Johnson & Johnson Beneish M-Score Historical Data
The historical data trend for Johnson & Johnson'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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Johnson & Johnson Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.70 |
-2.16 |
-2.57 |
-1.79 |
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Johnson & Johnson 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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-2.42 |
-2.35 |
-1.80 |
-1.79 |
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Competitive Comparison
For the Drug Manufacturers - General subindustry, Johnson & Johnson'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.
Johnson & Johnson Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Johnson & Johnson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Johnson & Johnson's Beneish M-Score falls into.
Johnson & Johnson 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 Johnson & Johnson 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 * 1.0766 | + | 0.528 * 1.0071 | + | 0.404 * 0.9229 | + | 0.892 * 1.0646 | + | 0.115 * 1.0218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0001 | + | 4.679 * 0.123629 | - | 0.327 * 0.9759 |
| = | -1.79 |
* 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 $19,387 Mil.
Revenue was 21395 + 21351 + 25530 + 24746 = $93,022 Mil.
Gross Profit was 14597 + 14745 + 17318 + 16351 = $63,011 Mil.
Total Current Assets was $53,495 Mil.
Total Assets was $167,558 Mil.
Property, Plant and Equipment(Net PPE) was $19,898 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,486 Mil.
Selling, General, & Admin. Expense(SGA) was $23,613 Mil.
Total Current Liabilities was $46,282 Mil.
Long-Term Debt & Capital Lease Obligation was $25,881 Mil.
Net Income was 4049 + 26028 + 5144 + -68 = $35,153 Mil.
Non Operating Income was 286 + -864 + -45 + -7730 = $-8,353 Mil.
Cash Flow from Operations was 7863 + 7489 + 4182 + 3257 = $22,791 Mil.
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Total Receivables was $16,915 Mil.
Revenue was 19939 + 19996 + 24020 + 23426 = $87,381 Mil.
Gross Profit was 13855 + 13824 + 16101 + 15828 = $59,608 Mil.
Total Current Assets was $55,294 Mil.
Total Assets was $187,378 Mil.
Property, Plant and Equipment(Net PPE) was $17,982 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,970 Mil.
Selling, General, & Admin. Expense(SGA) was $22,178 Mil.
Total Current Liabilities was $55,802 Mil.
Long-Term Debt & Capital Lease Obligation was $26,886 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) |
| = | (19387 / 93022) | / | (16915 / 87381) |
| = | 0.208413 | / | 0.193578 |
| | = | 1.0766 |
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) |
| = | (59608 / 87381) | / | (63011 / 93022) |
| = | 0.682162 | / | 0.677377 |
| | = | 1.0071 |
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 - (53495 + 19898) / 167558) | / | (1 - (55294 + 17982) / 187378) |
| = | 0.561985 | / | 0.60894 |
| | = | 0.9229 |
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 |
| = | 93022 | / | 87381 |
| | = | 1.0646 |
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)) |
| = | (6970 / (6970 + 17982)) | / | (7486 / (7486 + 19898)) |
| = | 0.279336 | / | 0.273371 |
| | = | 1.0218 |
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) |
| = | (23613 / 93022) | / | (22178 / 87381) |
| = | 0.253843 | / | 0.253808 |
| | = | 1.0001 |
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) |
| = | ((25881 + 46282) / 167558) | / | ((26886 + 55802) / 187378) |
| = | 0.430675 | / | 0.44129 |
| | = | 0.9759 |
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 |
| = | (35153 - -8353 | - | 22791) | / | 167558 |
| | = | 0.123629 |
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.
Johnson & Johnson has a M-score of -1.79 suggests that the company is unlikely to be a manipulator.
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