Arjo AB Beneish M-Score Historical Data
The historical data trend for Arjo AB'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.
Arjo AB Beneish M-Score Chart
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Arjo AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-3.35 |
-2.73 |
-2.52 |
-2.97 |
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Arjo AB 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 |
-2.59 |
-2.88 |
-2.97 |
-2.96 |
Competitive Comparison of Arjo AB's Beneish M-Score
For the Medical Distribution subindustry, Arjo AB'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.
Arjo AB's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Arjo AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arjo AB's Beneish M-Score falls into.
Arjo AB 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 Arjo AB 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 * 0.9307 | + | 0.528 * 0.9611 | + | 0.404 * 1.0399 | + | 0.892 * 1.0833 | + | 0.115 * 0.9605 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.997 | + | 4.679 * -0.09562 | - | 0.327 * 1.1054 |
| = | -2.96 |
* 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 kr2,445 Mil.
Revenue was 2759 + 2879 + 2778 + 2686 = kr11,102 Mil.
Gross Profit was 1199 + 1310 + 1171 + 1142 = kr4,822 Mil.
Total Current Assets was kr4,615 Mil.
Total Assets was kr15,980 Mil.
Property, Plant and Equipment(Net PPE) was kr2,891 Mil.
Depreciation, Depletion and Amortization(DDA) was kr1,032 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,669 Mil.
Total Current Liabilities was kr4,697 Mil.
Long-Term Debt & Capital Lease Obligation was kr808 Mil.
Net Income was 132 + 186 + 98 + 102 = kr518 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 256 + 664 + 598 + 528 = kr2,046 Mil.
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Total Receivables was kr2,425 Mil.
Revenue was 2638 + 2687 + 2519 + 2404 = kr10,248 Mil.
Gross Profit was 1137 + 1104 + 1023 + 1014 = kr4,278 Mil.
Total Current Assets was kr4,982 Mil.
Total Assets was kr16,147 Mil.
Property, Plant and Equipment(Net PPE) was kr2,931 Mil.
Depreciation, Depletion and Amortization(DDA) was kr991 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,397 Mil.
Total Current Liabilities was kr4,226 Mil.
Long-Term Debt & Capital Lease Obligation was kr806 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) |
| = | (2445 / 11102) | / | (2425 / 10248) |
| = | 0.220231 | / | 0.236632 |
| | = | 0.9307 |
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) |
| = | (4278 / 10248) | / | (4822 / 11102) |
| = | 0.417447 | / | 0.434336 |
| | = | 0.9611 |
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 - (4615 + 2891) / 15980) | / | (1 - (4982 + 2931) / 16147) |
| = | 0.530288 | / | 0.50994 |
| | = | 1.0399 |
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 |
| = | 11102 | / | 10248 |
| | = | 1.0833 |
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)) |
| = | (991 / (991 + 2931)) | / | (1032 / (1032 + 2891)) |
| = | 0.252677 | / | 0.263064 |
| | = | 0.9605 |
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) |
| = | (3669 / 11102) | / | (3397 / 10248) |
| = | 0.330481 | / | 0.331479 |
| | = | 0.997 |
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) |
| = | ((808 + 4697) / 15980) | / | ((806 + 4226) / 16147) |
| = | 0.344493 | / | 0.311637 |
| | = | 1.1054 |
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 |
| = | (518 - 0 | - | 2046) | / | 15980 |
| | = | -0.09562 |
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.
Arjo AB has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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