Azenta Beneish M-Score Historical Data
The historical data trend for Azenta'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.
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Azenta Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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|
|
|
|
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-0.36 |
-2.72 |
-2.43 |
1.23 |
-2.39 |
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Azenta Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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1.95 |
-1.09 |
-2.22 |
-2.39 |
-2.86 |
Competitive Comparison
For the Medical Instruments & Supplies subindustry, Azenta'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.
Azenta Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Azenta's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Azenta's Beneish M-Score falls into.
Azenta 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 Azenta 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 * 0.7158 | + | 0.528 * 1.1288 | + | 0.404 * 0.9861 | + | 0.892 * 1.0788 | + | 0.115 * 0.7483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9891 | + | 4.679 * -0.036291 | - | 0.327 * 1.168 |
| = | -2.86 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $155.9 Mil.
Revenue was 154.317 + 172.357 + 165.948 + 148.401 = $641.0 Mil.
Gross Profit was 61.512 + 68.034 + 68.005 + 53.236 = $250.8 Mil.
Total Current Assets was $1,382.8 Mil.
Total Assets was $2,824.3 Mil.
Property, Plant and Equipment(Net PPE) was $210.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $87.3 Mil.
Selling, General, & Admin. Expense(SGA) was $302.3 Mil.
Total Current Liabilities was $235.6 Mil.
Long-Term Debt & Capital Lease Obligation was $66.5 Mil.
Net Income was -15.724 + 3.375 + -1.47 + -4.927 = $-18.7 Mil.
Non Operating Income was -0.438 + -1.142 + 1.411 + 12.978 = $12.8 Mil.
Cash Flow from Operations was 26.431 + 39.912 + 16.748 + -12.15 = $70.9 Mil.
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Total Receivables was $201.9 Mil.
Revenue was 178.366 + 137.567 + 132.735 + 145.544 = $594.2 Mil.
Gross Profit was 73.865 + 58.115 + 59.6 + 70.825 = $262.4 Mil.
Total Current Assets was $1,620.0 Mil.
Total Assets was $3,292.4 Mil.
Property, Plant and Equipment(Net PPE) was $217.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.0 Mil.
Selling, General, & Admin. Expense(SGA) was $283.3 Mil.
Total Current Liabilities was $249.0 Mil.
Long-Term Debt & Capital Lease Obligation was $52.5 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) |
| = | (155.926 / 641.023) | / | (201.92 / 594.212) |
| = | 0.243246 | / | 0.339811 |
| | = | 0.7158 |
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) |
| = | (262.405 / 594.212) | / | (250.787 / 641.023) |
| = | 0.441602 | / | 0.391229 |
| | = | 1.1288 |
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 - (1382.801 + 210.628) / 2824.314) | / | (1 - (1619.984 + 217.271) / 3292.416) |
| = | 0.435817 | / | 0.441974 |
| | = | 0.9861 |
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 |
| = | 641.023 | / | 594.212 |
| | = | 1.0788 |
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)) |
| = | (61 / (61 + 217.271)) | / | (87.269 / (87.269 + 210.628)) |
| = | 0.219211 | / | 0.29295 |
| | = | 0.7483 |
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) |
| = | (302.306 / 641.023) | / | (283.304 / 594.212) |
| = | 0.471599 | / | 0.476773 |
| | = | 0.9891 |
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) |
| = | ((66.479 + 235.62) / 2824.314) | / | ((52.494 + 249.026) / 3292.416) |
| = | 0.106964 | / | 0.09158 |
| | = | 1.168 |
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 |
| = | (-18.746 - 12.809 | - | 70.941) | / | 2824.314 |
| | = | -0.036291 |
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.
Azenta has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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