Haemonetics Beneish M-Score Historical Data
The historical data trend for Haemonetics'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.
Haemonetics Beneish M-Score Chart
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Haemonetics Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.73 |
-2.79 |
-2.62 |
-2.73 |
-2.73 |
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Haemonetics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-2.73 |
-2.56 |
-2.73 |
-2.40 |
Competitive Comparison of Haemonetics's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Haemonetics'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.
Haemonetics's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Haemonetics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Haemonetics's Beneish M-Score falls into.
Haemonetics 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 Haemonetics 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 * 1.0388 | + | 0.528 * 0.9963 | + | 0.404 * 1.1101 | + | 0.892 * 1.1248 | + | 0.115 * 1.0206 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9765 | + | 4.679 * -0.027398 | - | 0.327 * 0.9705 |
| = | -2.40 |
* 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 $212 Mil.
Revenue was 336.25 + 318.183 + 311.332 + 304.416 = $1,270 Mil.
Gross Profit was 177.867 + 170.51 + 167.265 + 156.249 = $672 Mil.
Total Current Assets was $765 Mil.
Total Assets was $2,200 Mil.
Property, Plant and Equipment(Net PPE) was $319 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $408 Mil.
Total Current Liabilities was $262 Mil.
Long-Term Debt & Capital Lease Obligation was $857 Mil.
Net Income was 31.241 + 24.908 + 41.042 + 29.383 = $127 Mil.
Non Operating Income was 0 + -10.419 + 0 + 0 = $-10 Mil.
Cash Flow from Operations was -0.54 + 99.124 + 19.086 + 79.611 = $197 Mil.
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Total Receivables was $181 Mil.
Revenue was 305.301 + 297.485 + 261.458 + 265.002 = $1,129 Mil.
Gross Profit was 158.707 + 157.878 + 142.263 + 136.311 = $595 Mil.
Total Current Assets was $706 Mil.
Total Assets was $1,878 Mil.
Property, Plant and Equipment(Net PPE) was $313 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $371 Mil.
Total Current Liabilities was $227 Mil.
Long-Term Debt & Capital Lease Obligation was $757 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) |
| = | (211.611 / 1270.181) | / | (181.1 / 1129.246) |
| = | 0.166599 | / | 0.160372 |
| | = | 1.0388 |
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) |
| = | (595.159 / 1129.246) | / | (671.891 / 1270.181) |
| = | 0.527041 | / | 0.528973 |
| | = | 0.9963 |
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 - (764.982 + 318.665) / 2200.428) | / | (1 - (706.309 + 313.138) / 1878.066) |
| = | 0.507529 | / | 0.457183 |
| | = | 1.1101 |
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 |
| = | 1270.181 | / | 1129.246 |
| | = | 1.1248 |
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)) |
| = | (94.266 / (94.266 + 313.138)) | / | (93.43 / (93.43 + 318.665)) |
| = | 0.231382 | / | 0.22672 |
| | = | 1.0206 |
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) |
| = | (407.857 / 1270.181) | / | (371.335 / 1129.246) |
| = | 0.321101 | / | 0.328834 |
| | = | 0.9765 |
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) |
| = | ((856.849 + 261.755) / 2200.428) | / | ((756.826 + 226.889) / 1878.066) |
| = | 0.508357 | / | 0.523791 |
| | = | 0.9705 |
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 |
| = | (126.574 - -10.419 | - | 197.281) | / | 2200.428 |
| | = | -0.027398 |
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.
Haemonetics has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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