Masimo Beneish M-Score Historical Data
The historical data trend for Masimo'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.
Masimo Beneish M-Score Chart
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Masimo Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.11 |
-2.28 |
-1.60 |
-2.53 |
-2.80 |
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Masimo Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.53 |
-2.60 |
-2.56 |
-2.51 |
-2.80 |
Competitive Comparison of Masimo's Beneish M-Score
For the Medical Devices subindustry, Masimo'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.
Masimo's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Masimo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masimo's Beneish M-Score falls into.
Masimo 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 Masimo 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 * 1.1838 | + | 0.528 * 1.0238 | + | 0.404 * 0.8245 | + | 0.892 * 1.0225 | + | 0.115 * 0.948 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0953 | + | 4.679 * -0.07383 | - | 0.327 * 1.0988 |
| = | -2.75 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €467 Mil.
Revenue was 573.669 + 454.645 + 461.063 + 453.376 = €1,943 Mil.
Gross Profit was 233.689 + 237.143 + 236.709 + 222.364 = €930 Mil.
Total Current Assets was €1,171 Mil.
Total Assets was €2,508 Mil.
Property, Plant and Equipment(Net PPE) was €435 Mil.
Depreciation, Depletion and Amortization(DDA) was €96 Mil.
Selling, General, & Admin. Expense(SGA) was €690 Mil.
Total Current Liabilities was €590 Mil.
Long-Term Debt & Capital Lease Obligation was €752 Mil.
Net Income was -333.868 + 8.83 + 14.864 + 17.388 = €-293 Mil.
Non Operating Income was -284.781 + -8.379 + 1.301 + 1.564 = €-290 Mil.
Cash Flow from Operations was 48.228 + 23.066 + 69.211 + 42.136 = €183 Mil.
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Total Receivables was €386 Mil.
Revenue was 503.341 + 448.729 + 420.242 + 527.71 = €1,900 Mil.
Gross Profit was 240.896 + 220.008 + 204.168 + 266.003 = €931 Mil.
Total Current Assets was €1,130 Mil.
Total Assets was €2,789 Mil.
Property, Plant and Equipment(Net PPE) was €443 Mil.
Depreciation, Depletion and Amortization(DDA) was €91 Mil.
Selling, General, & Admin. Expense(SGA) was €616 Mil.
Total Current Liabilities was €517 Mil.
Long-Term Debt & Capital Lease Obligation was €841 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) |
| = | (467.282 / 1942.753) | / | (386.057 / 1900.022) |
| = | 0.240526 | / | 0.203186 |
| | = | 1.1838 |
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) |
| = | (931.075 / 1900.022) | / | (929.905 / 1942.753) |
| = | 0.490034 | / | 0.478653 |
| | = | 1.0238 |
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 - (1170.639 + 435.48) / 2507.544) | / | (1 - (1129.652 + 443.369) / 2789.055) |
| = | 0.359485 | / | 0.436002 |
| | = | 0.8245 |
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 |
| = | 1942.753 | / | 1900.022 |
| | = | 1.0225 |
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)) |
| = | (91.226 / (91.226 + 443.369)) | / | (95.597 / (95.597 + 435.48)) |
| = | 0.170645 | / | 0.180006 |
| | = | 0.948 |
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) |
| = | (690.139 / 1942.753) | / | (616.257 / 1900.022) |
| = | 0.355238 | / | 0.324342 |
| | = | 1.0953 |
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) |
| = | ((751.967 + 589.904) / 2507.544) | / | ((841.347 + 517.005) / 2789.055) |
| = | 0.535134 | / | 0.487029 |
| | = | 1.0988 |
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 |
| = | (-292.786 - -290.295 | - | 182.641) | / | 2507.544 |
| | = | -0.07383 |
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.
Masimo has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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