Exact Sciences Beneish M-Score Historical Data
The historical data trend for Exact Sciences'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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Exact Sciences Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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6.83 |
-2.87 |
-2.60 |
-2.90 |
-2.53 |
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Exact Sciences 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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-2.90 |
-2.82 |
-2.86 |
-2.72 |
-2.53 |
Competitive Comparison
For the Diagnostics & Research subindustry, Exact Sciences'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.
Exact Sciences Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, Exact Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Exact Sciences's Beneish M-Score falls into.
Exact Sciences 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 Exact Sciences 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 * 1.0743 | + | 0.528 * 0.9812 | + | 0.404 * 0.9714 | + | 0.892 * 1.1993 | + | 0.115 * 0.9556 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8533 | + | 4.679 * -0.062226 | - | 0.327 * 1.0162 |
| = | -2.53 |
* 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 $204 Mil.
Revenue was 646.885 + 628.338 + 622.093 + 602.45 = $2,500 Mil.
Gross Profit was 475.068 + 459.812 + 465.093 + 445.55 = $1,846 Mil.
Total Current Assets was $1,194 Mil.
Total Assets was $6,471 Mil.
Property, Plant and Equipment(Net PPE) was $842 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $1,620 Mil.
Total Current Liabilities was $515 Mil.
Long-Term Debt & Capital Lease Obligation was $2,475 Mil.
Net Income was -49.766 + 0.794 + -81.026 + -74.151 = $-204 Mil.
Non Operating Income was 25.33 + 2.065 + 4.276 + 10.745 = $42 Mil.
Cash Flow from Operations was 69.549 + 24.361 + 100.424 + -38.215 = $156 Mil.
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Total Receivables was $158 Mil.
Revenue was 552.995 + 523.073 + 521.64 + 486.571 = $2,084 Mil.
Gross Profit was 405.837 + 375.136 + 377.04 + 351.871 = $1,510 Mil.
Total Current Assets was $982 Mil.
Total Assets was $6,227 Mil.
Property, Plant and Equipment(Net PPE) was $852 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General, & Admin. Expense(SGA) was $1,583 Mil.
Total Current Liabilities was $413 Mil.
Long-Term Debt & Capital Lease Obligation was $2,419 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) |
| = | (203.623 / 2499.766) | / | (158.043 / 2084.279) |
| = | 0.081457 | / | 0.075826 |
| | = | 1.0743 |
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) |
| = | (1509.884 / 2084.279) | / | (1845.523 / 2499.766) |
| = | 0.724415 | / | 0.738278 |
| | = | 0.9812 |
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 - (1194.369 + 842.062) / 6471.334) | / | (1 - (982.257 + 851.759) / 6226.873) |
| = | 0.685315 | / | 0.705468 |
| | = | 0.9714 |
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 |
| = | 2499.766 | / | 2084.279 |
| | = | 1.1993 |
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)) |
| = | (197.558 / (197.558 + 851.759)) | / | (206.608 / (206.608 + 842.062)) |
| = | 0.188273 | / | 0.197019 |
| | = | 0.9556 |
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) |
| = | (1620.386 / 2499.766) | / | (1583.355 / 2084.279) |
| = | 0.648215 | / | 0.759666 |
| | = | 0.8533 |
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) |
| = | ((2475.346 + 514.701) / 6471.334) | / | ((2418.505 + 412.747) / 6226.873) |
| = | 0.462045 | / | 0.454683 |
| | = | 1.0162 |
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 |
| = | (-204.149 - 42.416 | - | 156.119) | / | 6471.334 |
| | = | -0.062226 |
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.
Exact Sciences has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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