Agilent Technologies Beneish M-Score Historical Data
The historical data trend for Agilent Technologies'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.
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Agilent Technologies Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.25 |
-2.51 |
-2.53 |
-2.33 |
-2.74 |
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Agilent Technologies Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.32 |
-2.39 |
-2.69 |
-2.74 |
-2.85 |
Competitive Comparison
For the Diagnostics & Research subindustry, Agilent Technologies'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.
Agilent Technologies Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, Agilent Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agilent Technologies's Beneish M-Score falls into.
Agilent Technologies 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 Agilent Technologies 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 * 0.9133 | + | 0.528 * 1.0789 | + | 0.404 * 0.9276 | + | 0.892 * 0.9719 | + | 0.115 * 1.238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0114 | + | 4.679 * -0.071337 | - | 0.327 * 0.8912 |
| = | -2.85 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $1,295 Mil.
Revenue was 1658 + 1688 + 1672 + 1717 = $6,735 Mil.
Gross Profit was 908 + 915 + 658 + 924 = $3,405 Mil.
Total Current Assets was $4,338 Mil.
Total Assets was $10,948 Mil.
Property, Plant and Equipment(Net PPE) was $1,314 Mil.
Depreciation, Depletion and Amortization(DDA) was $266 Mil.
Selling, General, & Admin. Expense(SGA) was $1,611 Mil.
Total Current Liabilities was $1,617 Mil.
Long-Term Debt & Capital Lease Obligation was $2,555 Mil.
Net Income was 348 + 475 + 111 + 302 = $1,236 Mil.
Non Operating Income was 23 + 17 + 10 + 6 = $56 Mil.
Cash Flow from Operations was 485 + 516 + 562 + 398 = $1,961 Mil.
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Total Receivables was $1,459 Mil.
Revenue was 1756 + 1849 + 1718 + 1607 = $6,930 Mil.
Gross Profit was 968 + 1012 + 939 + 861 = $3,780 Mil.
Total Current Assets was $4,078 Mil.
Total Assets was $10,919 Mil.
Property, Plant and Equipment(Net PPE) was $1,147 Mil.
Depreciation, Depletion and Amortization(DDA) was $302 Mil.
Selling, General, & Admin. Expense(SGA) was $1,639 Mil.
Total Current Liabilities was $1,936 Mil.
Long-Term Debt & Capital Lease Obligation was $2,733 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) |
| = | (1295 / 6735) | / | (1459 / 6930) |
| = | 0.192279 | / | 0.210534 |
| | = | 0.9133 |
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) |
| = | (3780 / 6930) | / | (3405 / 6735) |
| = | 0.545455 | / | 0.505568 |
| | = | 1.0789 |
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 - (4338 + 1314) / 10948) | / | (1 - (4078 + 1147) / 10919) |
| = | 0.483741 | / | 0.521476 |
| | = | 0.9276 |
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 |
| = | 6735 | / | 6930 |
| | = | 0.9719 |
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)) |
| = | (302 / (302 + 1147)) | / | (266 / (266 + 1314)) |
| = | 0.20842 | / | 0.168354 |
| | = | 1.238 |
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) |
| = | (1611 / 6735) | / | (1639 / 6930) |
| = | 0.239198 | / | 0.236508 |
| | = | 1.0114 |
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) |
| = | ((2555 + 1617) / 10948) | / | ((2733 + 1936) / 10919) |
| = | 0.381074 | / | 0.427603 |
| | = | 0.8912 |
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 |
| = | (1236 - 56 | - | 1961) | / | 10948 |
| | = | -0.071337 |
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.
Agilent Technologies has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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