Draegerwerk AG KGaA Beneish M-Score Historical Data
The historical data trend for Draegerwerk AG 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.
Draegerwerk AG KGaA Beneish M-Score Chart
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Draegerwerk AG 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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-2.73 |
-2.82 |
-2.90 |
-2.24 |
-2.51 |
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Draegerwerk AG KGaA Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.49 |
-2.51 |
-2.60 |
-2.52 |
-2.60 |
Competitive Comparison of Draegerwerk AG KGaA's Beneish M-Score
For the Medical Devices subindustry, Draegerwerk AG 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.
Draegerwerk AG KGaA's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Draegerwerk AG KGaA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Draegerwerk AG KGaA's Beneish M-Score falls into.
Draegerwerk AG 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 Draegerwerk AG 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 * 0.9941 | + | 0.528 * 0.991 | + | 0.404 * 1.0832 | + | 0.892 * 1.0228 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0132 | + | 4.679 * -0.028851 | - | 0.327 * 0.9655 |
| = | -2.56 |
* 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 $739 Mil.
Revenue was 859.678 + 844.645 + 799.802 + 1147.892 = $3,652 Mil.
Gross Profit was 373.976 + 374.474 + 362.648 + 477.625 = $1,589 Mil.
Total Current Assets was $1,991 Mil.
Total Assets was $3,338 Mil.
Property, Plant and Equipment(Net PPE) was $605 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,065 Mil.
Total Current Liabilities was $1,053 Mil.
Long-Term Debt & Capital Lease Obligation was $283 Mil.
Net Income was 16.273 + 28.672 + 7.698 + 70.947 = $124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 69.633 + -42.008 + 36.449 + 155.83 = $220 Mil.
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Total Receivables was $727 Mil.
Revenue was 841.518 + 835.6 + 814.91 + 1078.609 = $3,571 Mil.
Gross Profit was 370.165 + 359.815 + 366.975 + 442.398 = $1,539 Mil.
Total Current Assets was $1,929 Mil.
Total Assets was $3,203 Mil.
Property, Plant and Equipment(Net PPE) was $617 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,027 Mil.
Total Current Liabilities was $1,052 Mil.
Long-Term Debt & Capital Lease Obligation was $275 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) |
| = | (739.103 / 3652.017) | / | (726.926 / 3570.637) |
| = | 0.202382 | / | 0.203584 |
| | = | 0.9941 |
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) |
| = | (1539.353 / 3570.637) | / | (1588.723 / 3652.017) |
| = | 0.431114 | / | 0.435026 |
| | = | 0.991 |
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 - (1990.501 + 605.1) / 3338.3) | / | (1 - (1928.743 + 616.718) / 3203.384) |
| = | 0.222478 | / | 0.205384 |
| | = | 1.0832 |
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 |
| = | 3652.017 | / | 3570.637 |
| | = | 1.0228 |
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)) |
| = | (0 / (0 + 616.718)) | / | (0 / (0 + 605.1)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1064.538 / 3652.017) | / | (1027.269 / 3570.637) |
| = | 0.291493 | / | 0.287699 |
| | = | 1.0132 |
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) |
| = | ((282.512 + 1052.627) / 3338.3) | / | ((275.455 + 1051.571) / 3203.384) |
| = | 0.399946 | / | 0.414258 |
| | = | 0.9655 |
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 |
| = | (123.59 - 0 | - | 219.904) | / | 3338.3 |
| | = | -0.028851 |
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.
Draegerwerk AG KGaA has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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