FLIR Systems Beneish M-Score Historical Data
The historical data trend for FLIR Systems'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.
FLIR Systems Beneish M-Score Chart
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FLIR Systems Annual Data
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Dec20 |
| Beneish M-Score |
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-2.75 |
-2.85 |
-2.49 |
-2.72 |
-2.24 |
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FLIR Systems Quarterly Data
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Mar21 |
| Beneish M-Score |
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-2.73 |
-2.59 |
-2.42 |
-2.24 |
-2.05 |
Competitive Comparison of FLIR Systems's Beneish M-Score
For the Scientific & Technical Instruments subindustry, FLIR Systems'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.
FLIR Systems's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, FLIR Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FLIR Systems's Beneish M-Score falls into.
FLIR Systems 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 FLIR Systems 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 * 1.2645 | + | 0.528 * 1.0007 | + | 0.404 * 0.9648 | + | 0.892 * 1.0248 | + | 0.115 * 1.1779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8095 | + | 4.679 * -0.011218 | - | 0.327 * 0.8849 |
| = | -2.19 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $391 Mil.
Revenue was 467.313 + 524.337 + 466.414 + 482.015 = $1,940 Mil.
Gross Profit was 209.198 + 246.531 + 228.914 + 252.2 = $937 Mil.
Total Current Assets was $1,223 Mil.
Total Assets was $3,229 Mil.
Property, Plant and Equipment(Net PPE) was $269 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $377 Mil.
Total Current Liabilities was $409 Mil.
Long-Term Debt & Capital Lease Obligation was $713 Mil.
Net Income was 38.807 + 75.24 + 60.663 + 61.257 = $236 Mil.
Non Operating Income was 3 + 1.902 + 0.269 + -18.783 = $-14 Mil.
Cash Flow from Operations was 24.304 + 116.174 + 82.174 + 63.149 = $286 Mil.
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Total Receivables was $302 Mil.
Revenue was 450.923 + 489.044 + 471.248 + 481.998 = $1,893 Mil.
Gross Profit was 219.368 + 232.37 + 229.747 + 233.408 = $915 Mil.
Total Current Assets was $1,131 Mil.
Total Assets was $3,122 Mil.
Property, Plant and Equipment(Net PPE) was $251 Mil.
Depreciation, Depletion and Amortization(DDA) was $111 Mil.
Selling, General, & Admin. Expense(SGA) was $454 Mil.
Total Current Liabilities was $589 Mil.
Long-Term Debt & Capital Lease Obligation was $636 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) |
| = | (391.331 / 1940.079) | / | (301.998 / 1893.213) |
| = | 0.201709 | / | 0.159516 |
| | = | 1.2645 |
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) |
| = | (914.893 / 1893.213) | / | (936.843 / 1940.079) |
| = | 0.483249 | / | 0.482889 |
| | = | 1.0007 |
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 - (1223.209 + 269.269) / 3228.802) | / | (1 - (1130.534 + 251.421) / 3122.237) |
| = | 0.537761 | / | 0.557383 |
| | = | 0.9648 |
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 |
| = | 1940.079 | / | 1893.213 |
| | = | 1.0248 |
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)) |
| = | (110.695 / (110.695 + 251.421)) | / | (94.376 / (94.376 + 269.269)) |
| = | 0.305689 | / | 0.259528 |
| | = | 1.1779 |
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) |
| = | (376.756 / 1940.079) | / | (454.168 / 1893.213) |
| = | 0.194196 | / | 0.239893 |
| | = | 0.8095 |
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) |
| = | ((712.866 + 408.688) / 3228.802) | / | ((636.273 + 589.334) / 3122.237) |
| = | 0.347359 | / | 0.392541 |
| | = | 0.8849 |
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 |
| = | (235.967 - -13.612 | - | 285.801) | / | 3228.802 |
| | = | -0.011218 |
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.
FLIR Systems has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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