QuidelOrtho Beneish M-Score Historical Data
The historical data trend for QuidelOrtho'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.
QuidelOrtho Beneish M-Score Chart
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QuidelOrtho Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.28 |
-2.80 |
-1.46 |
-2.70 |
-2.80 |
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QuidelOrtho Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.59 |
-2.48 |
-2.64 |
-2.80 |
-2.72 |
Competitive Comparison of QuidelOrtho's Beneish M-Score
For the Medical Devices subindustry, QuidelOrtho'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.
QuidelOrtho's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, QuidelOrtho's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where QuidelOrtho's Beneish M-Score falls into.
QuidelOrtho 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 QuidelOrtho 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 * 1.0098 | + | 0.528 * 1.0275 | + | 0.404 * 0.9757 | + | 0.892 * 0.9658 | + | 0.115 * 0.9932 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0133 | + | 4.679 * -0.041135 | - | 0.327 * 1.0743 |
| = | -2.72 |
* 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 $437 Mil.
Revenue was 692.8 + 707.8 + 727.1 + 637 = $2,765 Mil.
Gross Profit was 343.3 + 326.1 + 352.3 + 276 = $1,298 Mil.
Total Current Assets was $1,258 Mil.
Total Assets was $6,462 Mil.
Property, Plant and Equipment(Net PPE) was $1,564 Mil.
Depreciation, Depletion and Amortization(DDA) was $446 Mil.
Selling, General, & Admin. Expense(SGA) was $749 Mil.
Total Current Liabilities was $1,047 Mil.
Long-Term Debt & Capital Lease Obligation was $2,269 Mil.
Net Income was -12.7 + -178.4 + -19.9 + -147.7 = $-359 Mil.
Non Operating Income was -15 + -111.4 + -30.7 + -85.1 = $-242 Mil.
Cash Flow from Operations was 65.6 + 63.7 + 117.9 + -97.9 = $149 Mil.
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Total Receivables was $448 Mil.
Revenue was 711 + 742.6 + 744 + 665.1 = $2,863 Mil.
Gross Profit was 332.1 + 382.6 + 369.4 + 296.5 = $1,381 Mil.
Total Current Assets was $1,212 Mil.
Total Assets was $6,703 Mil.
Property, Plant and Equipment(Net PPE) was $1,622 Mil.
Depreciation, Depletion and Amortization(DDA) was $458 Mil.
Selling, General, & Admin. Expense(SGA) was $766 Mil.
Total Current Liabilities was $780 Mil.
Long-Term Debt & Capital Lease Obligation was $2,423 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) |
| = | (437 / 2764.7) | / | (448.1 / 2862.7) |
| = | 0.158064 | / | 0.156531 |
| | = | 1.0098 |
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) |
| = | (1380.6 / 2862.7) | / | (1297.7 / 2764.7) |
| = | 0.482272 | / | 0.469382 |
| | = | 1.0275 |
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 - (1258.2 + 1564.4) / 6461.6) | / | (1 - (1212.4 + 1621.8) / 6703.3) |
| = | 0.563173 | / | 0.577193 |
| | = | 0.9757 |
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 |
| = | 2764.7 | / | 2862.7 |
| | = | 0.9658 |
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)) |
| = | (457.9 / (457.9 + 1621.8)) | / | (445.6 / (445.6 + 1564.4)) |
| = | 0.220176 | / | 0.221692 |
| | = | 0.9932 |
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) |
| = | (749.1 / 2764.7) | / | (765.5 / 2862.7) |
| = | 0.270952 | / | 0.267405 |
| | = | 1.0133 |
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) |
| = | ((2269.2 + 1047.2) / 6461.6) | / | ((2422.8 + 779.8) / 6703.3) |
| = | 0.513247 | / | 0.477765 |
| | = | 1.0743 |
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 |
| = | (-358.7 - -242.2 | - | 149.3) | / | 6461.6 |
| | = | -0.041135 |
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.
QuidelOrtho has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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