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 |
Jun21 |
Sep21 |
Dec21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.69 |
-2.67 |
-2.53 |
-2.58 |
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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 * 1.0989 | + | 0.528 * 1.026 | + | 0.404 * 0.9959 | + | 0.892 * 0.9172 | + | 0.115 * 0.9898 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8987 | + | 4.679 * -0.03563 | - | 0.327 * 1.0383 |
| = | -2.61 |
* 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 R$6,583 Mil.
Revenue was 11782.207 + 11210.742 + 11334.317 + 11347.951 = R$45,675 Mil.
Gross Profit was 3839.426 + 3606.253 + 3723.78 + 3844.13 = R$15,014 Mil.
Total Current Assets was R$11,095 Mil.
Total Assets was R$69,488 Mil.
Property, Plant and Equipment(Net PPE) was R$11,897 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,204 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,081 Mil.
Total Current Liabilities was R$11,444 Mil.
Long-Term Debt & Capital Lease Obligation was R$21,378 Mil.
Net Income was 966.081 + 940.762 + 1111.208 + 1140.62 = R$4,159 Mil.
Non Operating Income was 44.818 + 48.998 + -14.816 + 29.122 = R$108 Mil.
Cash Flow from Operations was 766.889 + 2582.195 + 1022.311 + 2155.043 = R$6,526 Mil.
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Total Receivables was R$6,532 Mil.
Revenue was 12141.247 + 12237.518 + 13035.59 + 12382.008 = R$49,796 Mil.
Gross Profit was 4015.831 + 3976.013 + 4551.445 + 4250.163 = R$16,793 Mil.
Total Current Assets was R$9,448 Mil.
Total Assets was R$66,639 Mil.
Property, Plant and Equipment(Net PPE) was R$12,417 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,272 Mil.
Selling, General, & Admin. Expense(SGA) was R$9,803 Mil.
Total Current Liabilities was R$7,058 Mil.
Long-Term Debt & Capital Lease Obligation was R$23,256 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) |
| = | (6583.296 / 45675.217) | / | (6531.584 / 49796.363) |
| = | 0.144133 | / | 0.131166 |
| | = | 1.0989 |
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) |
| = | (16793.452 / 49796.363) | / | (15013.589 / 45675.217) |
| = | 0.337243 | / | 0.328703 |
| | = | 1.026 |
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 - (11094.994 + 11896.742) / 69488.129) | / | (1 - (9448.4 + 12417.302) / 66638.828) |
| = | 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 |
| = | 45675.217 | / | 49796.363 |
| | = | 0.9172 |
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)) |
| = | (2272.199 / (2272.199 + 12417.302)) | / | (2203.545 / (2203.545 + 11896.742)) |
| = | 0.154682 | / | 0.156277 |
| | = | 0.9898 |
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) |
| = | (8081.176 / 45675.217) | / | (9802.894 / 49796.363) |
| = | 0.176927 | / | 0.19686 |
| | = | 0.8987 |
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) |
| = | ((21378.281 + 11443.58) / 69488.129) | / | ((23256.399 + 7057.653) / 66638.828) |
| = | 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 |
| = | (4158.671 - 108.122 | - | 6526.438) | / | 69488.129 |
| | = | -0.03563 |
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 -2.61 suggests that the company is unlikely to be a manipulator.
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