Alere Beneish M-Score Historical Data
The historical data trend for Alere'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.
Alere Beneish M-Score Chart
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Alere Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.65 |
-2.75 |
-2.68 |
-2.44 |
-2.87 |
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Alere Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-2.80 |
-2.70 |
-2.87 |
-3.08 |
-2.95 |
Competitive Comparison of Alere's Beneish M-Score
For the Diagnostics & Research subindustry, Alere'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.
Alere's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Alere's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alere's Beneish M-Score falls into.
Alere 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 Alere 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 * 0.9164 | + | 0.528 * 0.9674 | + | 0.404 * 0.9943 | + | 0.892 * 0.9654 | + | 0.115 * 1.0799 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2 | + | 4.679 * -0.064655 | - | 0.327 * 1.0453 |
| = | -2.95 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $377.96 Mil.
Revenue was 557.672 + 588.216 + 604.684 + 582.354 = $2,332.93 Mil.
Gross Profit was 252.732 + 281.726 + 275.621 + 266.128 = $1,076.21 Mil.
Total Current Assets was $1,383.61 Mil.
Total Assets was $5,556.84 Mil.
Property, Plant and Equipment(Net PPE) was $436.20 Mil.
Depreciation, Depletion and Amortization(DDA) was $266.66 Mil.
Selling, General, & Admin. Expense(SGA) was $1,033.94 Mil.
Total Current Liabilities was $679.44 Mil.
Long-Term Debt & Capital Lease Obligation was $2,820.78 Mil.
Net Income was -93.068 + -64.312 + -114.325 + 21.82 = $-249.89 Mil.
Non Operating Income was -2.666 + -3.499 + 36.888 + -15.088 = $15.64 Mil.
Cash Flow from Operations was -51.079 + 61.076 + 32.328 + 51.43 = $93.76 Mil.
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Total Receivables was $427.22 Mil.
Revenue was 610.304 + 586.94 + 615.584 + 603.768 = $2,416.60 Mil.
Gross Profit was 281.638 + 271.125 + 248.785 + 276.966 = $1,078.51 Mil.
Total Current Assets was $1,435.31 Mil.
Total Assets was $5,790.89 Mil.
Property, Plant and Equipment(Net PPE) was $438.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $304.57 Mil.
Selling, General, & Admin. Expense(SGA) was $892.52 Mil.
Total Current Liabilities was $561.94 Mil.
Long-Term Debt & Capital Lease Obligation was $2,927.76 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) |
| = | (377.963 / 2332.926) | / | (427.222 / 2416.596) |
| = | 0.162012 | / | 0.176787 |
| | = | 0.9164 |
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) |
| = | (1078.514 / 2416.596) | / | (1076.207 / 2332.926) |
| = | 0.446295 | / | 0.461312 |
| | = | 0.9674 |
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 - (1383.606 + 436.201) / 5556.835) | / | (1 - (1435.307 + 438.787) / 5790.894) |
| = | 0.67251 | / | 0.676372 |
| | = | 0.9943 |
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 |
| = | 2332.926 | / | 2416.596 |
| | = | 0.9654 |
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)) |
| = | (304.566 / (304.566 + 438.787)) | / | (266.661 / (266.661 + 436.201)) |
| = | 0.409719 | / | 0.379393 |
| | = | 1.0799 |
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) |
| = | (1033.939 / 2332.926) | / | (892.522 / 2416.596) |
| = | 0.443194 | / | 0.36933 |
| | = | 1.2 |
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) |
| = | ((2820.775 + 679.439) / 5556.835) | / | ((2927.761 + 561.942) / 5790.894) |
| = | 0.629893 | / | 0.602619 |
| | = | 1.0453 |
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 |
| = | (-249.885 - 15.635 | - | 93.755) | / | 5556.835 |
| | = | -0.064655 |
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.
Alere has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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