Illumina Beneish M-Score Historical Data
The historical data trend for Illumina'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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Illumina Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
|
|
|
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-2.91 |
-2.61 |
-2.43 |
-3.04 |
-1.54 |
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Illumina Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-2.91 |
-2.54 |
-1.58 |
-1.54 |
-1.39 |
Competitive Comparison
For the Diagnostics & Research subindustry, Illumina'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.
Illumina Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, Illumina's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Illumina's Beneish M-Score falls into.
Illumina 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 Illumina 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 * 0.8859 | + | 0.528 * 0.9825 | + | 0.404 * 3.7019 | + | 0.892 * 1.3406 | + | 0.115 * 0.8082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4517 | + | 4.679 * -0.0504 | - | 0.327 * 0.5621 |
| = | -1.39 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Accounts Receivable was $614 Mil.
Revenue was 1223 + 1199 + 1108 + 1126 = $4,656 Mil.
Gross Profit was 815 + 817 + 770 + 802 = $3,204 Mil.
Total Current Assets was $2,755 Mil.
Total Assets was $15,274 Mil.
Property, Plant and Equipment(Net PPE) was $1,740 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $2,026 Mil.
Total Current Liabilities was $1,490 Mil.
Long-Term Debt & Capital Lease Obligation was $2,044 Mil.
Net Income was 86 + 112 + 317 + 185 = $700 Mil.
Non Operating Income was -38 + 58 + 979 + 36 = $1,035 Mil.
Cash Flow from Operations was 172 + 282 + -272 + 253 = $435 Mil.
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Accounts Receivable was $517 Mil.
Revenue was 1093 + 953 + 794 + 633 = $3,473 Mil.
Gross Profit was 764 + 630 + 526 + 428 = $2,348 Mil.
Total Current Assets was $5,642 Mil.
Total Assets was $8,755 Mil.
Property, Plant and Equipment(Net PPE) was $1,444 Mil.
Depreciation, Depletion and Amortization(DDA) was $191 Mil.
Selling, General, & Admin. Expense(SGA) was $1,041 Mil.
Total Current Liabilities was $1,268 Mil.
Long-Term Debt & Capital Lease Obligation was $2,336 Mil.
|
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
| = | (614 / 4656) | / | (517 / 3473) |
| = | 0.13187285 | / | 0.14886265 |
| | = | 0.8859 |
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) |
| = | (2348 / 3473) | / | (3204 / 4656) |
| = | 0.67607256 | / | 0.68814433 |
| | = | 0.9825 |
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 - (2755 + 1740) / 15274) | / | (1 - (5642 + 1444) / 8755) |
| = | 0.70570905 | / | 0.19063392 |
| | = | 3.7019 |
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 |
| = | 4656 | / | 3473 |
| | = | 1.3406 |
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)) |
| = | (191 / (191 + 1444)) | / | (294 / (294 + 1740)) |
| = | 0.11681957 | / | 0.14454277 |
| | = | 0.8082 |
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) |
| = | (2026 / 4656) | / | (1041 / 3473) |
| = | 0.43513746 | / | 0.29974086 |
| | = | 1.4517 |
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) |
| = | ((2044 + 1490) / 15274) | / | ((2336 + 1268) / 8755) |
| = | 0.23137358 | / | 0.41165049 |
| | = | 0.5621 |
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 |
| = | (700 - 1035 | - | 435) | / | 15274 |
| | = | -0.0504 |
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.
Illumina has a M-score of -1.39 signals that the company is likely to be a manipulator.
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