Bausch & Lomb Beneish M-Score Historical Data
The historical data trend for Bausch & Lomb'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.
Bausch & Lomb Beneish M-Score Chart
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Bausch & Lomb Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-3.31 |
-2.54 |
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Bausch & Lomb Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.40 |
-2.53 |
-2.54 |
-2.50 |
Competitive Comparison of Bausch & Lomb's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Bausch & Lomb'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.
Bausch & Lomb's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Bausch & Lomb's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bausch & Lomb's Beneish M-Score falls into.
Bausch & Lomb 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 Bausch & Lomb 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 * 1.138 | + | 0.528 * 0.9797 | + | 0.404 * 1.0002 | + | 0.892 * 1.1323 | + | 0.115 * 1.0062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0361 | + | 4.679 * -0.024148 | - | 0.327 * 1.3782 |
| = | -2.49 |
* 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 $920 Mil.
Revenue was 1099 + 1173 + 1007 + 1035 = $4,314 Mil.
Gross Profit was 675 + 712 + 615 + 618 = $2,620 Mil.
Total Current Assets was $2,743 Mil.
Total Assets was $13,293 Mil.
Property, Plant and Equipment(Net PPE) was $1,397 Mil.
Depreciation, Depletion and Amortization(DDA) was $401 Mil.
Selling, General, & Admin. Expense(SGA) was $1,822 Mil.
Total Current Liabilities was $1,617 Mil.
Long-Term Debt & Capital Lease Obligation was $4,554 Mil.
Net Income was -167 + -54 + -84 + -32 = $-337 Mil.
Non Operating Income was -9 + -30 + -31 + -26 = $-96 Mil.
Cash Flow from Operations was 41 + 15 + 48 + -24 = $80 Mil.
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Total Receivables was $714 Mil.
Revenue was 931 + 996 + 942 + 941 = $3,810 Mil.
Gross Profit was 559 + 576 + 570 + 562 = $2,267 Mil.
Total Current Assets was $2,184 Mil.
Total Assets was $11,169 Mil.
Property, Plant and Equipment(Net PPE) was $1,296 Mil.
Depreciation, Depletion and Amortization(DDA) was $375 Mil.
Selling, General, & Admin. Expense(SGA) was $1,553 Mil.
Total Current Liabilities was $1,254 Mil.
Long-Term Debt & Capital Lease Obligation was $2,508 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) |
| = | (920 / 4314) | / | (714 / 3810) |
| = | 0.213259 | / | 0.187402 |
| | = | 1.138 |
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) |
| = | (2267 / 3810) | / | (2620 / 4314) |
| = | 0.595013 | / | 0.607325 |
| | = | 0.9797 |
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 - (2743 + 1397) / 13293) | / | (1 - (2184 + 1296) / 11169) |
| = | 0.688558 | / | 0.688423 |
| | = | 1.0002 |
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 |
| = | 4314 | / | 3810 |
| | = | 1.1323 |
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)) |
| = | (375 / (375 + 1296)) | / | (401 / (401 + 1397)) |
| = | 0.224417 | / | 0.223026 |
| | = | 1.0062 |
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) |
| = | (1822 / 4314) | / | (1553 / 3810) |
| = | 0.422346 | / | 0.407612 |
| | = | 1.0361 |
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) |
| = | ((4554 + 1617) / 13293) | / | ((2508 + 1254) / 11169) |
| = | 0.464229 | / | 0.336825 |
| | = | 1.3782 |
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 |
| = | (-337 - -96 | - | 80) | / | 13293 |
| | = | -0.024148 |
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.
Bausch & Lomb has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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