DexCom Beneish M-Score Historical Data
The historical data trend for DexCom'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.
DexCom Beneish M-Score Chart
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DexCom 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 |
-0.65 |
-2.45 |
-2.19 |
-2.41 |
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DexCom 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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-2.19 |
-2.52 |
-2.50 |
-2.36 |
-2.41 |
Competitive Comparison of DexCom's Beneish M-Score
For the Medical Devices subindustry, DexCom'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.
DexCom's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, DexCom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DexCom's Beneish M-Score falls into.
DexCom 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 DexCom 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 * 1.0546 | + | 0.528 * 1.0242 | + | 0.404 * 0.9586 | + | 0.892 * 1.2449 | + | 0.115 * 0.8894 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.945 | + | 4.679 * -0.032836 | - | 0.327 * 1.1136 |
| = | -2.41 |
* 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 $988 Mil.
Revenue was 1034.5 + 975 + 871.3 + 741.5 = $3,622 Mil.
Gross Profit was 656.6 + 623.3 + 546.4 + 462.6 = $2,289 Mil.
Total Current Assets was $4,426 Mil.
Total Assets was $6,265 Mil.
Property, Plant and Equipment(Net PPE) was $1,185 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $1,185 Mil.
Total Current Liabilities was $1,556 Mil.
Long-Term Debt & Capital Lease Obligation was $2,573 Mil.
Net Income was 256.3 + 120.7 + 115.9 + 48.6 = $542 Mil.
Non Operating Income was 0.4 + -1.7 + 0 + 0 = $-1 Mil.
Cash Flow from Operations was 133.6 + 269.2 + 190.3 + 155.4 = $749 Mil.
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Total Receivables was $752 Mil.
Revenue was 815.2 + 769.6 + 696.2 + 628.8 = $2,910 Mil.
Gross Profit was 541.3 + 494.2 + 449.5 + 398.1 = $1,883 Mil.
Total Current Assets was $3,669 Mil.
Total Assets was $5,392 Mil.
Property, Plant and Equipment(Net PPE) was $1,136 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $1,008 Mil.
Total Current Liabilities was $1,839 Mil.
Long-Term Debt & Capital Lease Obligation was $1,352 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) |
| = | (987.5 / 3622.3) | / | (752.2 / 2909.8) |
| = | 0.272617 | / | 0.258506 |
| | = | 1.0546 |
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) |
| = | (1883.1 / 2909.8) | / | (2288.9 / 3622.3) |
| = | 0.647158 | / | 0.631891 |
| | = | 1.0242 |
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 - (4425.9 + 1184.5) / 6264.5) | / | (1 - (3668.8 + 1135.6) / 5391.7) |
| = | 0.104414 | / | 0.108927 |
| | = | 0.9586 |
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 |
| = | 3622.3 | / | 2909.8 |
| | = | 1.2449 |
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)) |
| = | (155.9 / (155.9 + 1135.6)) | / | (186 / (186 + 1184.5)) |
| = | 0.120712 | / | 0.135717 |
| | = | 0.8894 |
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) |
| = | (1185.4 / 3622.3) | / | (1007.7 / 2909.8) |
| = | 0.327251 | / | 0.346312 |
| | = | 0.945 |
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) |
| = | ((2572.9 + 1556) / 6264.5) | / | ((1351.9 + 1839.3) / 5391.7) |
| = | 0.659095 | / | 0.591873 |
| | = | 1.1136 |
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 |
| = | (541.5 - -1.3 | - | 748.5) | / | 6264.5 |
| | = | -0.032836 |
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.
DexCom has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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