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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Becton Dickinson's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Becton Dickinson was -0.89. The lowest was -2.89. And the median was -2.57.
The historical data trend for Becton Dickinson'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.
Becton Dickinson Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.63 | -2.58 | -2.70 | -2.56 | -2.41 |
Becton Dickinson Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.45 | -2.41 | -2.60 | -2.55 | -2.60 |
For the Medical Instruments & Supplies subindustry, Becton Dickinson'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.
For the Medical Devices & Instruments industry and Healthcare sector, Becton Dickinson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Becton Dickinson's Beneish M-Score falls into.
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 Becton Dickinson 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 * 1.033 | + | 0.528 * 1.0668 | + | 0.404 * 0.9263 | + | 0.892 * 1.0411 | + | 0.115 * 1.0034 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9557 | + | 4.679 * -0.036379 | - | 0.327 * 1.0821 | |||||||
= | -2.60 |
* 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 $2,596 Mil. Revenue was 4990 + 5045 + 4706 + 5087 = $19,828 Mil. Gross Profit was 2307 + 2304 + 2027 + 1701 = $8,339 Mil. Total Current Assets was $12,207 Mil. Total Assets was $55,582 Mil. Property, Plant and Equipment(Net PPE) was $6,518 Mil. Depreciation, Depletion and Amortization(DDA) was $2,287 Mil. Selling, General, & Admin. Expense(SGA) was $4,740 Mil. Total Current Liabilities was $6,605 Mil. Long-Term Debt & Capital Lease Obligation was $18,131 Mil. Net Income was 487 + 537 + 281 + 108 = $1,413 Mil. Non Operating Income was -125 + -103 + -79 + -202 = $-509 Mil. Cash Flow from Operations was 1263 + 515 + 841 + 1325 = $3,944 Mil. |
Total Receivables was $2,414 Mil. Revenue was 4878 + 4821 + 4586 + 4761 = $19,046 Mil. Gross Profit was 2100 + 2235 + 2133 + 2077 = $8,545 Mil. Total Current Assets was $8,588 Mil. Total Assets was $53,017 Mil. Property, Plant and Equipment(Net PPE) was $6,474 Mil. Depreciation, Depletion and Amortization(DDA) was $2,282 Mil. Selling, General, & Admin. Expense(SGA) was $4,764 Mil. Total Current Liabilities was $6,878 Mil. Long-Term Debt & Capital Lease Obligation was $14,926 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) |
= | (2596 / 19828) | / | (2414 / 19046) | |
= | 0.130926 | / | 0.126746 | |
= | 1.033 |
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) | |
= | (8545 / 19046) | / | (8339 / 19828) | |
= | 0.448651 | / | 0.420567 | |
= | 1.0668 |
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 - (12207 + 6518) / 55582) | / | (1 - (8588 + 6474) / 53017) | |
= | 0.66311 | / | 0.715902 | |
= | 0.9263 |
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 | |
= | 19828 | / | 19046 | |
= | 1.0411 |
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)) |
= | (2282 / (2282 + 6474)) | / | (2287 / (2287 + 6518)) | |
= | 0.260621 | / | 0.259739 | |
= | 1.0034 |
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) |
= | (4740 / 19828) | / | (4764 / 19046) | |
= | 0.239056 | / | 0.250131 | |
= | 0.9557 |
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) |
= | ((18131 + 6605) / 55582) | / | ((14926 + 6878) / 53017) | |
= | 0.445036 | / | 0.411264 | |
= | 1.0821 |
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 | |
= | (1413 - -509 | - | 3944) | / | 55582 | |
= | -0.036379 |
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.
Becton Dickinson has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Becton Dickinson's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Thomas J Spoerel | officer: VP Controller & Chief Acct Off | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Roland Goette | officer: EVP and President, EMEA | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Michael David Garrison | officer: EVP and President Medical | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Richard Byrd | officer: EVP & President Interventional | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Claire Fraser | director | C/O BECTON, DICKINSON AND COMPANY, FRANKLIN LAKES NJ 07465 |
David Hickey | officer: EVP & President, Life Sciences | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Joanne Waldstreicher | director | C/O STRUCTURE THERAPEUTICS INC., 611 GATEWAY BLVD, SUITE 223, SOUTH SAN FRANCISCO CA 94080 |
Michelle Quinn | officer: EVP and Acting General Counsel | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
David Shan | officer: EVP, Integrated Supply Chain | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Christopher Delorefice | officer: EVP & CFO | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Polen Thomas E Jr | officer: Executive Vice President | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Samrat S. Khichi | officer: EVP and General Counsel | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Rishi Grover | officer: EVP and Chief ISC Officer | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Pavan Kumar Mocherla | officer: EVP and President Greater Asia | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
James C Lim | officer: Executive Vice President | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
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