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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Teledyne Technologies's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Teledyne Technologies was -1.35. The lowest was -2.97. And the median was -2.42.
The historical data trend for Teledyne 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.
Teledyne Technologies Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.37 | -2.69 | -2.06 | -2.32 | -2.39 |
Teledyne Technologies Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.47 | -2.39 | -2.39 | -2.42 | -2.50 |
For the Scientific & Technical Instruments subindustry, Teledyne 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.
For the Hardware industry and Technology sector, Teledyne Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teledyne Technologies's Beneish M-Score falls into.
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 Teledyne 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 * 1.004 | + | 0.528 * 0.9952 | + | 0.404 * 0.9928 | + | 0.892 * 0.9932 | + | 0.115 * 1.0231 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0031 | + | 4.679 * -0.011476 | - | 0.327 * 0.8851 | |||||||
= | -2.50 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $1,162 Mil. Revenue was 1374.1 + 1350.1 + 1425 + 1402.5 = $5,552 Mil. Gross Profit was 592.6 + 579.9 + 623.1 + 605.3 = $2,401 Mil. Total Current Assets was $2,745 Mil. Total Assets was $14,221 Mil. Property, Plant and Equipment(Net PPE) was $756 Mil. Depreciation, Depletion and Amortization(DDA) was $310 Mil. Selling, General, & Admin. Expense(SGA) was $1,176 Mil. Total Current Liabilities was $1,387 Mil. Long-Term Debt & Capital Lease Obligation was $2,647 Mil. Net Income was 180.2 + 178.5 + 323.1 + 198.6 = $880 Mil. Non Operating Income was -2.2 + 1.2 + -4.8 + -2.9 = $-9 Mil. Cash Flow from Operations was 318.7 + 291 + 164.4 + 278.2 = $1,052 Mil. |
Total Receivables was $1,165 Mil. Revenue was 1424.7 + 1383.3 + 1418.2 + 1363.6 = $5,590 Mil. Gross Profit was 618.4 + 592.6 + 616.9 + 577.8 = $2,406 Mil. Total Current Assets was $2,641 Mil. Total Assets was $14,156 Mil. Property, Plant and Equipment(Net PPE) was $766 Mil. Depreciation, Depletion and Amortization(DDA) was $325 Mil. Selling, General, & Admin. Expense(SGA) was $1,180 Mil. Total Current Liabilities was $1,634 Mil. Long-Term Debt & Capital Lease Obligation was $2,903 Mil. |
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) |
= | (1161.5 / 5551.7) | / | (1164.8 / 5589.8) | |
= | 0.209215 | / | 0.20838 | |
= | 1.004 |
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) | |
= | (2405.7 / 5589.8) | / | (2400.9 / 5551.7) | |
= | 0.430373 | / | 0.432462 | |
= | 0.9952 |
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 - (2744.7 + 755.6) / 14221.1) | / | (1 - (2640.7 + 766) / 14156.3) | |
= | 0.753866 | / | 0.759351 | |
= | 0.9928 |
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 | |
= | 5551.7 | / | 5589.8 | |
= | 0.9932 |
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)) |
= | (324.7 / (324.7 + 766)) | / | (310.1 / (310.1 + 755.6)) | |
= | 0.297699 | / | 0.290982 | |
= | 1.0231 |
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) |
= | (1176 / 5551.7) | / | (1180.4 / 5589.8) | |
= | 0.211827 | / | 0.21117 | |
= | 1.0031 |
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) |
= | ((2646.9 + 1387) / 14221.1) | / | ((2903.2 + 1633.5) / 14156.3) | |
= | 0.283656 | / | 0.320472 | |
= | 0.8851 |
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 | |
= | (880.4 - -8.7 | - | 1052.3) | / | 14221.1 | |
= | -0.011476 |
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.
Teledyne Technologies has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Teledyne Technologies's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Simon M Lorne | director | 666 FIFTH AVENUE, 8TH FLOOR, NEW YORK NY 10103 |
Charles Crocker | director | ONE POST ST, STE 2500, SAN FRANCISCO CA 94104 |
Michael T Smith | director | 190 NW SPANISH RIVER BOULEVARD, SUITE 101, BOCA RATON FL 33431 |
Kenneth C Dahlberg | director | SCIENCE APPLICATIONS INTERNATIONAL CORP., 10260 CAMPUS POINT DRIVE, SAN DIEGO CA 92121 |
Sue Main | officer: VP & Controller | TELEDYNE TECHNOLOGIES INCORPORATED, 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Jason Vanwees | officer: VP, Strategy, Mergers & Acq. | 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Robert Mehrabian | officer: Chairman, Pres. & CEO | C/O TELEDYNE TECHNOLOGIES INCORPORATED, 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Von Schack Wesley W | director | ENERGY EAST CORP, PO BOX 3287, ITHACA NY 14852-3287 |
Jane Cecile Sherburne | director | ONE WALL STREET, NEW YORK NY 10286 |
Melanie Susan Cibik | officer: Sr. VP, General Counsel & Sec. | 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Stephen Finis Blackwood | officer: Senior VP & Treasurer | 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Bobb George C Iii | officer: See Remarks | 1039 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Cynthia Y Belak | officer: Vice President and Controller | 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
Vincent J Morales | director | PPG INDUSTRIES, INC., ONE PPG PLACE, PITTSBURGH PA 15272 |
Aldo Pichelli | officer: Segment President & COO | TELEDYNE TECHNOLOGIES INCORPORATED, 1049 CAMINO DOS RIOS, THOUSAND OAKS CA 91360 |
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