Novanta Beneish M-Score Historical Data
The historical data trend for Novanta'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.
Novanta Beneish M-Score Chart
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Novanta Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-3.11 |
-2.23 |
-2.40 |
-2.51 |
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Novanta 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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-2.40 |
-2.38 |
-2.36 |
-2.53 |
-2.51 |
Competitive Comparison of Novanta's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Novanta'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.
Novanta's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Novanta's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novanta's Beneish M-Score falls into.
Novanta 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 Novanta 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 * 1.0348 | + | 0.528 * 0.9692 | + | 0.404 * 0.9956 | + | 0.892 * 1.0241 | + | 0.115 * 1.1102 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0106 | + | 4.679 * -0.027285 | - | 0.327 * 0.8373 |
| = | -2.51 |
* 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 $147.5 Mil.
Revenue was 211.569 + 221.503 + 229.464 + 219.126 = $881.7 Mil.
Gross Profit was 96.555 + 101.591 + 104.123 + 97.628 = $399.9 Mil.
Total Current Assets was $415.3 Mil.
Total Assets was $1,226.1 Mil.
Property, Plant and Equipment(Net PPE) was $147.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.6 Mil.
Selling, General, & Admin. Expense(SGA) was $164.5 Mil.
Total Current Liabilities was $139.2 Mil.
Long-Term Debt & Capital Lease Obligation was $390.7 Mil.
Net Income was 12.511 + 21.223 + 20.879 + 18.265 = $72.9 Mil.
Non Operating Income was -4.634 + -5.04 + -1.351 + -2.719 = $-13.7 Mil.
Cash Flow from Operations was 38.992 + 44.641 + 26.197 + 10.245 = $120.1 Mil.
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Total Receivables was $139.2 Mil.
Revenue was 218.373 + 222.958 + 215.356 + 204.216 = $860.9 Mil.
Gross Profit was 94.543 + 98.408 + 95.245 + 90.276 = $378.5 Mil.
Total Current Assets was $420.5 Mil.
Total Assets was $1,241.2 Mil.
Property, Plant and Equipment(Net PPE) was $146.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $53.2 Mil.
Selling, General, & Admin. Expense(SGA) was $158.9 Mil.
Total Current Liabilities was $164.5 Mil.
Long-Term Debt & Capital Lease Obligation was $476.1 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) |
| = | (147.515 / 881.662) | / | (139.205 / 860.903) |
| = | 0.167315 | / | 0.161696 |
| | = | 1.0348 |
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) |
| = | (378.472 / 860.903) | / | (399.897 / 881.662) |
| = | 0.439622 | / | 0.453572 |
| | = | 0.9692 |
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 - (415.297 + 147.751) / 1226.056) | / | (1 - (420.519 + 146.503) / 1241.212) |
| = | 0.540765 | / | 0.543171 |
| | = | 0.9956 |
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 |
| = | 881.662 | / | 860.903 |
| | = | 1.0241 |
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)) |
| = | (53.158 / (53.158 + 146.503)) | / | (46.612 / (46.612 + 147.751)) |
| = | 0.266241 | / | 0.239819 |
| | = | 1.1102 |
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) |
| = | (164.46 / 881.662) | / | (158.901 / 860.903) |
| = | 0.186534 | / | 0.184575 |
| | = | 1.0106 |
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) |
| = | ((390.683 + 139.175) / 1226.056) | / | ((476.122 + 164.522) / 1241.212) |
| = | 0.432165 | / | 0.516144 |
| | = | 0.8373 |
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 |
| = | (72.878 - -13.744 | - | 120.075) | / | 1226.056 |
| | = | -0.027285 |
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.
Novanta has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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