Medpace Holdings (MEX:MEDP) Beneish M-Score : -3.06 (As of Mar. 13, 2025)

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What is Medpace Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Medpace Holdings's Beneish M-Score or its related term are showing as below:

MEX:MEDP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.73 Max: -2.09
Current: -3.06

During the past 12 years, the highest Beneish M-Score of Medpace Holdings was -2.09. The lowest was -3.06. And the median was -2.73.

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.

* Premium members only.

Medpace Holdings Beneish M-Score Chart

Medpace Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.85

-2.59

-2.81

-2.73

-3.06

Medpace Holdings Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-2.89	-2.92	-2.99	-3.06

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0036

0.528 * 0.8917

0.404 * 0.8102

0.892 * 1.2162

0.115 * 0.9687

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9993

4.679 * -0.090934

0.327 * 0.9095

-2.82

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN6,183 Mil.
Revenue was 11190.939 + 10501.172 + 9674.92 + 8481.417 = MXN39,848 Mil.
Gross Profit was 3718.926 + 3327.818 + 2818.328 + 2574.776 = MXN12,440 Mil.
Total Current Assets was MXN21,465 Mil.
Total Assets was MXN43,815 Mil.
Property, Plant and Equipment(Net PPE) was MXN5,261 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN553 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,408 Mil.
Total Current Liabilities was MXN23,036 Mil.
Long-Term Debt & Capital Lease Obligation was MXN2,633 Mil.
Net Income was 2440.492 + 1898.657 + 1618.599 + 1702.626 = MXN7,660 Mil.
Non Operating Income was 12.951 + -20.183 + -2.437 + 76.227 = MXN67 Mil.
Cash Flow from Operations was 3976.473 + 2935.331 + 2132.405 + 2533.866 = MXN11,578 Mil.

Total Receivables was MXN5,065 Mil.
Revenue was 8459.982 + 8578.789 + 7901.075 + 7824.184 = MXN32,764 Mil.
Gross Profit was 2322.179 + 2320.075 + 2131.278 + 2346.657 = MXN9,120 Mil.
Total Current Assets was MXN10,080 Mil.
Total Assets was MXN28,123 Mil.
Property, Plant and Equipment(Net PPE) was MXN4,505 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN457 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,804 Mil.
Total Current Liabilities was MXN15,703 Mil.
Long-Term Debt & Capital Lease Obligation was MXN2,412 Mil.

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)
	=	(6182.526 / 39848.448)	/	(5065.116 / 32764.03)
	=	0.155151	/	0.154594
	=	1.0036

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)
	=	(9120.189 / 32764.03)	/	(12439.848 / 39848.448)
	=	0.27836	/	0.312179
	=	0.8917

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 - (21465.291 + 5261.142) / 43815.031)	/	(1 - (10079.784 + 4504.796) / 28123.409)
	=	0.390017	/	0.481408
	=	0.8102

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
	=	39848.448	/	32764.03
	=	1.2162

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))
	=	(457.322 / (457.322 + 4504.796))	/	(553.162 / (553.162 + 5261.142))
	=	0.092163	/	0.095138
	=	0.9687

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)
	=	(3407.637 / 39848.448)	/	(2803.882 / 32764.03)
	=	0.085515	/	0.085578
	=	0.9993

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)
	=	((2632.698 + 23036.226) / 43815.031)	/	((2412.414 + 15703.403) / 28123.409)
	=	0.585847	/	0.644154
	=	0.9095

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
	=	(7660.374 - 66.558	-	11578.075)	/	43815.031
	=	-0.090934

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 -2.82 suggests that the company is unlikely to be a manipulator.

Medpace Holdings Beneish M-Score Related Terms

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Medpace Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » Medpace Holdings Inc (MEX:MEDP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

MEDP:USA 01P:Germany

Address

5375 Medpace Way, Cincinnati, OH, USA, 45227

Website

https://www.medpace.com

Medpace is a late-stage contract research organization that provides full-service drug-development and clinical trial services to small and midsize biotechnology, pharmaceutical, and medical-device firms. It also offers ancillary services such as bioanalytical laboratory services and imaging capabilities. The company was founded over 30 years ago and has over 5,400 employees across 40 countries. Medpace is headquartered in Cincinnati and its operations are principally based in the us, but it also operates in Europe, Asia, South America, Africa, and Australia. Cinven, a global private equity firm, acquired Medpace for $915 million in 2014 and exited its investment in 2018.