Bausch Health Beneish M-Score Historical Data
The historical data trend for Bausch 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.
Bausch Health Beneish M-Score Chart
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Bausch Health Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.79 |
-2.56 |
-2.30 |
-2.57 |
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Bausch Health Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.27 |
-2.32 |
-2.57 |
-2.57 |
Competitive Comparison of Bausch Health's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Bausch 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.
Bausch Health's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Bausch Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bausch Health's Beneish M-Score falls into.
Bausch 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 Bausch 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 * 1.0333 | + | 0.528 * 1.0018 | + | 0.404 * 0.949 | + | 0.892 * 1.0494 | + | 0.115 * 1.0917 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0312 | + | 4.679 * -0.034609 | - | 0.327 * 1.0152 |
| = | -2.59 |
* 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 €1,832 Mil.
Revenue was 2208.136 + 2097.006 + 2000.141 + 1815.696 = €8,121 Mil.
Gross Profit was 1561.651 + 1513.255 + 1401.114 + 1272.108 = €5,748 Mil.
Total Current Assets was €5,132 Mil.
Total Assets was €25,080 Mil.
Property, Plant and Equipment(Net PPE) was €1,565 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,172 Mil.
Selling, General, & Admin. Expense(SGA) was €2,706 Mil.
Total Current Liabilities was €3,945 Mil.
Long-Term Debt & Capital Lease Obligation was €20,117 Mil.
Net Income was -35.763 + -354.186 + 23.998 + -187.734 = €-554 Mil.
Non Operating Income was -141.218 + -456.319 + 8.307 + -52.304 = €-642 Mil.
Cash Flow from Operations was 357.63 + 264.234 + 190.138 + 143.836 = €956 Mil.
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Total Receivables was €1,690 Mil.
Revenue was 2070.192 + 2066.46 + 1860.782 + 1741.544 = €7,739 Mil.
Gross Profit was 1454.704 + 1476.62 + 1314.94 + 1241.236 = €5,488 Mil.
Total Current Assets was €4,009 Mil.
Total Assets was €24,248 Mil.
Property, Plant and Equipment(Net PPE) was €1,510 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,326 Mil.
Selling, General, & Admin. Expense(SGA) was €2,501 Mil.
Total Current Liabilities was €3,720 Mil.
Long-Term Debt & Capital Lease Obligation was €19,195 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) |
| = | (1832.166 / 8120.979) | / | (1689.76 / 7738.978) |
| = | 0.225609 | / | 0.218344 |
| | = | 1.0333 |
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) |
| = | (5487.5 / 7738.978) | / | (5748.128 / 8120.979) |
| = | 0.709073 | / | 0.707812 |
| | = | 1.0018 |
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 - (5131.532 + 1565.319) / 25079.95) | / | (1 - (4009.168 + 1510.4) / 24247.584) |
| = | 0.73298 | / | 0.772366 |
| | = | 0.949 |
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 |
| = | 8120.979 | / | 7738.978 |
| | = | 1.0494 |
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)) |
| = | (1326.068 / (1326.068 + 1510.4)) | / | (1172.421 / (1172.421 + 1565.319)) |
| = | 0.467507 | / | 0.428244 |
| | = | 1.0917 |
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) |
| = | (2705.78 / 8120.979) | / | (2500.586 / 7738.978) |
| = | 0.333184 | / | 0.323116 |
| | = | 1.0312 |
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) |
| = | ((20117.146 + 3944.934) / 25079.95) | / | ((19195.296 + 3720.304) / 24247.584) |
| = | 0.959415 | / | 0.945067 |
| | = | 1.0152 |
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 |
| = | (-553.685 - -641.534 | - | 955.838) | / | 25079.95 |
| | = | -0.034609 |
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 Health has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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