Insulet Beneish M-Score Historical Data
The historical data trend for Insulet'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.
Insulet Beneish M-Score Chart
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Insulet Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-2.49 |
-1.62 |
-2.18 |
-1.86 |
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Insulet 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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-2.18 |
-2.41 |
-2.30 |
-2.19 |
-1.86 |
Competitive Comparison of Insulet's Beneish M-Score
For the Medical Devices subindustry, Insulet'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.
Insulet's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Insulet's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Insulet's Beneish M-Score falls into.
Insulet 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 Insulet 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 * 1.3456 | + | 0.528 * 0.903 | + | 0.404 * 0.878 | + | 0.892 * 1.3002 | + | 0.115 * 0.9658 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9616 | + | 4.679 * 0.022564 | - | 0.327 * 0.9091 |
| = | -1.86 |
* 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 $360 Mil.
Revenue was 509.8 + 432.7 + 396.5 + 358.1 = $1,697 Mil.
Gross Profit was 361.2 + 293.3 + 264.9 + 240.5 = $1,160 Mil.
Total Current Assets was $1,583 Mil.
Total Assets was $2,588 Mil.
Property, Plant and Equipment(Net PPE) was $665 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $735 Mil.
Total Current Liabilities was $451 Mil.
Long-Term Debt & Capital Lease Obligation was $1,366 Mil.
Net Income was 103.3 + 51.9 + 27.3 + 23.8 = $206 Mil.
Non Operating Income was 1.9 + 0.7 + -0.2 + -0.2 = $2 Mil.
Cash Flow from Operations was 45.2 + 56 + 44 + 0.5 = $146 Mil.
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Total Receivables was $206 Mil.
Revenue was 369.7 + 340.8 + 299.4 + 295.4 = $1,305 Mil.
Gross Profit was 217.3 + 188.3 + 190.3 + 209.7 = $806 Mil.
Total Current Assets was $1,314 Mil.
Total Assets was $2,251 Mil.
Property, Plant and Equipment(Net PPE) was $600 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $588 Mil.
Total Current Liabilities was $365 Mil.
Long-Term Debt & Capital Lease Obligation was $1,374 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) |
| = | (359.7 / 1697.1) | / | (205.6 / 1305.3) |
| = | 0.21195 | / | 0.157512 |
| | = | 1.3456 |
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) |
| = | (805.6 / 1305.3) | / | (1159.9 / 1697.1) |
| = | 0.617176 | / | 0.68346 |
| | = | 0.903 |
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 - (1582.9 + 664.9) / 2588.2) | / | (1 - (1314 + 599.9) / 2251.1) |
| = | 0.13152 | / | 0.149793 |
| | = | 0.878 |
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 |
| = | 1697.1 | / | 1305.3 |
| | = | 1.3002 |
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)) |
| = | (63.2 / (63.2 + 599.9)) | / | (72.8 / (72.8 + 664.9)) |
| = | 0.09531 | / | 0.098685 |
| | = | 0.9658 |
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) |
| = | (734.9 / 1697.1) | / | (587.8 / 1305.3) |
| = | 0.433033 | / | 0.450318 |
| | = | 0.9616 |
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) |
| = | ((1366.4 + 451.2) / 2588.2) | / | ((1374.3 + 364.7) / 2251.1) |
| = | 0.702264 | / | 0.772511 |
| | = | 0.9091 |
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 |
| = | (206.3 - 2.2 | - | 145.7) | / | 2588.2 |
| | = | 0.022564 |
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.
Insulet has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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