Merit Medical Systems Beneish M-Score Historical Data
The historical data trend for Merit Medical Systems'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.
Merit Medical Systems Beneish M-Score Chart
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Merit Medical Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.85 |
-2.64 |
-2.51 |
-2.84 |
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Merit Medical Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.47 |
-2.43 |
-2.41 |
-2.84 |
Competitive Comparison of Merit Medical Systems's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Merit Medical Systems'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.
Merit Medical Systems's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Merit Medical Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Merit Medical Systems's Beneish M-Score falls into.
Merit Medical Systems 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 Merit Medical Systems 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 * 0.9709 | + | 0.528 * 0.9712 | + | 0.404 * 0.8027 | + | 0.892 * 1.0924 | + | 0.115 * 0.9227 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9986 | + | 4.679 * -0.021488 | - | 0.327 * 1.6588 |
| = | -2.84 |
* 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 $189 Mil.
Revenue was 324.515 + 315.23 + 320.056 + 297.565 = $1,257 Mil.
Gross Profit was 150.529 + 142.199 + 152.782 + 138.362 = $584 Mil.
Total Current Assets was $1,108 Mil.
Total Assets was $2,325 Mil.
Property, Plant and Equipment(Net PPE) was $447 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $374 Mil.
Total Current Liabilities was $204 Mil.
Long-Term Debt & Capital Lease Obligation was $879 Mil.
Net Income was 27.629 + 25.834 + 20.245 + 20.703 = $94 Mil.
Non Operating Income was 1.382 + -0.817 + -1.815 + 0.476 = $-1 Mil.
Cash Flow from Operations was 62.251 + 51.069 + 17.286 + 14.545 = $145 Mil.
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Total Receivables was $178 Mil.
Revenue was 293.415 + 287.175 + 294.976 + 275.415 = $1,151 Mil.
Gross Profit was 134.552 + 128.573 + 135.067 + 120.907 = $519 Mil.
Total Current Assets was $529 Mil.
Total Assets was $1,664 Mil.
Property, Plant and Equipment(Net PPE) was $448 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $343 Mil.
Total Current Liabilities was $221 Mil.
Long-Term Debt & Capital Lease Obligation was $246 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) |
| = | (189.261 / 1257.366) | / | (178.448 / 1150.981) |
| = | 0.150522 | / | 0.15504 |
| | = | 0.9709 |
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) |
| = | (519.099 / 1150.981) | / | (583.872 / 1257.366) |
| = | 0.451006 | / | 0.464361 |
| | = | 0.9712 |
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 - (1108.47 + 446.57) / 2325.244) | / | (1 - (529.084 + 448.238) / 1663.966) |
| = | 0.331236 | / | 0.412655 |
| | = | 0.8027 |
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 |
| = | 1257.366 | / | 1150.981 |
| | = | 1.0924 |
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)) |
| = | (92.198 / (92.198 + 448.238)) | / | (101.292 / (101.292 + 446.57)) |
| = | 0.170599 | / | 0.184886 |
| | = | 0.9227 |
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) |
| = | (373.676 / 1257.366) | / | (342.525 / 1150.981) |
| = | 0.29719 | / | 0.297594 |
| | = | 0.9986 |
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) |
| = | ((879.272 + 203.564) / 2325.244) | / | ((246.495 + 220.645) / 1663.966) |
| = | 0.465687 | / | 0.280739 |
| | = | 1.6588 |
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 |
| = | (94.411 - -0.774 | - | 145.151) | / | 2325.244 |
| | = | -0.021488 |
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.
Merit Medical Systems has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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