Medtronic Beneish M-Score Historical Data
The historical data trend for Medtronic'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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Medtronic Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.57 |
-2.82 |
-2.44 |
-2.60 |
-2.51 |
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Medtronic 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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-2.52 |
-2.51 |
-2.51 |
-2.47 |
-2.55 |
Competitive Comparison
For the Medical Devices subindustry, Medtronic'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.
Medtronic Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Medtronic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medtronic's Beneish M-Score falls into.
Medtronic 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 Medtronic 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 * 0.9652 | + | 0.528 * 1.0141 | + | 0.404 * 1.0224 | + | 0.892 * 1.0503 | + | 0.115 * 1.0584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9723 | + | 4.679 * -0.026047 | - | 0.327 * 0.9603 |
| = | -2.55 |
* 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 $5,968 Mil.
Revenue was 8089 + 7984 + 7702 + 8545 = $32,320 Mil.
Gross Profit was 5307 + 5223 + 5074 + 5566 = $21,170 Mil.
Total Current Assets was $22,513 Mil.
Total Assets was $90,836 Mil.
Property, Plant and Equipment(Net PPE) was $5,838 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,672 Mil.
Selling, General, & Admin. Expense(SGA) was $10,588 Mil.
Total Current Liabilities was $9,793 Mil.
Long-Term Debt & Capital Lease Obligation was $24,153 Mil.
Net Income was 1322 + 909 + 791 + 1179 = $4,201 Mil.
Non Operating Income was 157 + 49 + -18 + -91 = $97 Mil.
Cash Flow from Operations was 2474 + 661 + 875 + 2460 = $6,470 Mil.
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Total Receivables was $5,887 Mil.
Revenue was 7727 + 7585 + 7371 + 8089 = $30,772 Mil.
Gross Profit was 5038 + 5050 + 4855 + 5498 = $20,441 Mil.
Total Current Assets was $25,364 Mil.
Total Assets was $94,134 Mil.
Property, Plant and Equipment(Net PPE) was $5,437 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,706 Mil.
Selling, General, & Admin. Expense(SGA) was $10,368 Mil.
Total Current Liabilities was $14,422 Mil.
Long-Term Debt & Capital Lease Obligation was $22,210 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) |
| = | (5968 / 32320) | / | (5887 / 30772) |
| = | 0.184653 | / | 0.19131 |
| | = | 0.9652 |
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) |
| = | (20441 / 30772) | / | (21170 / 32320) |
| = | 0.664273 | / | 0.655012 |
| | = | 1.0141 |
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 - (22513 + 5838) / 90836) | / | (1 - (25364 + 5437) / 94134) |
| = | 0.687888 | / | 0.672796 |
| | = | 1.0224 |
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 |
| = | 32320 | / | 30772 |
| | = | 1.0503 |
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)) |
| = | (2706 / (2706 + 5437)) | / | (2672 / (2672 + 5838)) |
| = | 0.33231 | / | 0.313984 |
| | = | 1.0584 |
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) |
| = | (10588 / 32320) | / | (10368 / 30772) |
| = | 0.327599 | / | 0.33693 |
| | = | 0.9723 |
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) |
| = | ((24153 + 9793) / 90836) | / | ((22210 + 14422) / 94134) |
| = | 0.373706 | / | 0.389147 |
| | = | 0.9603 |
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 |
| = | (4201 - 97 | - | 6470) | / | 90836 |
| | = | -0.026047 |
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.
Medtronic has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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