Medpace Holdings Beneish M-Score Historical Data
The historical data trend for Medpace 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.
Medpace Holdings Beneish M-Score Chart
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Medpace 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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-2.62 |
-2.85 |
-2.59 |
-2.81 |
-2.73 |
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Medpace 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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-3.04 |
-2.73 |
-2.71 |
-2.73 |
-2.89 |
Competitive Comparison of Medpace Holdings's Beneish M-Score
For the Diagnostics & Research subindustry, Medpace 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.
Medpace Holdings's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Medpace Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medpace Holdings's Beneish M-Score falls into.
Medpace 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 Medpace 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 * 0.8626 | + | 0.528 * 1.0603 | + | 0.404 * 0.7998 | + | 0.892 * 1.2557 | + | 0.115 * 0.8612 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9519 | + | 4.679 * -0.109545 | - | 0.327 * 0.829 |
| = | -2.89 |
* 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 $279 Mil.
Revenue was 511.044 + 498.401 + 492.499 + 460.868 = $1,963 Mil.
Gross Profit was 155.142 + 136.806 + 133.193 + 124.317 = $549 Mil.
Total Current Assets was $745 Mil.
Total Assets was $1,796 Mil.
Property, Plant and Equipment(Net PPE) was $257 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $957 Mil.
Long-Term Debt & Capital Lease Obligation was $136 Mil.
Net Income was 102.591 + 78.298 + 70.55 + 61.068 = $313 Mil.
Non Operating Income was 4.593 + 1.543 + -1.602 + -1.283 = $3 Mil.
Cash Flow from Operations was 152.677 + 156.395 + 114.385 + 82.518 = $506 Mil.
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Total Receivables was $258 Mil.
Revenue was 434.074 + 394.098 + 383.744 + 351.207 = $1,563 Mil.
Gross Profit was 130.189 + 115.731 + 119.034 + 98.996 = $464 Mil.
Total Current Assets was $368 Mil.
Total Assets was $1,396 Mil.
Property, Plant and Equipment(Net PPE) was $257 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $140 Mil.
Total Current Liabilities was $882 Mil.
Long-Term Debt & Capital Lease Obligation was $143 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) |
| = | (279.166 / 1962.812) | / | (257.746 / 1563.123) |
| = | 0.142228 | / | 0.164892 |
| | = | 0.8626 |
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) |
| = | (463.95 / 1563.123) | / | (549.458 / 1962.812) |
| = | 0.29681 | / | 0.279934 |
| | = | 1.0603 |
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 - (744.902 + 257.403) / 1795.789) | / | (1 - (367.622 + 257.064) / 1395.723) |
| = | 0.441858 | / | 0.552428 |
| | = | 0.7998 |
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 |
| = | 1962.812 | / | 1563.123 |
| | = | 1.2557 |
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)) |
| = | (23.191 / (23.191 + 257.064)) | / | (27.362 / (27.362 + 257.403)) |
| = | 0.08275 | / | 0.096086 |
| | = | 0.8612 |
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) |
| = | (167.406 / 1962.812) | / | (140.061 / 1563.123) |
| = | 0.085289 | / | 0.089603 |
| | = | 0.9519 |
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) |
| = | ((136.156 + 956.645) / 1795.789) | / | ((142.689 + 881.889) / 1395.723) |
| = | 0.608535 | / | 0.734084 |
| | = | 0.829 |
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 |
| = | (312.507 - 3.251 | - | 505.975) | / | 1795.789 |
| | = | -0.109545 |
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.
Medpace Holdings has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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