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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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thermo Fisher Scientific's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Thermo Fisher Scientific was -2.03. The lowest was -2.79. And the median was -2.44.
The historical data trend for Thermo Fisher Scientific'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.
Thermo Fisher Scientific Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.51 | -2.44 | -2.14 | -2.46 | -2.49 |
Thermo Fisher Scientific Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.44 | -2.49 | -2.74 | -2.79 | -2.74 |
For the Diagnostics & Research subindustry, Thermo Fisher Scientific'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 Diagnostics & Research industry and Healthcare sector, Thermo Fisher Scientific's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thermo Fisher Scientific'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 Thermo Fisher Scientific 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 * 0.8602 | + | 0.528 * 0.9626 | + | 0.404 * 1.0024 | + | 0.892 * 0.9758 | + | 0.115 * 1.0685 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8674 | + | 4.679 * -0.026892 | - | 0.327 * 0.992 | |||||||
= | -2.74 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $8,255 Mil. Revenue was 10598 + 10541 + 10345 + 10886 = $42,370 Mil. Gross Profit was 4418 + 4435 + 4305 + 4393 = $17,551 Mil. Total Current Assets was $23,783 Mil. Total Assets was $100,364 Mil. Property, Plant and Equipment(Net PPE) was $9,412 Mil. Depreciation, Depletion and Amortization(DDA) was $3,205 Mil. Selling, General, & Admin. Expense(SGA) was $7,289 Mil. Total Current Liabilities was $14,601 Mil. Long-Term Debt & Capital Lease Obligation was $31,197 Mil. Net Income was 1630 + 1548 + 1328 + 1630 = $6,136 Mil. Non Operating Income was -61 + -72 + -19 + -113 = $-265 Mil. Cash Flow from Operations was 2166 + 1960 + 1251 + 3723 = $9,100 Mil. |
Total Receivables was $9,835 Mil. Revenue was 10574 + 10687 + 10710 + 11450 = $43,421 Mil. Gross Profit was 4316 + 4251 + 4140 + 4606 = $17,313 Mil. Total Current Assets was $23,092 Mil. Total Assets was $97,057 Mil. Property, Plant and Equipment(Net PPE) was $9,167 Mil. Depreciation, Depletion and Amortization(DDA) was $3,415 Mil. Selling, General, & Admin. Expense(SGA) was $8,612 Mil. Total Current Liabilities was $14,158 Mil. Long-Term Debt & Capital Lease Obligation was $30,489 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) |
= | (8255 / 42370) | / | (9835 / 43421) | |
= | 0.194831 | / | 0.226503 | |
= | 0.8602 |
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) | |
= | (17313 / 43421) | / | (17551 / 42370) | |
= | 0.398724 | / | 0.414232 | |
= | 0.9626 |
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 - (23783 + 9412) / 100364) | / | (1 - (23092 + 9167) / 97057) | |
= | 0.669254 | / | 0.667628 | |
= | 1.0024 |
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 | |
= | 42370 | / | 43421 | |
= | 0.9758 |
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)) |
= | (3415 / (3415 + 9167)) | / | (3205 / (3205 + 9412)) | |
= | 0.271419 | / | 0.254022 | |
= | 1.0685 |
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) |
= | (7289 / 42370) | / | (8612 / 43421) | |
= | 0.172032 | / | 0.198337 | |
= | 0.8674 |
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) |
= | ((31197 + 14601) / 100364) | / | ((30489 + 14158) / 97057) | |
= | 0.456319 | / | 0.460008 | |
= | 0.992 |
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 | |
= | (6136 - -265 | - | 9100) | / | 100364 | |
= | -0.026892 |
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.
Thermo Fisher Scientific has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Thermo Fisher Scientific's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Marc N Casper | officer: Senior Vice President | C/O THERMO FISHER SCIENTIFIC, 168 THIRD AVENUE, WALTHAM MA 02451 |
Lisa P. Britt | officer: Sr. VP and Chief HR Officer | 168 THIRD AVENUE, WALTHAM MA 02451 |
Joseph R. Holmes | officer: VP & Chief Accounting Officer | 168 THIRD AVENUE, WALTHAM MA 02451 |
Gianluca Pettiti | officer: Executive Vice President | C/O BUTTERFLY NETWORK, INC., 530 OLD WHITFIELD STREET, GUILFORD CT 06437 |
Michael A Boxer | officer: Sr. VP and Gen. Counsel | 168 THIRD AVENUE, WALTHAM MA 02451 |
Michel Lagarde | officer: Senior Vice President | 450 LEXINGTON AVE., 31ST FLOOR, NEW YORK NY 10017 |
Stephen Williamson | officer: Sr. VP and CFO | 81 WYMAN STREET, WALTHAM MA 02451 |
Debora L Spar | director | C/O GOLDMAN, SACHS & CO., 200 WEST STREET, NEW YORK NY 10282 |
Jennifer M Johnson | director | C/O FRANKLIN RESOURCES, INC., ONE FRANKLIN PARKWAY, SAN MATEO CA 94403-1906 |
Jim P Manzi | director | 81 WYMAN ST, POST OFFICE BOX 9046, WALTHAM MA 02454 |
Ruby R Chandy | director | 630 DUNDEE ROAD, SUITE 400, NORTHBROOK IL 60062 |
Mark P Stevenson | officer: Executive Vice President | 850 LINCOLN CENTRE DRIVE, FOSTER CITY CA 94404 |
R. Alexandra Keith | director | ONE PROCTER & GAMBLE PLAZA, CINCINNATI OH 45202 |
Peter E Hornstra | officer: Chief Accounting Officer | 81 WYMAN ST, POST OFFICE BOX 9046, WALTHAM MA 02454 |
Syed A. Jafry | officer: Sr. Vice President | 345 E. MAIN STREET, WARSAW IN 46580 |
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