GRAIL Beneish M-Score Historical Data
The historical data trend for GRAIL'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.
GRAIL Beneish M-Score Chart
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GRAIL Annual Data
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Trend |
Dec18 |
Dec19 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.98 |
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GRAIL Quarterly Data
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Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.98 |
Competitive Comparison of GRAIL's Beneish M-Score
For the Diagnostics & Research subindustry, GRAIL'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.
GRAIL's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, GRAIL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GRAIL's Beneish M-Score falls into.
GRAIL 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 GRAIL 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 * 0.8661 | + | 0.528 * 1.6875 | + | 0.404 * 0.7414 | + | 0.892 * 1.4814 | + | 0.115 * 0.954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7356 | + | 4.679 * 0.005189 | - | 0.327 * 0.7415 |
| = | -1.77 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was MXN517 Mil.
Revenue was 797.772 + 564.166 + 585.694 + 443.469 = MXN2,391 Mil.
Gross Profit was -333.024 + -437.774 + -328.15 + -363.607 = MXN-1,463 Mil.
Total Current Assets was MXN17,099 Mil.
Total Assets was MXN62,219 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,825 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN2,980 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,871 Mil.
Total Current Liabilities was MXN1,604 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,145 Mil.
Net Income was -2024.379 + -2474.834 + -29043.537 + -2760.87 = MXN-36,304 Mil.
Non Operating Income was 12.055 + -11.046 + -26031.602 + 0.697 = MXN-26,030 Mil.
Cash Flow from Operations was -1949.799 + -2059.231 + -3147.375 + -3440.171 = MXN-10,597 Mil.
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Total Receivables was MXN403 Mil.
Revenue was 514.761 + 360.954 + 384.263 + 354.065 = MXN1,614 Mil.
Gross Profit was -316.57 + -471.512 + -416.22 + -461.692 = MXN-1,666 Mil.
Total Current Assets was MXN2,649 Mil.
Total Assets was MXN66,434 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,875 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN2,760 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,306 Mil.
Total Current Liabilities was MXN2,777 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,181 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) |
| = | (516.929 / 2391.101) | / | (402.901 / 1614.043) |
| = | 0.216189 | / | 0.249622 |
| | = | 0.8661 |
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) |
| = | (-1665.994 / 1614.043) | / | (-1462.555 / 2391.101) |
| = | -1.032187 | / | -0.611666 |
| | = | 1.6875 |
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 - (17098.775 + 2824.571) / 62218.956) | / | (1 - (2649.086 + 2875.115) / 66434.049) |
| = | 0.679787 | / | 0.916847 |
| | = | 0.7414 |
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 |
| = | 2391.101 | / | 1614.043 |
| | = | 1.4814 |
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)) |
| = | (2759.961 / (2759.961 + 2875.115)) | / | (2980.412 / (2980.412 + 2824.571)) |
| = | 0.489782 | / | 0.513423 |
| | = | 0.954 |
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) |
| = | (6871.414 / 2391.101) | / | (6305.513 / 1614.043) |
| = | 2.873745 | / | 3.906657 |
| | = | 0.7356 |
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) |
| = | ((1144.582 + 1604.325) / 62218.956) | / | ((1181.374 + 2777.157) / 66434.049) |
| = | 0.044181 | / | 0.059586 |
| | = | 0.7415 |
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 |
| = | (-36303.62 - -26029.896 | - | -10596.576) | / | 62218.956 |
| | = | 0.005189 |
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.
GRAIL has a M-score of -1.77 signals that the company is likely to be a manipulator.
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