Quest Diagnostics Beneish M-Score Historical Data
The historical data trend for Quest Diagnostics'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.
Quest Diagnostics Beneish M-Score Chart
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Quest Diagnostics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.35 |
-2.73 |
-2.85 |
-2.58 |
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Quest Diagnostics Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.69 |
-2.67 |
-2.53 |
-2.58 |
-2.58 |
Competitive Comparison of Quest Diagnostics's Beneish M-Score
For the Diagnostics & Research subindustry, Quest Diagnostics'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.
Quest Diagnostics's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Quest Diagnostics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quest Diagnostics's Beneish M-Score falls into.
Quest Diagnostics 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 Quest Diagnostics 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 * 1.1144 | + | 0.528 * 1.0267 | + | 0.404 * 0.9959 | + | 0.892 * 0.9319 | + | 0.115 * 1.0005 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9004 | + | 4.679 * -0.036347 | - | 0.327 * 1.0383 |
| = | -2.59 |
* 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 €1,216 Mil.
Revenue was 2176.72 + 2098.096 + 2150.415 + 2157.974 = €8,583 Mil.
Gross Profit was 709.32 + 674.912 + 706.498 + 731.016 = €2,822 Mil.
Total Current Assets was €2,050 Mil.
Total Assets was €12,838 Mil.
Property, Plant and Equipment(Net PPE) was €2,198 Mil.
Depreciation, Depletion and Amortization(DDA) was €414 Mil.
Selling, General, & Admin. Expense(SGA) was €1,518 Mil.
Total Current Liabilities was €2,114 Mil.
Long-Term Debt & Capital Lease Obligation was €3,950 Mil.
Net Income was 178.48 + 176.064 + 210.825 + 216.905 = €782 Mil.
Non Operating Income was 8.28 + 9.17 + -2.811 + 5.538 = €20 Mil.
Cash Flow from Operations was 141.68 + 483.259 + 193.959 + 409.812 = €1,229 Mil.
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Total Receivables was €1,171 Mil.
Revenue was 2177.154 + 2202.352 + 2510.86 + 2320.538 = €9,211 Mil.
Gross Profit was 720.114 + 715.552 + 876.68 + 796.532 = €3,109 Mil.
Total Current Assets was €1,694 Mil.
Total Assets was €11,950 Mil.
Property, Plant and Equipment(Net PPE) was €2,227 Mil.
Depreciation, Depletion and Amortization(DDA) was €420 Mil.
Selling, General, & Admin. Expense(SGA) was €1,809 Mil.
Total Current Liabilities was €1,266 Mil.
Long-Term Debt & Capital Lease Obligation was €4,170 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) |
| = | (1216.24 / 8583.205) | / | (1171.236 / 9210.904) |
| = | 0.1417 | / | 0.127158 |
| | = | 1.1144 |
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) |
| = | (3108.878 / 9210.904) | / | (2821.746 / 8583.205) |
| = | 0.337521 | / | 0.328752 |
| | = | 1.0267 |
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 - (2049.76 + 2197.88) / 12837.68) | / | (1 - (1694.276 + 2226.656) / 11949.596) |
| = | 0.669127 | / | 0.671877 |
| | = | 0.9959 |
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 |
| = | 8583.205 | / | 9210.904 |
| | = | 0.9319 |
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)) |
| = | (419.744 / (419.744 + 2226.656)) | / | (414.056 / (414.056 + 2197.88)) |
| = | 0.158609 | / | 0.158525 |
| | = | 1.0005 |
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) |
| = | (1518.047 / 8583.205) | / | (1809.35 / 9210.904) |
| = | 0.176862 | / | 0.196436 |
| | = | 0.9004 |
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) |
| = | ((3949.56 + 2114.16) / 12837.68) | / | ((4170.31 + 1265.57) / 11949.596) |
| = | 0.472338 | / | 0.454901 |
| | = | 1.0383 |
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 |
| = | (782.274 - 20.177 | - | 1228.71) | / | 12837.68 |
| | = | -0.036347 |
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.
Quest Diagnostics has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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