Medifast Beneish M-Score Historical Data
The historical data trend for Medifast'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.
Medifast Beneish M-Score Chart
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Medifast Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-3.58 |
-0.67 |
-2.80 |
-3.40 |
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Medifast Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-3.40 |
-3.67 |
-3.46 |
-3.40 |
Competitive Comparison of Medifast's Beneish M-Score
For the Personal Services subindustry, Medifast'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.
Medifast's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Medifast's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medifast's Beneish M-Score falls into.
Medifast 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 Medifast 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 | + | 0.528 * 0.9858 | + | 0.404 * 1.0767 | + | 0.892 * 0.6706 | + | 0.115 * 0.7758 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0134 | + | 4.679 * -0.155362 | - | 0.327 * 0.6864 |
| = | -3.40 |
* 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 $0 Mil.
Revenue was 191.015 + 235.869 + 296.188 + 348.983 = $1,072 Mil.
Gross Profit was 141.369 + 177.377 + 210.715 + 246.39 = $776 Mil.
Total Current Assets was $224 Mil.
Total Assets was $310 Mil.
Property, Plant and Equipment(Net PPE) was $67 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $649 Mil.
Total Current Liabilities was $92 Mil.
Long-Term Debt & Capital Lease Obligation was $16 Mil.
Net Income was 6.035 + 23.131 + 30.28 + 39.968 = $99 Mil.
Non Operating Income was -0.05 + 0.007 + -0.051 + -0.001 = $-0 Mil.
Cash Flow from Operations was 10.522 + 29.93 + 43.146 + 64.059 = $148 Mil.
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Total Receivables was $0 Mil.
Revenue was 337.245 + 390.398 + 453.333 + 417.6 = $1,599 Mil.
Gross Profit was 233.597 + 282.849 + 321.682 + 302.286 = $1,140 Mil.
Total Current Assets was $223 Mil.
Total Assets was $316 Mil.
Property, Plant and Equipment(Net PPE) was $76 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $956 Mil.
Total Current Liabilities was $141 Mil.
Long-Term Debt & Capital Lease Obligation was $20 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) |
| = | (0 / 1072.055) | / | (0 / 1598.576) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1140.414 / 1598.576) | / | (775.851 / 1072.055) |
| = | 0.713394 | / | 0.723704 |
| | = | 0.9858 |
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 - (224.029 + 67.112) / 309.908) | / | (1 - (222.784 + 75.645) / 316.213) |
| = | 0.060557 | / | 0.056241 |
| | = | 1.0767 |
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 |
| = | 1072.055 | / | 1598.576 |
| | = | 0.6706 |
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)) |
| = | (10.98 / (10.98 + 75.645)) | / | (13.107 / (13.107 + 67.112)) |
| = | 0.126753 | / | 0.16339 |
| | = | 0.7758 |
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) |
| = | (649.449 / 1072.055) | / | (955.608 / 1598.576) |
| = | 0.605798 | / | 0.597787 |
| | = | 1.0134 |
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) |
| = | ((16.127 + 92.3) / 309.908) | / | ((20.275 + 140.894) / 316.213) |
| = | 0.349868 | / | 0.509685 |
| | = | 0.6864 |
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 |
| = | (99.414 - -0.095 | - | 147.657) | / | 309.908 |
| | = | -0.155362 |
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.
Medifast has a M-score of -3.40 suggests that the company is unlikely to be a manipulator.
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