Medpace Holdings Beneish M-Score Historical Data
The historical data trend for Medpace Holdings'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.
Medpace Holdings Beneish M-Score Chart
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Medpace Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.85 |
-2.59 |
-2.81 |
-2.73 |
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Medpace Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.04 |
-2.73 |
-2.71 |
-2.73 |
-2.89 |
Competitive Comparison of Medpace Holdings's Beneish M-Score
For the Diagnostics & Research subindustry, Medpace Holdings'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.
Medpace Holdings's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Medpace Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medpace Holdings's Beneish M-Score falls into.
Medpace Holdings 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 Medpace Holdings 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 * 0.8806 | + | 0.528 * 1.0612 | + | 0.404 * 0.7998 | + | 0.892 * 1.2116 | + | 0.115 * 0.8782 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9512 | + | 4.679 * -0.109872 | - | 0.327 * 0.829 |
| = | -2.91 |
* 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 €257 Mil.
Revenue was 470.16 + 457.034 + 461.472 + 425.381 = €1,814 Mil.
Gross Profit was 142.731 + 125.451 + 124.802 + 114.745 = €508 Mil.
Total Current Assets was €685 Mil.
Total Assets was €1,652 Mil.
Property, Plant and Equipment(Net PPE) was €237 Mil.
Depreciation, Depletion and Amortization(DDA) was €25 Mil.
Selling, General, & Admin. Expense(SGA) was €155 Mil.
Total Current Liabilities was €880 Mil.
Long-Term Debt & Capital Lease Obligation was €125 Mil.
Net Income was 94.384 + 71.799 + 66.105 + 56.366 = €289 Mil.
Non Operating Income was 4.226 + 1.415 + -1.501 + -1.184 = €3 Mil.
Cash Flow from Operations was 140.463 + 143.414 + 107.179 + 76.164 = €467 Mil.
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Total Receivables was €241 Mil.
Revenue was 405.425 + 372.029 + 387.581 + 332.242 = €1,497 Mil.
Gross Profit was 121.597 + 109.25 + 120.224 + 93.65 = €445 Mil.
Total Current Assets was €343 Mil.
Total Assets was €1,304 Mil.
Property, Plant and Equipment(Net PPE) was €240 Mil.
Depreciation, Depletion and Amortization(DDA) was €22 Mil.
Selling, General, & Admin. Expense(SGA) was €134 Mil.
Total Current Liabilities was €824 Mil.
Long-Term Debt & Capital Lease Obligation was €133 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) |
| = | (256.833 / 1814.047) | / | (240.735 / 1497.277) |
| = | 0.14158 | / | 0.160782 |
| | = | 0.8806 |
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) |
| = | (444.721 / 1497.277) | / | (507.729 / 1814.047) |
| = | 0.29702 | / | 0.279887 |
| | = | 1.0612 |
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 - (685.31 + 236.811) / 1652.126) | / | (1 - (343.359 + 240.098) / 1303.605) |
| = | 0.441858 | / | 0.552428 |
| | = | 0.7998 |
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 |
| = | 1814.047 | / | 1497.277 |
| | = | 1.2116 |
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)) |
| = | (22.227 / (22.227 + 240.098)) | / | (25.289 / (25.289 + 236.811)) |
| = | 0.084731 | / | 0.096486 |
| | = | 0.8782 |
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) |
| = | (154.708 / 1814.047) | / | (134.241 / 1497.277) |
| = | 0.085283 | / | 0.089657 |
| | = | 0.9512 |
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) |
| = | ((125.264 + 880.113) / 1652.126) | / | ((133.272 + 823.684) / 1303.605) |
| = | 0.608535 | / | 0.734084 |
| | = | 0.829 |
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 |
| = | (288.654 - 2.956 | - | 467.22) | / | 1652.126 |
| | = | -0.109872 |
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.
Medpace Holdings has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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