Integer Holdings Beneish M-Score Historical Data
The historical data trend for Integer 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.
Integer Holdings Beneish M-Score Chart
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Integer 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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-2.37 |
-2.67 |
-2.40 |
-2.38 |
-2.50 |
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Integer 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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-2.32 |
-2.48 |
-2.52 |
-2.50 |
-2.60 |
Competitive Comparison of Integer Holdings's Beneish M-Score
For the Medical Devices subindustry, Integer 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.
Integer Holdings's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Integer Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Integer Holdings's Beneish M-Score falls into.
Integer 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 Integer 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 * 0.8775 | + | 0.528 * 0.9807 | + | 0.404 * 0.9577 | + | 0.892 * 1.1307 | + | 0.115 * 1.1836 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9808 | + | 4.679 * -0.025364 | - | 0.327 * 1.0222 |
| = | -2.60 |
* 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 $331 Mil.
Revenue was 414.805 + 413.151 + 404.693 + 400.044 = $1,633 Mil.
Gross Profit was 109.84 + 110.256 + 105.556 + 105.804 = $431 Mil.
Total Current Assets was $669 Mil.
Total Assets was $3,116 Mil.
Property, Plant and Equipment(Net PPE) was $545 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $201 Mil.
Long-Term Debt & Capital Lease Obligation was $1,226 Mil.
Net Income was 20.508 + 26.357 + 27.257 + 23.971 = $98 Mil.
Non Operating Income was -7.634 + -5.942 + -4.843 + -1.717 = $-20 Mil.
Cash Flow from Operations was 23.239 + 55.587 + 62.293 + 56.145 = $197 Mil.
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Total Receivables was $333 Mil.
Revenue was 378.785 + 372.423 + 342.68 + 350.081 = $1,444 Mil.
Gross Profit was 96.673 + 97.916 + 86.718 + 92.897 = $374 Mil.
Total Current Assets was $629 Mil.
Total Assets was $2,874 Mil.
Property, Plant and Equipment(Net PPE) was $412 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $163 Mil.
Total Current Liabilities was $225 Mil.
Long-Term Debt & Capital Lease Obligation was $1,062 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) |
| = | (330.875 / 1632.693) | / | (333.498 / 1443.969) |
| = | 0.202656 | / | 0.230959 |
| | = | 0.8775 |
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) |
| = | (374.204 / 1443.969) | / | (431.456 / 1632.693) |
| = | 0.25915 | / | 0.26426 |
| | = | 0.9807 |
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 - (668.573 + 544.585) / 3116.009) | / | (1 - (628.989 + 412.177) / 2873.55) |
| = | 0.610669 | / | 0.637673 |
| | = | 0.9577 |
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 |
| = | 1632.693 | / | 1443.969 |
| | = | 1.1307 |
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)) |
| = | (93.575 / (93.575 + 412.177)) | / | (100.9 / (100.9 + 544.585)) |
| = | 0.185022 | / | 0.156317 |
| | = | 1.1836 |
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) |
| = | (180.662 / 1632.693) | / | (162.904 / 1443.969) |
| = | 0.110653 | / | 0.112817 |
| | = | 0.9808 |
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) |
| = | ((1225.946 + 201.429) / 3116.009) | / | ((1062.253 + 225.475) / 2873.55) |
| = | 0.458078 | / | 0.448131 |
| | = | 1.0222 |
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 |
| = | (98.093 - -20.136 | - | 197.264) | / | 3116.009 |
| | = | -0.025364 |
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.
Integer Holdings has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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