Abbott Laboratories Beneish M-Score Historical Data
The historical data trend for Abbott Laboratories'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.
Abbott Laboratories Beneish M-Score Chart
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Abbott Laboratories Annual Data
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| Beneish M-Score |
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-2.58 |
-2.59 |
-2.64 |
-2.66 |
-2.56 |
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Abbott Laboratories Quarterly Data
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| Beneish M-Score |
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-2.58 |
-2.56 |
-2.48 |
-2.56 |
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Competitive Comparison of Abbott Laboratories's Beneish M-Score
For the Medical Devices subindustry, Abbott Laboratories'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.
Abbott Laboratories's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Abbott Laboratories's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abbott Laboratories's Beneish M-Score falls into.
Abbott Laboratories 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 Abbott Laboratories 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 * 1.0585 | + | 0.528 * 0.9985 | + | 0.404 * 0.9863 | + | 0.892 * 1.0124 | + | 0.115 * 1.0571 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9997 | + | 4.679 * -0.035992 | - | 0.327 * 0.9347 |
| = | -2.56 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $9,086 Mil.
Revenue was 10377 + 9964 + 10241 + 10143 = $40,725 Mil.
Gross Profit was 5774 + 5501 + 5685 + 5538 = $22,498 Mil.
Total Current Assets was $23,119 Mil.
Total Assets was $73,017 Mil.
Property, Plant and Equipment(Net PPE) was $10,233 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,247 Mil.
Selling, General, & Admin. Expense(SGA) was $11,342 Mil.
Total Current Liabilities was $13,760 Mil.
Long-Term Debt & Capital Lease Obligation was $13,139 Mil.
Net Income was 1302 + 1225 + 1594 + 1436 = $5,557 Mil.
Non Operating Income was -4 + 111 + 85 + 93 = $285 Mil.
Cash Flow from Operations was 1960 + 1025 + 3038 + 1877 = $7,900 Mil.
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Total Receivables was $8,479 Mil.
Revenue was 9978 + 9747 + 10091 + 10410 = $40,226 Mil.
Gross Profit was 5495 + 5416 + 5498 + 5781 = $22,190 Mil.
Total Current Assets was $23,505 Mil.
Total Assets was $73,354 Mil.
Property, Plant and Equipment(Net PPE) was $9,449 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,228 Mil.
Selling, General, & Admin. Expense(SGA) was $11,206 Mil.
Total Current Liabilities was $14,350 Mil.
Long-Term Debt & Capital Lease Obligation was $14,562 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) |
| = | (9086 / 40725) | / | (8479 / 40226) |
| = | 0.223106 | / | 0.210784 |
| | = | 1.0585 |
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) |
| = | (22190 / 40226) | / | (22498 / 40725) |
| = | 0.551633 | / | 0.552437 |
| | = | 0.9985 |
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 - (23119 + 10233) / 73017) | / | (1 - (23505 + 9449) / 73354) |
| = | 0.54323 | / | 0.550754 |
| | = | 0.9863 |
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 |
| = | 40725 | / | 40226 |
| | = | 1.0124 |
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)) |
| = | (3228 / (3228 + 9449)) | / | (3247 / (3247 + 10233)) |
| = | 0.254634 | / | 0.240875 |
| | = | 1.0571 |
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) |
| = | (11342 / 40725) | / | (11206 / 40226) |
| = | 0.278502 | / | 0.278576 |
| | = | 0.9997 |
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) |
| = | ((13139 + 13760) / 73017) | / | ((14562 + 14350) / 73354) |
| = | 0.368394 | / | 0.394143 |
| | = | 0.9347 |
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 |
| = | (5557 - 285 | - | 7900) | / | 73017 |
| | = | -0.035992 |
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.
Abbott Laboratories has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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