Embecta Beneish M-Score Historical Data
The historical data trend for Embecta'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.
Embecta Beneish M-Score Chart
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Embecta Annual Data
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Trend |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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- |
- |
-5.26 |
-1.76 |
-1.21 |
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Embecta Quarterly Data
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Sep19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.76 |
-1.21 |
-1.69 |
-1.68 |
-1.21 |
Competitive Comparison of Embecta's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Embecta'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.
Embecta's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Embecta's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Embecta's Beneish M-Score falls into.
Embecta 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 Embecta 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 * 1.5481 | + | 0.528 * 1.0221 | + | 0.404 * 1.3386 | + | 0.892 * 1.0021 | + | 0.115 * 0.8838 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0675 | + | 4.679 * 0.133121 | - | 0.327 * 0.9403 |
| = | -1.21 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $247 Mil.
Revenue was 286.1 + 272.5 + 287.2 + 277.3 = $1,123 Mil.
Gross Profit was 173.8 + 190.1 + 185.4 + 185.9 = $735 Mil.
Total Current Assets was $761 Mil.
Total Assets was $1,285 Mil.
Property, Plant and Equipment(Net PPE) was $290 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $365 Mil.
Total Current Liabilities was $374 Mil.
Long-Term Debt & Capital Lease Obligation was $1,596 Mil.
Net Income was 14.6 + 14.7 + 28.9 + 20.1 = $78 Mil.
Non Operating Income was -122.4 + -1.1 + -1.5 + -3.5 = $-129 Mil.
Cash Flow from Operations was 26.6 + -2.1 + 24.3 + -13.1 = $36 Mil.
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Total Receivables was $159 Mil.
Revenue was 281.9 + 286.1 + 277.1 + 275.7 = $1,121 Mil.
Gross Profit was 181.8 + 189.5 + 189.8 + 188.8 = $750 Mil.
Total Current Assets was $749 Mil.
Total Assets was $1,214 Mil.
Property, Plant and Equipment(Net PPE) was $300 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $341 Mil.
Total Current Liabilities was $354 Mil.
Long-Term Debt & Capital Lease Obligation was $1,625 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) |
| = | (246.8 / 1123.1) | / | (159.1 / 1120.8) |
| = | 0.219749 | / | 0.141952 |
| | = | 1.5481 |
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) |
| = | (749.9 / 1120.8) | / | (735.2 / 1123.1) |
| = | 0.669076 | / | 0.654617 |
| | = | 1.0221 |
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 - (761 + 290.4) / 1285.3) | / | (1 - (749.1 + 300.2) / 1214.4) |
| = | 0.181981 | / | 0.135952 |
| | = | 1.3386 |
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 |
| = | 1123.1 | / | 1120.8 |
| | = | 1.0021 |
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)) |
| = | (32.6 / (32.6 + 300.2)) | / | (36.2 / (36.2 + 290.4)) |
| = | 0.097957 | / | 0.110839 |
| | = | 0.8838 |
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) |
| = | (365.1 / 1123.1) | / | (341.3 / 1120.8) |
| = | 0.325082 | / | 0.304515 |
| | = | 1.0675 |
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) |
| = | ((1595.5 + 374) / 1285.3) | / | ((1625.4 + 353.5) / 1214.4) |
| = | 1.532327 | / | 1.629529 |
| | = | 0.9403 |
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 |
| = | (78.3 - -128.5 | - | 35.7) | / | 1285.3 |
| | = | 0.133121 |
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.
Embecta has a M-score of -1.21 signals that the company is likely to be a manipulator.
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