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BDX (Becton Dickinson) Beneish M-Score : -2.60 (As of Oct. 31, 2024)


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What is Becton Dickinson Beneish M-Score?

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:

BDX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.57   Max: -0.89
Current: -2.6

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.


Becton Dickinson Beneish M-Score Historical Data

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.

* Premium members only.

Becton Dickinson Beneish M-Score Chart

Becton Dickinson Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.45 -2.41 -2.60 -2.55 -2.60

Competitive Comparison of Becton Dickinson's Beneish M-Score

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.


Becton Dickinson's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

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.



Becton Dickinson 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 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.


Becton Dickinson Beneish M-Score Related Terms

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Becton Dickinson Business Description

Address
1 Becton Drive, Franklin Lakes, NJ, USA, 07417-1880
Becton, Dickinson is the world's largest manufacturer and distributor of medical surgical products, such as needles, syringes, and sharps-disposal units. The company also manufactures prefilled devices, diagnostic instruments and reagents, as well as flow cytometry and cell-imaging systems. BD Medical is nearly half of the total business, while BD Life Sciences (27% of 2024 revenue) and BD Interventional (24%) account for the remainder. International revenue accounts for 43% of the company's business.
Executives
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