Avanos Medical Beneish M-Score Historical Data
The historical data trend for Avanos 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.
Avanos Medical Beneish M-Score Chart
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Avanos Medical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.39 |
-2.84 |
-2.55 |
-2.83 |
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Avanos Medical Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.68 |
-2.69 |
-2.75 |
-2.83 |
Competitive Comparison of Avanos Medical's Beneish M-Score
For the Medical Devices subindustry, Avanos 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.
Avanos Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Avanos Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avanos Medical's Beneish M-Score falls into.
Avanos 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 Avanos 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 * 0.8704 | + | 0.528 * 1.0232 | + | 0.404 * 1.1023 | + | 0.892 * 0.9772 | + | 0.115 * 1.015 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.05 | + | 4.679 * -0.055661 | - | 0.327 * 0.9913 |
| = | -2.83 |
* 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 $142.8 Mil.
Revenue was 173.3 + 171.3 + 169.4 + 191.7 = $705.7 Mil.
Gross Profit was 95 + 95.5 + 97.8 + 104.5 = $392.8 Mil.
Total Current Assets was $487.0 Mil.
Total Assets was $1,692.4 Mil.
Property, Plant and Equipment(Net PPE) was $144.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.1 Mil.
Selling, General, & Admin. Expense(SGA) was $338.9 Mil.
Total Current Liabilities was $234.6 Mil.
Long-Term Debt & Capital Lease Obligation was $187.7 Mil.
Net Income was 10.5 + -3.7 + -68.1 + -0.5 = $-61.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 12.7 + 29.1 + -2.6 + -6.8 = $32.4 Mil.
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Total Receivables was $167.9 Mil.
Revenue was 181.6 + 172.3 + 170.9 + 197.4 = $722.2 Mil.
Gross Profit was 102.9 + 100.2 + 101.6 + 106.6 = $411.3 Mil.
Total Current Assets was $624.1 Mil.
Total Assets was $1,786.9 Mil.
Property, Plant and Equipment(Net PPE) was $146.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.7 Mil.
Selling, General, & Admin. Expense(SGA) was $330.3 Mil.
Total Current Liabilities was $191.0 Mil.
Long-Term Debt & Capital Lease Obligation was $258.8 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) |
| = | (142.8 / 705.7) | / | (167.9 / 722.2) |
| = | 0.202352 | / | 0.232484 |
| | = | 0.8704 |
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) |
| = | (411.3 / 722.2) | / | (392.8 / 705.7) |
| = | 0.56951 | / | 0.55661 |
| | = | 1.0232 |
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 - (487 + 144) / 1692.4) | / | (1 - (624.1 + 146.1) / 1786.9) |
| = | 0.627157 | / | 0.568974 |
| | = | 1.1023 |
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 |
| = | 705.7 | / | 722.2 |
| | = | 0.9772 |
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)) |
| = | (47.7 / (47.7 + 146.1)) | / | (46.1 / (46.1 + 144)) |
| = | 0.24613 | / | 0.242504 |
| | = | 1.015 |
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) |
| = | (338.9 / 705.7) | / | (330.3 / 722.2) |
| = | 0.480232 | / | 0.457353 |
| | = | 1.05 |
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) |
| = | ((187.7 + 234.6) / 1692.4) | / | ((258.8 + 191) / 1786.9) |
| = | 0.249527 | / | 0.251721 |
| | = | 0.9913 |
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 |
| = | (-61.8 - 0 | - | 32.4) | / | 1692.4 |
| | = | -0.055661 |
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.
Avanos Medical has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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