Linde Beneish M-Score Historical Data
The historical data trend for Linde'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.
Linde Beneish M-Score Chart
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Linde Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.85 |
-2.75 |
-2.72 |
-2.69 |
-2.70 |
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Linde Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.67 |
-2.68 |
-2.66 |
-2.70 |
-2.68 |
Competitive Comparison of Linde's Beneish M-Score
For the Specialty Chemicals subindustry, Linde'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.
Linde's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Linde's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Linde's Beneish M-Score falls into.
Linde 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 Linde 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 * 0.9974 | + | 0.528 * 0.9794 | + | 0.404 * 0.9844 | + | 0.892 * 1.0113 | + | 0.115 * 1.0663 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9715 | + | 4.679 * -0.038342 | - | 0.327 * 1.0528 |
| = | -2.67 |
* 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 €4,850 Mil.
Revenue was 7503.6 + 7909.31 + 7528.756 + 7680.043 = €30,622 Mil.
Gross Profit was 3658.375 + 3783.71 + 3604 + 3730.864 = €14,777 Mil.
Total Current Assets was €12,577 Mil.
Total Assets was €76,501 Mil.
Property, Plant and Equipment(Net PPE) was €23,782 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,469 Mil.
Selling, General, & Admin. Expense(SGA) was €3,026 Mil.
Total Current Liabilities was €13,399 Mil.
Long-Term Debt & Capital Lease Obligation was €16,287 Mil.
Net Income was 1547.525 + 1647.375 + 1396.55 + 1544.927 = €6,136 Mil.
Non Operating Income was 17.575 + 114.6 + -44.149 + 47.379 = €135 Mil.
Cash Flow from Operations was 1998.925 + 2682.595 + 2460.631 + 1792.041 = €8,934 Mil.
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Total Receivables was €4,808 Mil.
Revenue was 7452 + 7612.934 + 7641.235 + 7572.292 = €30,278 Mil.
Gross Profit was 3573.28 + 3549.707 + 3599.017 + 3588.624 = €14,311 Mil.
Total Current Assets was €12,054 Mil.
Total Assets was €73,919 Mil.
Property, Plant and Equipment(Net PPE) was €22,465 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,528 Mil.
Selling, General, & Admin. Expense(SGA) was €3,080 Mil.
Total Current Liabilities was €13,238 Mil.
Long-Term Debt & Capital Lease Obligation was €14,009 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) |
| = | (4849.775 / 30621.709) | / | (4807.92 / 30278.461) |
| = | 0.158377 | / | 0.15879 |
| | = | 0.9974 |
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) |
| = | (14310.628 / 30278.461) | / | (14776.949 / 30621.709) |
| = | 0.472634 | / | 0.482564 |
| | = | 0.9794 |
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 - (12577.225 + 23781.75) / 76501.2) | / | (1 - (12053.84 + 22464.56) / 73919.24) |
| = | 0.524727 | / | 0.533026 |
| | = | 0.9844 |
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 |
| = | 30621.709 | / | 30278.461 |
| | = | 1.0113 |
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)) |
| = | (3527.976 / (3527.976 + 22464.56)) | / | (3468.607 / (3468.607 + 23781.75)) |
| = | 0.13573 | / | 0.127287 |
| | = | 1.0663 |
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) |
| = | (3026.303 / 30621.709) | / | (3080.099 / 30278.461) |
| = | 0.098829 | / | 0.101726 |
| | = | 0.9715 |
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) |
| = | ((16287.4 + 13398.625) / 76501.2) | / | ((14008.84 + 13237.88) / 73919.24) |
| = | 0.388047 | / | 0.368601 |
| | = | 1.0528 |
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 |
| = | (6136.377 - 135.405 | - | 8934.192) | / | 76501.2 |
| | = | -0.038342 |
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.
Linde has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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