497 / 4981) |
| = | 0.316005 | / | 0.300542 |
| | = | 1.0515 |
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) |
| = | ((2639 + 1226) / 6263) | / | ((2604 + 1034) / 5160) |
| = | 0.617116 | / | 0.705039 |
| | = | 0.8753 |
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 |
| = | (806 - -9 | - | 853) | / | 6263 |
| | = | -0.006067 |
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.
Veralto has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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