Stryker Beneish M-Score Historical Data
The historical data trend for Stryker'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.
Stryker Beneish M-Score Chart
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Stryker Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-2.68 |
-2.49 |
-2.28 |
-2.47 |
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Stryker Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.38 |
-2.42 |
-2.45 |
-2.47 |
Competitive Comparison of Stryker's Beneish M-Score
For the Medical Devices subindustry, Stryker'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.
Stryker's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Stryker's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stryker's Beneish M-Score falls into.
Stryker 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 Stryker 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 * 0.9505 | + | 0.528 * 0.9851 | + | 0.404 * 0.9452 | + | 0.892 * 1.1111 | + | 0.115 * 1.0381 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.994 | + | 4.679 * -0.007842 | - | 0.327 * 0.9578 |
| = | -2.47 |
* 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 $3,765 Mil.
Revenue was 5815 + 4909 + 4996 + 4778 = $20,498 Mil.
Gross Profit was 3703 + 3158 + 3181 + 3016 = $13,058 Mil.
Total Current Assets was $12,518 Mil.
Total Assets was $39,912 Mil.
Property, Plant and Equipment(Net PPE) was $3,215 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,028 Mil.
Selling, General, & Admin. Expense(SGA) was $7,129 Mil.
Total Current Liabilities was $7,921 Mil.
Long-Term Debt & Capital Lease Obligation was $10,901 Mil.
Net Income was 1143 + 692 + 738 + 592 = $3,165 Mil.
Non Operating Income was -37 + -71 + -69 + -56 = $-233 Mil.
Cash Flow from Operations was 1528 + 1050 + 688 + 445 = $3,711 Mil.
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Total Receivables was $3,565 Mil.
Revenue was 5202 + 4479 + 4493 + 4275 = $18,449 Mil.
Gross Profit was 3236 + 2782 + 2826 + 2734 = $11,578 Mil.
Total Current Assets was $10,275 Mil.
Total Assets was $36,884 Mil.
Property, Plant and Equipment(Net PPE) was $2,970 Mil.
Depreciation, Depletion and Amortization(DDA) was $998 Mil.
Selling, General, & Admin. Expense(SGA) was $6,455 Mil.
Total Current Liabilities was $6,303 Mil.
Long-Term Debt & Capital Lease Obligation was $11,857 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) |
| = | (3765 / 20498) | / | (3565 / 18449) |
| = | 0.183676 | / | 0.193235 |
| | = | 0.9505 |
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) |
| = | (11578 / 18449) | / | (13058 / 20498) |
| = | 0.627568 | / | 0.637038 |
| | = | 0.9851 |
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 - (12518 + 3215) / 39912) | / | (1 - (10275 + 2970) / 36884) |
| = | 0.605808 | / | 0.640901 |
| | = | 0.9452 |
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 |
| = | 20498 | / | 18449 |
| | = | 1.1111 |
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)) |
| = | (998 / (998 + 2970)) | / | (1028 / (1028 + 3215)) |
| = | 0.251512 | / | 0.242281 |
| | = | 1.0381 |
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) |
| = | (7129 / 20498) | / | (6455 / 18449) |
| = | 0.34779 | / | 0.349883 |
| | = | 0.994 |
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) |
| = | ((10901 + 7921) / 39912) | / | ((11857 + 6303) / 36884) |
| = | 0.471587 | / | 0.492354 |
| | = | 0.9578 |
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 |
| = | (3165 - -233 | - | 3711) | / | 39912 |
| | = | -0.007842 |
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.
Stryker has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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