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 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.11 |
-2.28 |
-1.60 |
-2.53 |
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Masimo Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.35 |
-2.53 |
-2.60 |
-2.56 |
-2.51 |
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 * 1.0954 | + | 0.528 * 0.9952 | + | 0.404 * 0.9847 | + | 0.892 * 0.9652 | + | 0.115 * 1.5605 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0243 | + | 4.679 * -0.035462 | - | 0.327 * 0.9099 |
| = | -2.51 |
* 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 $445 Mil.
Revenue was 504.6 + 496.3 + 492.8 + 548.9 = $2,043 Mil.
Gross Profit was 263.2 + 254.8 + 241.7 + 262.7 = $1,022 Mil.
Total Current Assets was $1,280 Mil.
Total Assets was $3,088 Mil.
Property, Plant and Equipment(Net PPE) was $501 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $682 Mil.
Total Current Liabilities was $638 Mil.
Long-Term Debt & Capital Lease Obligation was $799 Mil.
Net Income was 9.8 + 16 + 18.9 + 33.9 = $79 Mil.
Non Operating Income was -9.3 + 1.4 + 1.7 + -28.7 = $-35 Mil.
Cash Flow from Operations was 25.6 + 74.5 + 45.8 + 77.1 = $223 Mil.
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Total Receivables was $421 Mil.
Revenue was 478.9 + 455.3 + 565 + 617 = $2,116 Mil.
Gross Profit was 234.8 + 221.2 + 284.8 + 313.4 = $1,054 Mil.
Total Current Assets was $1,238 Mil.
Total Assets was $2,996 Mil.
Property, Plant and Equipment(Net PPE) was $471 Mil.
Depreciation, Depletion and Amortization(DDA) was $155 Mil.
Selling, General, & Admin. Expense(SGA) was $690 Mil.
Total Current Liabilities was $579 Mil.
Long-Term Debt & Capital Lease Obligation was $953 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) |
| = | (444.6 / 2042.6) | / | (420.5 / 2116.2) |
| = | 0.217664 | / | 0.198705 |
| | = | 1.0954 |
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) |
| = | (1054.2 / 2116.2) | / | (1022.4 / 2042.6) |
| = | 0.498157 | / | 0.500539 |
| | = | 0.9952 |
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 - (1279.9 + 501) / 3087.8) | / | (1 - (1237.5 + 470.7) / 2995.9) |
| = | 0.423246 | / | 0.429821 |
| | = | 0.9847 |
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 |
| = | 2042.6 | / | 2116.2 |
| | = | 0.9652 |
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)) |
| = | (155.3 / (155.3 + 470.7)) | / | (94.7 / (94.7 + 501)) |
| = | 0.248083 | / | 0.158973 |
| | = | 1.5605 |
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) |
| = | (682.1 / 2042.6) | / | (689.9 / 2116.2) |
| = | 0.333937 | / | 0.326009 |
| | = | 1.0243 |
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) |
| = | ((799 + 637.6) / 3087.8) | / | ((953.1 + 578.8) / 2995.9) |
| = | 0.46525 | / | 0.511332 |
| | = | 0.9099 |
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 |
| = | (78.6 - -34.9 | - | 223) | / | 3087.8 |
| | = | -0.035462 |
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 -2.51 suggests that the company is unlikely to be a manipulator.
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