Steris Beneish M-Score Historical Data
The historical data trend for Steris'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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Steris Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.64 |
-2.61 |
-2.64 |
-2.40 |
-2.41 |
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Steris 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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-2.59 |
-2.41 |
-2.41 |
-2.40 |
-2.45 |
Competitive Comparison
For the Medical Devices subindustry, Steris'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.
Steris Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Steris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Steris's Beneish M-Score falls into.
Steris 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 Steris 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 * 0.9977 | + | 0.528 * 1.0273 | + | 0.404 * 0.9731 | + | 0.892 * 1.097 | + | 0.115 * 1.137 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8986 | + | 4.679 * -0.032147 | - | 0.327 * 1.0289 |
| = | -2.52 |
* 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 R$4,724 Mil.
Revenue was 6838.381 + 6629.513 + 6234.782 + 7213.062 = R$26,916 Mil.
Gross Profit was 2952.585 + 2931.262 + 2783.408 + 3062.98 = R$11,730 Mil.
Total Current Assets was R$10,872 Mil.
Total Assets was R$56,030 Mil.
Property, Plant and Equipment(Net PPE) was R$9,995 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,851 Mil.
Selling, General, & Admin. Expense(SGA) was R$7,139 Mil.
Total Current Liabilities was R$4,477 Mil.
Long-Term Debt & Capital Lease Obligation was R$16,629 Mil.
Net Income was 689.613 + 569.526 + 599.694 + 975.18 = R$2,834 Mil.
Non Operating Income was -0.029 + 0.114 + -0.092 + -1.865 = R$-2 Mil.
Cash Flow from Operations was 1427.032 + 721.519 + 1364.516 + 1124.011 = R$4,637 Mil.
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Total Receivables was R$4,316 Mil.
Revenue was 6378.375 + 6295.031 + 5837.62 + 6024.858 = R$24,536 Mil.
Gross Profit was 2735.46 + 2791.352 + 2613.689 + 2844.62 = R$10,985 Mil.
Total Current Assets was R$10,368 Mil.
Total Assets was R$56,650 Mil.
Property, Plant and Equipment(Net PPE) was R$9,748 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,290 Mil.
Selling, General, & Admin. Expense(SGA) was R$7,242 Mil.
Total Current Liabilities was R$4,178 Mil.
Long-Term Debt & Capital Lease Obligation was R$16,563 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) |
| = | (4723.515 / 26915.738) | / | (4315.695 / 24535.884) |
| = | 0.175493 | / | 0.175893 |
| | = | 0.9977 |
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) |
| = | (10985.121 / 24535.884) | / | (11730.235 / 26915.738) |
| = | 0.447717 | / | 0.435813 |
| | = | 1.0273 |
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 - (10872.426 + 9995.087) / 56029.972) | / | (1 - (10368.194 + 9748.455) / 56649.921) |
| = | 0.627565 | / | 0.644895 |
| | = | 0.9731 |
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 |
| = | 26915.738 | / | 24535.884 |
| | = | 1.097 |
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)) |
| = | (3290.192 / (3290.192 + 9748.455)) | / | (2851.112 / (2851.112 + 9995.087)) |
| = | 0.252342 | / | 0.221942 |
| | = | 1.137 |
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) |
| = | (7138.789 / 26915.738) | / | (7241.858 / 24535.884) |
| = | 0.265227 | / | 0.295154 |
| | = | 0.8986 |
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) |
| = | ((16629.441 + 4476.918) / 56029.972) | / | ((16562.629 + 4177.736) / 56649.921) |
| = | 0.376698 | / | 0.366115 |
| | = | 1.0289 |
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 |
| = | (2834.013 - -1.872 | - | 4637.078) | / | 56029.972 |
| | = | -0.032147 |
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.
Steris has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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