DocMorris AG Beneish M-Score Historical Data
The historical data trend for DocMorris 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.
DocMorris AG Beneish M-Score Chart
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DocMorris AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.79 |
-2.76 |
-2.35 |
-2.02 |
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DocMorris AG Semi-Annual Data
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Dec12 |
Dec13 |
Dec14 |
Dec15 |
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Dec23 |
| Beneish M-Score |
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-2.76 |
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-2.35 |
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-2.02 |
Competitive Comparison of DocMorris AG's Beneish M-Score
For the Pharmaceutical Retailers subindustry, DocMorris 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.
DocMorris AG's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, DocMorris AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DocMorris AG's Beneish M-Score falls into.
DocMorris 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 DocMorris 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 * 0.4478 | + | 0.528 * 0.8201 | + | 0.404 * 1.0681 | + | 0.892 * 1.1218 | + | 0.115 * 0.7056 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8411 | + | 4.679 * 0.195856 | - | 0.327 * 0.7197 |
| = | -1.95 |
* 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 $80 Mil.
Revenue was $1,121 Mil.
Gross Profit was $235 Mil.
Total Current Assets was $340 Mil.
Total Assets was $1,002 Mil.
Property, Plant and Equipment(Net PPE) was $72 Mil.
Depreciation, Depletion and Amortization(DDA) was $50 Mil.
Selling, General, & Admin. Expense(SGA) was $141 Mil.
Total Current Liabilities was $209 Mil.
Long-Term Debt & Capital Lease Obligation was $273 Mil.
Net Income was $95 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-101 Mil.
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Total Receivables was $159 Mil.
Revenue was $999 Mil.
Gross Profit was $172 Mil.
Total Current Assets was $425 Mil.
Total Assets was $1,180 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $259 Mil.
Long-Term Debt & Capital Lease Obligation was $529 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) |
| = | (79.72 / 1121.025) | / | (158.697 / 999.323) |
| = | 0.071113 | / | 0.158805 |
| | = | 0.4478 |
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) |
| = | (171.91 / 999.323) | / | (235.139 / 1121.025) |
| = | 0.172026 | / | 0.209754 |
| | = | 0.8201 |
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 - (339.586 + 71.755) / 1001.877) | / | (1 - (424.951 + 103.916) / 1180.169) |
| = | 0.58943 | / | 0.551872 |
| | = | 1.0681 |
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 |
| = | 1121.025 | / | 999.323 |
| | = | 1.1218 |
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)) |
| = | (42.552 / (42.552 + 103.916)) | / | (50.227 / (50.227 + 71.755)) |
| = | 0.290521 | / | 0.411757 |
| | = | 0.7056 |
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) |
| = | (141.189 / 1121.025) | / | (149.633 / 999.323) |
| = | 0.125946 | / | 0.149734 |
| | = | 0.8411 |
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) |
| = | ((273.21 + 208.509) / 1001.877) | / | ((529.336 + 259.069) / 1180.169) |
| = | 0.480817 | / | 0.668044 |
| | = | 0.7197 |
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 |
| = | (95.143 - 0 | - | -101.081) | / | 1001.877 |
| | = | 0.195856 |
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.
DocMorris AG has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.
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