AMETEK Beneish M-Score Historical Data
The historical data trend for AMETEK'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.
AMETEK Beneish M-Score Chart
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AMETEK Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.88 |
-2.19 |
-2.37 |
-2.52 |
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AMETEK 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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-2.47 |
-2.48 |
-2.51 |
-2.52 |
-2.51 |
Competitive Comparison of AMETEK's Beneish M-Score
For the Specialty Industrial Machinery subindustry, AMETEK'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.
AMETEK's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, AMETEK's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMETEK's Beneish M-Score falls into.
AMETEK 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 AMETEK 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 * 1.019 | + | 0.528 * 0.9858 | + | 0.404 * 1.0201 | + | 0.892 * 1.0711 | + | 0.115 * 1.178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9693 | + | 4.679 * -0.028662 | - | 0.327 * 1.0245 |
| = | -2.51 |
* 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 $984 Mil.
Revenue was 1736.18 + 1730.885 + 1622.837 + 1646.111 = $6,736 Mil.
Gross Profit was 591.499 + 615.035 + 601.917 + 592.921 = $2,401 Mil.
Total Current Assets was $2,776 Mil.
Total Assets was $14,865 Mil.
Property, Plant and Equipment(Net PPE) was $1,097 Mil.
Depreciation, Depletion and Amortization(DDA) was $353 Mil.
Selling, General, & Admin. Expense(SGA) was $682 Mil.
Total Current Liabilities was $2,503 Mil.
Long-Term Debt & Capital Lease Obligation was $1,878 Mil.
Net Income was 310.943 + 342.864 + 340.37 + 324.242 = $1,318 Mil.
Non Operating Income was -0.633 + -3.939 + -6.256 + -3.684 = $-15 Mil.
Cash Flow from Operations was 410.227 + 540.657 + 472.856 + 335.247 = $1,759 Mil.
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Total Receivables was $902 Mil.
Revenue was 1597.117 + 1625.667 + 1551.786 + 1514.552 = $6,289 Mil.
Gross Profit was 574.592 + 562.01 + 547.19 + 526.377 = $2,210 Mil.
Total Current Assets was $2,666 Mil.
Total Assets was $12,616 Mil.
Property, Plant and Equipment(Net PPE) was $805 Mil.
Depreciation, Depletion and Amortization(DDA) was $324 Mil.
Selling, General, & Admin. Expense(SGA) was $657 Mil.
Total Current Liabilities was $1,453 Mil.
Long-Term Debt & Capital Lease Obligation was $2,176 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) |
| = | (983.893 / 6736.013) | / | (901.506 / 6289.122) |
| = | 0.146065 | / | 0.143344 |
| | = | 1.019 |
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) |
| = | (2210.169 / 6289.122) | / | (2401.372 / 6736.013) |
| = | 0.351427 | / | 0.356498 |
| | = | 0.9858 |
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 - (2775.502 + 1097.307) / 14864.981) | / | (1 - (2665.942 + 804.657) / 12616.022) |
| = | 0.739468 | / | 0.724905 |
| | = | 1.0201 |
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 |
| = | 6736.013 | / | 6289.122 |
| | = | 1.0711 |
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)) |
| = | (323.685 / (323.685 + 804.657)) | / | (353.257 / (353.257 + 1097.307)) |
| = | 0.286868 | / | 0.243531 |
| | = | 1.178 |
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) |
| = | (682.238 / 6736.013) | / | (657.176 / 6289.122) |
| = | 0.101282 | / | 0.104494 |
| | = | 0.9693 |
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) |
| = | ((1877.772 + 2502.508) / 14864.981) | / | ((2175.88 + 1452.667) / 12616.022) |
| = | 0.294671 | / | 0.287614 |
| | = | 1.0245 |
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 |
| = | (1318.419 - -14.512 | - | 1758.987) | / | 14864.981 |
| | = | -0.028662 |
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.
AMETEK has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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