Align Technology Beneish M-Score Historical Data
The historical data trend for Align Technology'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.
Align Technology Beneish M-Score Chart
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Align Technology Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.09 |
0.88 |
-2.44 |
-2.58 |
-2.69 |
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Align Technology Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar20 |
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Dec20 |
Mar21 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.83 |
-2.88 |
-2.84 |
-2.69 |
Competitive Comparison of Align Technology's Beneish M-Score
For the Medical Devices subindustry, Align Technology'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.
Align Technology's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Align Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Align Technology's Beneish M-Score falls into.
Align Technology 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 Align Technology 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 * 1.0124 | + | 0.528 * 1.0062 | + | 0.404 * 1.0027 | + | 0.892 * 1.0342 | + | 0.115 * 0.9281 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9837 | + | 4.679 * -0.050628 | - | 0.327 * 1.0439 |
| = | -2.69 |
* 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 $1,047 Mil.
Revenue was 956.726 + 960.214 + 1002.173 + 943.147 = $3,862 Mil.
Gross Profit was 669.524 + 663.076 + 713.609 + 660.654 = $2,707 Mil.
Total Current Assets was $2,447 Mil.
Total Assets was $6,084 Mil.
Property, Plant and Equipment(Net PPE) was $1,409 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $1,703 Mil.
Total Current Liabilities was $2,067 Mil.
Long-Term Debt & Capital Lease Obligation was $97 Mil.
Net Income was 124.014 + 121.427 + 111.814 + 87.798 = $445 Mil.
Non Operating Income was -16.959 + -9.757 + -4.763 + -1.229 = $-33 Mil.
Cash Flow from Operations was 46.898 + 287.206 + 251.777 + 199.895 = $786 Mil.
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Total Receivables was $1,000 Mil.
Revenue was 901.515 + 890.348 + 969.553 + 973.219 = $3,735 Mil.
Gross Profit was 617.701 + 619.169 + 687.559 + 709.346 = $2,634 Mil.
Total Current Assets was $2,424 Mil.
Total Assets was $5,948 Mil.
Property, Plant and Equipment(Net PPE) was $1,351 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $1,674 Mil.
Total Current Liabilities was $1,926 Mil.
Long-Term Debt & Capital Lease Obligation was $100 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) |
| = | (1047.152 / 3862.26) | / | (1000.169 / 3734.635) |
| = | 0.271124 | / | 0.267809 |
| | = | 1.0124 |
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) |
| = | (2633.775 / 3734.635) | / | (2706.863 / 3862.26) |
| = | 0.70523 | / | 0.70085 |
| | = | 1.0062 |
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 - (2446.618 + 1408.862) / 6083.877) | / | (1 - (2424.391 + 1350.735) / 5947.947) |
| = | 0.366279 | / | 0.365306 |
| | = | 1.0027 |
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 |
| = | 3862.26 | / | 3734.635 |
| | = | 1.0342 |
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)) |
| = | (125.793 / (125.793 + 1350.735)) | / | (142.401 / (142.401 + 1408.862)) |
| = | 0.085195 | / | 0.091797 |
| | = | 0.9281 |
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) |
| = | (1703.379 / 3862.26) | / | (1674.469 / 3734.635) |
| = | 0.441032 | / | 0.448362 |
| | = | 0.9837 |
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) |
| = | ((96.968 + 2066.611) / 6083.877) | / | ((100.334 + 1925.887) / 5947.947) |
| = | 0.355625 | / | 0.340659 |
| | = | 1.0439 |
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 |
| = | (445.053 - -32.708 | - | 785.776) | / | 6083.877 |
| | = | -0.050628 |
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.
Align Technology has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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