NovoCure Beneish M-Score Historical Data
The historical data trend for NovoCure'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.
NovoCure Beneish M-Score Chart
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NovoCure Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.99 |
-2.51 |
-3.17 |
-3.01 |
-3.19 |
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NovoCure Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.14 |
-3.19 |
-2.87 |
-2.89 |
-2.87 |
Competitive Comparison of NovoCure's Beneish M-Score
For the Medical Devices subindustry, NovoCure'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.
NovoCure's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, NovoCure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NovoCure's Beneish M-Score falls into.
NovoCure 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 NovoCure 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 * 0.9138 | + | 0.528 * 0.9851 | + | 0.404 * 0.9236 | + | 0.892 * 1.1463 | + | 0.115 * 1.3048 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.89 | + | 4.679 * -0.091906 | - | 0.327 * 1.0713 |
| = | -2.87 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $92.5 Mil.
Revenue was 155.095 + 150.356 + 138.503 + 133.784 = $577.7 Mil.
Gross Profit was 119.723 + 115.702 + 104.814 + 101.228 = $441.5 Mil.
Total Current Assets was $1,095.3 Mil.
Total Assets was $1,222.0 Mil.
Property, Plant and Equipment(Net PPE) was $114.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.9 Mil.
Selling, General, & Admin. Expense(SGA) was $387.6 Mil.
Total Current Liabilities was $735.0 Mil.
Long-Term Debt & Capital Lease Obligation was $118.3 Mil.
Net Income was -30.57 + -33.375 + -38.76 + -47.079 = $-149.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 10.376 + -1.72 + -31.574 + -14.558 = $-37.5 Mil.
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Total Receivables was $88.3 Mil.
Revenue was 127.321 + 126.051 + 122.182 + 128.429 = $504.0 Mil.
Gross Profit was 95.229 + 92.033 + 92.568 + 99.541 = $379.4 Mil.
Total Current Assets was $1,048.0 Mil.
Total Assets was $1,146.4 Mil.
Property, Plant and Equipment(Net PPE) was $85.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.9 Mil.
Selling, General, & Admin. Expense(SGA) was $379.9 Mil.
Total Current Liabilities was $157.2 Mil.
Long-Term Debt & Capital Lease Obligation was $590.0 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) |
| = | (92.497 / 577.738) | / | (88.296 / 503.983) |
| = | 0.160102 | / | 0.175196 |
| | = | 0.9138 |
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) |
| = | (379.371 / 503.983) | / | (441.467 / 577.738) |
| = | 0.752746 | / | 0.76413 |
| | = | 0.9851 |
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 - (1095.268 + 114.494) / 1221.986) | / | (1 - (1048.002 + 85.935) / 1146.353) |
| = | 0.010003 | / | 0.010831 |
| | = | 0.9236 |
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 |
| = | 577.738 | / | 503.983 |
| | = | 1.1463 |
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)) |
| = | (10.946 / (10.946 + 85.935)) | / | (10.854 / (10.854 + 114.494)) |
| = | 0.112984 | / | 0.086591 |
| | = | 1.3048 |
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) |
| = | (387.632 / 577.738) | / | (379.929 / 503.983) |
| = | 0.670948 | / | 0.753853 |
| | = | 0.89 |
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) |
| = | ((118.293 + 735.002) / 1221.986) | / | ((590.04 + 157.161) / 1146.353) |
| = | 0.698285 | / | 0.651807 |
| | = | 1.0713 |
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 |
| = | (-149.784 - 0 | - | -37.476) | / | 1221.986 |
| | = | -0.091906 |
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.
NovoCure has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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