Illumina Beneish M-Score Historical Data
The historical data trend for Illumina'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.
Illumina Beneish M-Score Chart
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Illumina Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-3.04 |
-1.54 |
-2.75 |
-2.74 |
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Illumina Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.72 |
-2.74 |
-3.01 |
-3.43 |
-3.25 |
Competitive Comparison of Illumina's Beneish M-Score
For the Diagnostics & Research subindustry, Illumina'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.
Illumina's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Illumina's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Illumina's Beneish M-Score falls into.
Illumina 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 Illumina 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 * 1.0304 | + | 0.528 * 0.9608 | + | 0.404 * 0.6614 | + | 0.892 * 0.9832 | + | 0.115 * 0.8953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.846 | + | 4.679 * -0.092285 | - | 0.327 * 1.6404 |
| = | -3.25 |
* 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 $699 Mil.
Revenue was 1080 + 1112 + 1076 + 1122 = $4,390 Mil.
Gross Profit was 745 + 721 + 667 + 674 = $2,807 Mil.
Total Current Assets was $2,373 Mil.
Total Assets was $6,014 Mil.
Property, Plant and Equipment(Net PPE) was $1,285 Mil.
Depreciation, Depletion and Amortization(DDA) was $392 Mil.
Selling, General, & Admin. Expense(SGA) was $1,310 Mil.
Total Current Liabilities was $975 Mil.
Long-Term Debt & Capital Lease Obligation was $2,601 Mil.
Net Income was 705 + -1988 + -126 + -175 = $-1,584 Mil.
Non Operating Income was 492 + -2218 + 8 + -8 = $-1,726 Mil.
Cash Flow from Operations was 316 + 80 + 77 + 224 = $697 Mil.
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Total Receivables was $690 Mil.
Revenue was 1119 + 1176 + 1087 + 1083 = $4,465 Mil.
Gross Profit was 684 + 732 + 655 + 672 = $2,743 Mil.
Total Current Assets was $2,506 Mil.
Total Assets was $10,122 Mil.
Property, Plant and Equipment(Net PPE) was $1,621 Mil.
Depreciation, Depletion and Amortization(DDA) was $429 Mil.
Selling, General, & Admin. Expense(SGA) was $1,575 Mil.
Total Current Liabilities was $1,482 Mil.
Long-Term Debt & Capital Lease Obligation was $2,187 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) |
| = | (699 / 4390) | / | (690 / 4465) |
| = | 0.159226 | / | 0.154535 |
| | = | 1.0304 |
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) |
| = | (2743 / 4465) | / | (2807 / 4390) |
| = | 0.614334 | / | 0.639408 |
| | = | 0.9608 |
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 - (2373 + 1285) / 6014) | / | (1 - (2506 + 1621) / 10122) |
| = | 0.391753 | / | 0.592274 |
| | = | 0.6614 |
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 |
| = | 4390 | / | 4465 |
| | = | 0.9832 |
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)) |
| = | (429 / (429 + 1621)) | / | (392 / (392 + 1285)) |
| = | 0.209268 | / | 0.233751 |
| | = | 0.8953 |
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) |
| = | (1310 / 4390) | / | (1575 / 4465) |
| = | 0.298405 | / | 0.352744 |
| | = | 0.846 |
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) |
| = | ((2601 + 975) / 6014) | / | ((2187 + 1482) / 10122) |
| = | 0.594613 | / | 0.362478 |
| | = | 1.6404 |
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 |
| = | (-1584 - -1726 | - | 697) | / | 6014 |
| | = | -0.092285 |
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.
Illumina has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
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