ICU Medical Beneish M-Score Historical Data
The historical data trend for ICU Medical'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.
ICU Medical Beneish M-Score Chart
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ICU Medical Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.00 |
-2.96 |
-1.68 |
-2.94 |
-2.75 |
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ICU Medical Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.72 |
-2.85 |
-2.77 |
-2.75 |
-2.64 |
Competitive Comparison of ICU Medical's Beneish M-Score
For the Medical Instruments & Supplies subindustry, ICU Medical'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.
ICU Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, ICU Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ICU Medical's Beneish M-Score falls into.
ICU Medical 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 ICU Medical 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 * 1.1295 | + | 0.528 * 0.9251 | + | 0.404 * 0.9518 | + | 0.892 * 1.0722 | + | 0.115 * 0.8542 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9732 | + | 4.679 * -0.056369 | - | 0.327 * 1.0323 |
| = | -2.64 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $205 Mil.
Revenue was 604.702 + 629.805 + 589.131 + 596.455 = $2,420 Mil.
Gross Profit was 210.109 + 227.258 + 204.852 + 207.428 = $850 Mil.
Total Current Assets was $1,424 Mil.
Total Assets was $4,185 Mil.
Property, Plant and Equipment(Net PPE) was $503 Mil.
Depreciation, Depletion and Amortization(DDA) was $213 Mil.
Selling, General, & Admin. Expense(SGA) was $638 Mil.
Total Current Liabilities was $549 Mil.
Long-Term Debt & Capital Lease Obligation was $1,539 Mil.
Net Income was -15.476 + -23.828 + -32.983 + -21.406 = $-94 Mil.
Non Operating Income was -18.46 + -14.38 + -14.362 + -20.181 = $-67 Mil.
Cash Flow from Operations was 51.327 + 40.192 + 36.097 + 81.953 = $210 Mil.
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Total Receivables was $169 Mil.
Revenue was 566.655 + 587.856 + 553.311 + 549.31 = $2,257 Mil.
Gross Profit was 185.244 + 171.585 + 183.92 + 192.327 = $733 Mil.
Total Current Assets was $1,188 Mil.
Total Assets was $4,288 Mil.
Property, Plant and Equipment(Net PPE) was $670 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General, & Admin. Expense(SGA) was $612 Mil.
Total Current Liabilities was $455 Mil.
Long-Term Debt & Capital Lease Obligation was $1,618 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) |
| = | (204.675 / 2420.093) | / | (169 / 2257.132) |
| = | 0.084573 | / | 0.074874 |
| | = | 1.1295 |
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) |
| = | (733.076 / 2257.132) | / | (849.647 / 2420.093) |
| = | 0.324782 | / | 0.35108 |
| | = | 0.9251 |
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 - (1423.915 + 503.329) / 4184.581) | / | (1 - (1187.727 + 670.121) / 4288.398) |
| = | 0.539442 | / | 0.566773 |
| | = | 0.9518 |
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 |
| = | 2420.093 | / | 2257.132 |
| | = | 1.0722 |
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)) |
| = | (228.6 / (228.6 + 670.121)) | / | (213.431 / (213.431 + 503.329)) |
| = | 0.254361 | / | 0.297772 |
| | = | 0.8542 |
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) |
| = | (638.338 / 2420.093) | / | (611.778 / 2257.132) |
| = | 0.263766 | / | 0.271042 |
| | = | 0.9732 |
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) |
| = | ((1539.141 + 549.024) / 4184.581) | / | ((1617.705 + 455.36) / 4288.398) |
| = | 0.499014 | / | 0.483412 |
| | = | 1.0323 |
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 |
| = | (-93.693 - -67.383 | - | 209.569) | / | 4184.581 |
| | = | -0.056369 |
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.
ICU Medical has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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