Cardinal Health Beneish M-Score Historical Data
The historical data trend for Cardinal Health'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.
Cardinal Health Beneish M-Score Chart
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Cardinal Health Annual Data
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Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.65 |
-2.50 |
-2.45 |
-2.53 |
-2.61 |
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Cardinal Health Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.83 |
-2.61 |
-2.73 |
-2.76 |
Competitive Comparison of Cardinal Health's Beneish M-Score
For the Medical Distribution subindustry, Cardinal Health'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.
Cardinal Health's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Cardinal Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cardinal Health's Beneish M-Score falls into.
Cardinal Health 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 Cardinal Health 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 * 0.9217 | + | 0.528 * 1.0173 | + | 0.404 * 0.8189 | + | 0.892 * 1.1199 | + | 0.115 * 1.038 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9399 | + | 4.679 * -0.053207 | - | 0.327 * 1.054 |
| = | -2.76 |
* 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 $11,788 Mil.
Revenue was 57445 + 54763 + 53453 + 50487 = $216,148 Mil.
Gross Profit was 1846 + 1768 + 1827 + 1785 = $7,226 Mil.
Total Current Assets was $37,658 Mil.
Total Assets was $46,573 Mil.
Property, Plant and Equipment(Net PPE) was $2,446 Mil.
Depreciation, Depletion and Amortization(DDA) was $698 Mil.
Selling, General, & Admin. Expense(SGA) was $4,926 Mil.
Total Current Liabilities was $38,286 Mil.
Long-Term Debt & Capital Lease Obligation was $3,535 Mil.
Net Income was 353 + 5 + -64 + 345 = $639 Mil.
Non Operating Income was -2 + -519 + -355 + 40 = $-836 Mil.
Cash Flow from Operations was 1189 + 545 + 858 + 1361 = $3,953 Mil.
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Total Receivables was $11,421 Mil.
Revenue was 51469 + 49603 + 47103 + 44836 = $193,011 Mil.
Gross Profit was 1663 + 1614 + 1605 + 1682 = $6,564 Mil.
Total Current Assets was $34,596 Mil.
Total Assets was $44,482 Mil.
Property, Plant and Equipment(Net PPE) was $2,341 Mil.
Depreciation, Depletion and Amortization(DDA) was $701 Mil.
Selling, General, & Admin. Expense(SGA) was $4,680 Mil.
Total Current Liabilities was $33,212 Mil.
Long-Term Debt & Capital Lease Obligation was $4,685 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) |
| = | (11788 / 216148) | / | (11421 / 193011) |
| = | 0.054537 | / | 0.059173 |
| | = | 0.9217 |
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) |
| = | (6564 / 193011) | / | (7226 / 216148) |
| = | 0.034008 | / | 0.033431 |
| | = | 1.0173 |
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 - (37658 + 2446) / 46573) | / | (1 - (34596 + 2341) / 44482) |
| = | 0.1389 | / | 0.169619 |
| | = | 0.8189 |
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 |
| = | 216148 | / | 193011 |
| | = | 1.1199 |
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)) |
| = | (701 / (701 + 2341)) | / | (698 / (698 + 2446)) |
| = | 0.23044 | / | 0.22201 |
| | = | 1.038 |
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) |
| = | (4926 / 216148) | / | (4680 / 193011) |
| = | 0.02279 | / | 0.024247 |
| | = | 0.9399 |
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) |
| = | ((3535 + 38286) / 46573) | / | ((4685 + 33212) / 44482) |
| = | 0.897967 | / | 0.851963 |
| | = | 1.054 |
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 |
| = | (639 - -836 | - | 3953) | / | 46573 |
| | = | -0.053207 |
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.
Cardinal Health has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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