Fresenius SE KGaA Beneish M-Score Historical Data
The historical data trend for Fresenius SE KGaA'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.
Fresenius SE KGaA Beneish M-Score Chart
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Fresenius SE KGaA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.83 |
-2.59 |
-2.63 |
-3.47 |
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Fresenius SE KGaA Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.46 |
-2.52 |
-3.46 |
-3.47 |
Competitive Comparison of Fresenius SE KGaA's Beneish M-Score
For the Medical Care Facilities subindustry, Fresenius SE KGaA'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.
Fresenius SE KGaA's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Fresenius SE KGaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fresenius SE KGaA's Beneish M-Score falls into.
Fresenius SE KGaA 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 Fresenius SE KGaA 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 * 0.5031 | + | 0.528 * 1.0901 | + | 0.404 * 0.9442 | + | 0.892 * 1.0496 | + | 0.115 * 0.5059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9808 | + | 4.679 * -0.110573 | - | 0.327 * 0.9924 |
| = | -3.44 |
* 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 $4,005 Mil.
Revenue was 6191.93 + 5889.007 + 11223.185 + 10947.537 = $34,252 Mil.
Gross Profit was 1414.395 + 1357.524 + 2527.627 + 2688.437 = $7,988 Mil.
Total Current Assets was $13,653 Mil.
Total Assets was $49,383 Mil.
Property, Plant and Equipment(Net PPE) was $11,758 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,605 Mil.
Selling, General, & Admin. Expense(SGA) was $5,153 Mil.
Total Current Liabilities was $10,174 Mil.
Long-Term Debt & Capital Lease Obligation was $14,448 Mil.
Net Income was -669.575 + -433.298 + 86.674 + 370.45 = $-646 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1839.695 + 1502.668 + 1284.94 + 187.366 = $4,815 Mil.
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Total Receivables was $7,586 Mil.
Revenue was 6006.356 + 5332.673 + 10589.852 + 10704.846 = $32,634 Mil.
Gross Profit was 1514.831 + 1331.683 + 2725.159 + 2724.67 = $8,296 Mil.
Total Current Assets was $19,363 Mil.
Total Assets was $80,932 Mil.
Property, Plant and Equipment(Net PPE) was $19,959 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,292 Mil.
Selling, General, & Admin. Expense(SGA) was $5,006 Mil.
Total Current Liabilities was $14,468 Mil.
Long-Term Debt & Capital Lease Obligation was $26,194 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) |
| = | (4005.453 / 34251.659) | / | (7585.805 / 32633.727) |
| = | 0.116942 | / | 0.232453 |
| | = | 0.5031 |
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) |
| = | (8296.343 / 32633.727) | / | (7987.983 / 34251.659) |
| = | 0.254226 | / | 0.233214 |
| | = | 1.0901 |
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 - (13653.217 + 11757.906) / 49382.77) | / | (1 - (19363.347 + 19958.686) / 80932.203) |
| = | 0.485425 | / | 0.514136 |
| | = | 0.9442 |
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 |
| = | 34251.659 | / | 32633.727 |
| | = | 1.0496 |
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)) |
| = | (1291.63 / (1291.63 + 19958.686)) | / | (1605.452 / (1605.452 + 11757.906)) |
| = | 0.060782 | / | 0.120138 |
| | = | 0.5059 |
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) |
| = | (5153.499 / 34251.659) | / | (5006.309 / 32633.727) |
| = | 0.15046 | / | 0.153409 |
| | = | 0.9808 |
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) |
| = | ((14448.201 + 10174.482) / 49382.77) | / | ((26193.856 + 14468.22) / 80932.203) |
| = | 0.498609 | / | 0.502421 |
| | = | 0.9924 |
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 |
| = | (-645.749 - 0 | - | 4814.669) | / | 49382.77 |
| | = | -0.110573 |
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.
Fresenius SE KGaA has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
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