Cantel Medical Beneish M-Score Historical Data
The historical data trend for Cantel Medical'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.
Cantel Medical Beneish M-Score Chart
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Cantel Medical Annual Data
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| Beneish M-Score |
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-2.42 |
-2.61 |
-2.63 |
-2.31 |
-2.95 |
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Cantel Medical Quarterly Data
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| Beneish M-Score |
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-2.76 |
-2.95 |
-3.03 |
-3.04 |
-2.84 |
Competitive Comparison of Cantel Medical's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Cantel Medical'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.
Cantel Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Cantel Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cantel Medical's Beneish M-Score falls into.
Cantel Medical 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 Cantel Medical 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 * 1.1265 | + | 0.528 * 0.9292 | + | 0.404 * 0.9223 | + | 0.892 * 1.1137 | + | 0.115 * 0.8403 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9448 | + | 4.679 * -0.067444 | - | 0.327 * 0.9117 |
| = | -2.63 |
* 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 (Apr21) TTM: | Last Year (Apr20) TTM: |
Total Receivables was $204 Mil.
Revenue was 313.953 + 294.038 + 297.029 + 233.371 = $1,138 Mil.
Gross Profit was 151.323 + 143.478 + 147.366 + 96.877 = $539 Mil.
Total Current Assets was $626 Mil.
Total Assets was $2,031 Mil.
Property, Plant and Equipment(Net PPE) was $277 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General, & Admin. Expense(SGA) was $376 Mil.
Total Current Liabilities was $243 Mil.
Long-Term Debt & Capital Lease Obligation was $903 Mil.
Net Income was 21.118 + 12.068 + 24.464 + -5.583 = $52 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 35.299 + 47.745 + 62.007 + 44.014 = $189 Mil.
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Total Receivables was $163 Mil.
Revenue was 236.933 + 288.498 + 257.246 + 239.476 = $1,022 Mil.
Gross Profit was 100.983 + 122.244 + 115.869 + 110.653 = $450 Mil.
Total Current Assets was $486 Mil.
Total Assets was $1,912 Mil.
Property, Plant and Equipment(Net PPE) was $274 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $198 Mil.
Long-Term Debt & Capital Lease Obligation was $986 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) |
| = | (204.48 / 1138.391) | / | (162.98 / 1022.153) |
| = | 0.179622 | / | 0.159448 |
| | = | 1.1265 |
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) |
| = | (449.749 / 1022.153) | / | (539.044 / 1138.391) |
| = | 0.440002 | / | 0.473514 |
| | = | 0.9292 |
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 - (625.997 + 276.568) / 2031.278) | / | (1 - (486.029 + 274.238) / 1912.372) |
| = | 0.555666 | / | 0.602448 |
| | = | 0.9223 |
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 |
| = | 1138.391 | / | 1022.153 |
| | = | 1.1137 |
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)) |
| = | (65.17 / (65.17 + 274.238)) | / | (81.917 / (81.917 + 276.568)) |
| = | 0.192011 | / | 0.228509 |
| | = | 0.8403 |
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) |
| = | (376.203 / 1138.391) | / | (357.534 / 1022.153) |
| = | 0.330469 | / | 0.349785 |
| | = | 0.9448 |
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) |
| = | ((903.318 + 242.954) / 2031.278) | / | ((985.712 + 197.935) / 1912.372) |
| = | 0.564311 | / | 0.618942 |
| | = | 0.9117 |
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 |
| = | (52.067 - 0 | - | 189.065) | / | 2031.278 |
| | = | -0.067444 |
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.
Cantel Medical has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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