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.
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Align Technology Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.56 |
-3.09 |
0.88 |
-2.44 |
-2.58 |
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Align Technology Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-2.35 |
-2.44 |
-2.58 |
-2.83 |
-2.88 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.0705 | + | 0.528 * 1.0391 | + | 0.404 * 1.0082 | + | 0.892 * 0.9367 | + | 0.115 * 0.9266 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0407 | + | 4.679 * -0.082761 | - | 0.327 * 1.0991 |
| = | -2.88 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $1,046 Mil.
Revenue was 1002.173 + 943.147 + 901.515 + 890.348 = $3,737 Mil.
Gross Profit was 713.609 + 660.654 + 617.701 + 619.169 = $2,611 Mil.
Total Current Assets was $2,465 Mil.
Total Assets was $6,145 Mil.
Property, Plant and Equipment(Net PPE) was $1,405 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $1,701 Mil.
Total Current Liabilities was $2,107 Mil.
Long-Term Debt & Capital Lease Obligation was $105 Mil.
Net Income was 111.814 + 87.798 + 41.775 + 72.7 = $314 Mil.
Non Operating Income was -4.763 + -1.229 + -11.553 + -22.7 = $-40 Mil.
Cash Flow from Operations was 251.777 + 199.895 + 144.707 + 266.482 = $863 Mil.
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Total Receivables was $1,043 Mil.
Revenue was 969.553 + 973.219 + 1031.099 + 1015.906 = $3,990 Mil.
Gross Profit was 687.559 + 709.346 + 744.563 + 755.156 = $2,897 Mil.
Total Current Assets was $2,377 Mil.
Total Assets was $5,810 Mil.
Property, Plant and Equipment(Net PPE) was $1,300 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $1,745 Mil.
Total Current Liabilities was $1,804 Mil.
Long-Term Debt & Capital Lease Obligation was $98 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) |
| = | (1045.643 / 3737.183) | / | (1042.842 / 3989.777) |
| = | 0.279794 | / | 0.261379 |
| | = | 1.0705 |
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) |
| = | (2896.624 / 3989.777) | / | (2611.133 / 3737.183) |
| = | 0.726012 | / | 0.69869 |
| | = | 1.0391 |
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 - (2465.456 + 1404.923) / 6144.55) | / | (1 - (2376.804 + 1300.356) / 5810.119) |
| = | 0.370112 | / | 0.367111 |
| | = | 1.0082 |
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 |
| = | 3737.183 | / | 3989.777 |
| | = | 0.9367 |
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)) |
| = | (117.109 / (117.109 + 1300.356)) | / | (137.525 / (137.525 + 1404.923)) |
| = | 0.082619 | / | 0.08916 |
| | = | 0.9266 |
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) |
| = | (1701.498 / 3737.183) | / | (1745.459 / 3989.777) |
| = | 0.455289 | / | 0.437483 |
| | = | 1.0407 |
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) |
| = | ((104.65 + 2107.065) / 6144.55) | / | ((98.332 + 1804.414) / 5810.119) |
| = | 0.359947 | / | 0.327488 |
| | = | 1.0991 |
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 |
| = | (314.087 - -40.245 | - | 862.861) | / | 6144.55 |
| | = | -0.082761 |
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 -2.88 suggests that the company is unlikely to be a manipulator.
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