Varex Imaging Beneish M-Score Historical Data
The historical data trend for Varex Imaging'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.
Varex Imaging Beneish M-Score Chart
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Varex Imaging Annual Data
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Sep14 |
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Sep19 |
Sep20 |
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Sep22 |
Sep23 |
| Beneish M-Score |
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-2.72 |
-2.78 |
-2.64 |
-2.29 |
-2.68 |
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Varex Imaging Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec23 |
| Beneish M-Score |
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-2.11 |
-2.47 |
-2.61 |
-2.68 |
-2.81 |
Competitive Comparison of Varex Imaging's Beneish M-Score
For the Medical Devices subindustry, Varex Imaging'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.
Varex Imaging Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Varex Imaging's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Varex Imaging's Beneish M-Score falls into.
Varex Imaging 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 Varex Imaging 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 * 0.8724 | + | 0.528 * 1.0059 | + | 0.404 * 0.9769 | + | 0.892 * 1.0134 | + | 0.115 * 1.0354 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1149 | + | 4.679 * -0.047332 | - | 0.327 * 0.948 |
| = | -2.81 |
* 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 $139.6 Mil.
Revenue was 190 + 227.4 + 232.2 + 228.2 = $877.8 Mil.
Gross Profit was 57.1 + 78 + 76.3 + 72.7 = $284.1 Mil.
Total Current Assets was $645.7 Mil.
Total Assets was $1,242.3 Mil.
Property, Plant and Equipment(Net PPE) was $176.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.9 Mil.
Selling, General, & Admin. Expense(SGA) was $130.5 Mil.
Total Current Liabilities was $150.1 Mil.
Long-Term Debt & Capital Lease Obligation was $464.3 Mil.
Net Income was -0.5 + 31.9 + 9.1 + 4.1 = $44.6 Mil.
Non Operating Income was 0.6 + -17.7 + -0.7 + -1.2 = $-19.0 Mil.
Cash Flow from Operations was 10.3 + 47.1 + 37.7 + 27.3 = $122.4 Mil.
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Total Receivables was $157.9 Mil.
Revenue was 205.6 + 231.4 + 214.5 + 214.7 = $866.2 Mil.
Gross Profit was 63.3 + 74.5 + 73.4 + 70.8 = $282.0 Mil.
Total Current Assets was $607.3 Mil.
Total Assets was $1,180.9 Mil.
Property, Plant and Equipment(Net PPE) was $165.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.0 Mil.
Selling, General, & Admin. Expense(SGA) was $115.5 Mil.
Total Current Liabilities was $157.4 Mil.
Long-Term Debt & Capital Lease Obligation was $458.7 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) |
| = | (139.6 / 877.8) | / | (157.9 / 866.2) |
| = | 0.159034 | / | 0.18229 |
| | = | 0.8724 |
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) |
| = | (282 / 866.2) | / | (284.1 / 877.8) |
| = | 0.32556 | / | 0.32365 |
| | = | 1.0059 |
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 - (645.7 + 176.7) / 1242.3) | / | (1 - (607.3 + 165) / 1180.9) |
| = | 0.338002 | / | 0.346007 |
| | = | 0.9769 |
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 |
| = | 877.8 | / | 866.2 |
| | = | 1.0134 |
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)) |
| = | (33 / (33 + 165)) | / | (33.9 / (33.9 + 176.7)) |
| = | 0.166667 | / | 0.160969 |
| | = | 1.0354 |
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) |
| = | (130.5 / 877.8) | / | (115.5 / 866.2) |
| = | 0.148667 | / | 0.133341 |
| | = | 1.1149 |
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) |
| = | ((464.3 + 150.1) / 1242.3) | / | ((458.7 + 157.4) / 1180.9) |
| = | 0.494567 | / | 0.521721 |
| | = | 0.948 |
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 |
| = | (44.6 - -19 | - | 122.4) | / | 1242.3 |
| | = | -0.047332 |
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.
Varex Imaging has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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