Quest Diagnostics Beneish M-Score Historical Data
The historical data trend for Quest Diagnostics'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.
Quest Diagnostics Beneish M-Score Chart
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Quest Diagnostics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.35 |
-2.73 |
-2.85 |
-2.58 |
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Quest Diagnostics Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.69 |
-2.67 |
-2.53 |
-2.58 |
-2.58 |
Competitive Comparison of Quest Diagnostics's Beneish M-Score
For the Diagnostics & Research subindustry, Quest Diagnostics'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.
Quest Diagnostics's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Quest Diagnostics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quest Diagnostics's Beneish M-Score falls into.
Quest Diagnostics 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 Quest Diagnostics 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 * 1.0901 | + | 0.528 * 1.026 | + | 0.404 * 0.9959 | + | 0.892 * 0.9671 | + | 0.115 * 0.9829 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8998 | + | 4.679 * -0.036405 | - | 0.327 * 1.0383 |
| = | -2.58 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,322 Mil.
Revenue was 2366 + 2288 + 2295 + 2338 = $9,287 Mil.
Gross Profit was 771 + 736 + 754 + 792 = $3,053 Mil.
Total Current Assets was $2,228 Mil.
Total Assets was $13,954 Mil.
Property, Plant and Equipment(Net PPE) was $2,389 Mil.
Depreciation, Depletion and Amortization(DDA) was $448 Mil.
Selling, General, & Admin. Expense(SGA) was $1,643 Mil.
Total Current Liabilities was $2,298 Mil.
Long-Term Debt & Capital Lease Obligation was $4,293 Mil.
Net Income was 194 + 192 + 225 + 235 = $846 Mil.
Non Operating Income was 9 + 10 + -3 + 6 = $22 Mil.
Cash Flow from Operations was 154 + 527 + 207 + 444 = $1,332 Mil.
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Total Receivables was $1,254 Mil.
Revenue was 2331 + 2333 + 2486 + 2453 = $9,603 Mil.
Gross Profit was 771 + 758 + 868 + 842 = $3,239 Mil.
Total Current Assets was $1,814 Mil.
Total Assets was $12,794 Mil.
Property, Plant and Equipment(Net PPE) was $2,384 Mil.
Depreciation, Depletion and Amortization(DDA) was $438 Mil.
Selling, General, & Admin. Expense(SGA) was $1,888 Mil.
Total Current Liabilities was $1,355 Mil.
Long-Term Debt & Capital Lease Obligation was $4,465 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) |
| = | (1322 / 9287) | / | (1254 / 9603) |
| = | 0.14235 | / | 0.130584 |
| | = | 1.0901 |
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) |
| = | (3239 / 9603) | / | (3053 / 9287) |
| = | 0.33729 | / | 0.328739 |
| | = | 1.026 |
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 - (2228 + 2389) / 13954) | / | (1 - (1814 + 2384) / 12794) |
| = | 0.669127 | / | 0.671877 |
| | = | 0.9959 |
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 |
| = | 9287 | / | 9603 |
| | = | 0.9671 |
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)) |
| = | (438 / (438 + 2384)) | / | (448 / (448 + 2389)) |
| = | 0.155209 | / | 0.157913 |
| | = | 0.9829 |
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) |
| = | (1643 / 9287) | / | (1888 / 9603) |
| = | 0.176914 | / | 0.196605 |
| | = | 0.8998 |
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) |
| = | ((4293 + 2298) / 13954) | / | ((4465 + 1355) / 12794) |
| = | 0.472338 | / | 0.454901 |
| | = | 1.0383 |
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 |
| = | (846 - 22 | - | 1332) | / | 13954 |
| | = | -0.036405 |
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.
Quest Diagnostics has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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