Vontier Beneish M-Score Historical Data
The historical data trend for Vontier'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.
Vontier Beneish M-Score Chart
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Vontier Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.46 |
-2.44 |
-2.37 |
-2.62 |
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Vontier Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.37 |
-2.52 |
-2.58 |
-2.62 |
-2.50 |
Competitive Comparison of Vontier's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Vontier'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.
Vontier's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Vontier's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vontier's Beneish M-Score falls into.
Vontier 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 Vontier 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 * 1.1504 | + | 0.528 * 0.9542 | + | 0.404 * 0.9885 | + | 0.892 * 0.957 | + | 0.115 * 1.0564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0635 | + | 4.679 * -0.025291 | - | 0.327 * 0.8941 |
| = | -2.50 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $519 Mil.
Revenue was 755.8 + 789 + 765.4 + 764.4 = $3,075 Mil.
Gross Profit was 372 + 371.1 + 359 + 348.1 = $1,450 Mil.
Total Current Assets was $1,361 Mil.
Total Assets was $4,306 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $630 Mil.
Total Current Liabilities was $865 Mil.
Long-Term Debt & Capital Lease Obligation was $2,227 Mil.
Net Income was 136.8 + 106.2 + 90.6 + 97.3 = $431 Mil.
Non Operating Income was 39.6 + 1 + 0.1 + 33.6 = $74 Mil.
Cash Flow from Operations was 91.5 + 164.9 + 131.6 + 77.5 = $466 Mil.
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Total Receivables was $471 Mil.
Revenue was 776.4 + 871.9 + 788 + 776.4 = $3,213 Mil.
Gross Profit was 353 + 385 + 359.9 + 348.1 = $1,446 Mil.
Total Current Assets was $1,340 Mil.
Total Assets was $4,279 Mil.
Property, Plant and Equipment(Net PPE) was $135 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $619 Mil.
Total Current Liabilities was $883 Mil.
Long-Term Debt & Capital Lease Obligation was $2,554 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) |
| = | (519 / 3074.6) | / | (471.4 / 3212.7) |
| = | 0.168802 | / | 0.14673 |
| | = | 1.1504 |
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) |
| = | (1446 / 3212.7) | / | (1450.2 / 3074.6) |
| = | 0.450089 | / | 0.471671 |
| | = | 0.9542 |
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 - (1361.4 + 155.1) / 4305.8) | / | (1 - (1339.5 + 135.2) / 4278.5) |
| = | 0.647801 | / | 0.655323 |
| | = | 0.9885 |
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 |
| = | 3074.6 | / | 3212.7 |
| | = | 0.957 |
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)) |
| = | (120.9 / (120.9 + 135.2)) | / | (125.3 / (125.3 + 155.1)) |
| = | 0.472081 | / | 0.446862 |
| | = | 1.0564 |
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) |
| = | (630.3 / 3074.6) | / | (619.3 / 3212.7) |
| = | 0.205002 | / | 0.192766 |
| | = | 1.0635 |
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) |
| = | ((2227.4 + 865.1) / 4305.8) | / | ((2553.7 + 883.1) / 4278.5) |
| = | 0.718217 | / | 0.803272 |
| | = | 0.8941 |
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 |
| = | (430.9 - 74.3 | - | 465.5) | / | 4305.8 |
| | = | -0.025291 |
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.
Vontier has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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