GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Glaukos Corp (NYSE:GKOS) » Definitions » Beneish M-Score

GKOS (Glaukos) Beneish M-Score : -2.12 (As of Jul. 14, 2025)


View and export this data going back to 2015. Start your Free Trial

What is Glaukos Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Glaukos's Beneish M-Score or its related term are showing as below:

GKOS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.61   Max: 2.39
Current: -2.12

During the past 12 years, the highest Beneish M-Score of Glaukos was 2.39. The lowest was -3.28. And the median was -2.61.


Glaukos Beneish M-Score Historical Data

The historical data trend for Glaukos'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.

* Premium members only.

Glaukos Beneish M-Score Chart

Glaukos Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.28 -3.06 -2.81 -2.77 -2.10

Glaukos Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.62 -2.35 -2.21 -2.10 -2.12

Competitive Comparison of Glaukos's Beneish M-Score

For the Medical Devices subindustry, Glaukos'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.


Glaukos's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Glaukos's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Glaukos's Beneish M-Score falls into.


;
;

Glaukos 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 Glaukos 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 * 1.2401+0.528 * 1.0056+0.404 * 0.9111+0.892 * 1.2392+0.115 * 0.9781
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9371+4.679 * -0.054735-0.327 * 0.3688
=-2.12

* 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 $71.5 Mil.
Revenue was 106.664 + 105.499 + 96.67 + 95.69 = $404.5 Mil.
Gross Profit was 82.348 + 76.864 + 74.086 + 73.14 = $306.4 Mil.
Total Current Assets was $444.5 Mil.
Total Assets was $966.2 Mil.
Property, Plant and Equipment(Net PPE) was $170.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.2 Mil.
Selling, General, & Admin. Expense(SGA) was $269.9 Mil.
Total Current Liabilities was $68.5 Mil.
Long-Term Debt & Capital Lease Obligation was $105.5 Mil.
Net Income was -18.146 + -33.58 + -21.409 + -50.545 = $-123.7 Mil.
Non Operating Income was 0.945 + -5.95 + 2.391 + -22.213 = $-24.8 Mil.
Cash Flow from Operations was -18.521 + 0.507 + -9.586 + -18.369 = $-46.0 Mil.
Total Receivables was $46.5 Mil.
Revenue was 85.622 + 82.365 + 78.048 + 80.399 = $326.4 Mil.
Gross Profit was 65.364 + 63.474 + 59.538 + 60.296 = $248.7 Mil.
Total Current Assets was $388.6 Mil.
Total Assets was $933.3 Mil.
Property, Plant and Equipment(Net PPE) was $172.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.6 Mil.
Selling, General, & Admin. Expense(SGA) was $232.4 Mil.
Total Current Liabilities was $72.2 Mil.
Long-Term Debt & Capital Lease Obligation was $383.5 Mil.




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)
=(71.531 / 404.523) / (46.545 / 326.434)
=0.176828 / 0.142586
=1.2401

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)
=(248.672 / 326.434) / (306.438 / 404.523)
=0.761783 / 0.757529
=1.0056

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 - (444.544 + 170.199) / 966.178) / (1 - (388.61 + 172.116) / 933.338)
=0.363737 / 0.399225
=0.9111

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
=404.523 / 326.434
=1.2392

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))
=(38.62 / (38.62 + 172.116)) / (39.243 / (39.243 + 170.199))
=0.183262 / 0.187369
=0.9781

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)
=(269.864 / 404.523) / (232.393 / 326.434)
=0.667117 / 0.711914
=0.9371

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)
=((105.48 + 68.529) / 966.178) / ((383.516 + 72.238) / 933.338)
=0.1801 / 0.488305
=0.3688

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
=(-123.68 - -24.827 - -45.969) / 966.178
=-0.054735

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.

Glaukos has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.


Glaukos Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Glaukos's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Glaukos Business Description

Traded in Other Exchanges
Address
One Glaukos Way, Aliso Viejo, CA, USA, 92656
Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. It has commenced commercialization activities for iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. The company also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus. It has three primary commercialized micro-scale surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite.
Executives
Alex R. Thurman officer: SVP & Chief Financial Officer C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Mark J Foley director ZELTIQ AESTHETICS INC., 4698 WILLOW ROAD SUITE 100, PLEASANTON CA 94588
Tomas Navratil officer: Chief Development Officer C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Gilbert H Kliman director C/O INTERWEST PARTNERS, 467 FIRST STREET SUITE 201, LOS ALTOS CA 94022
Joseph E Gilliam officer: CFO, SVP Corporate Development C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92677
Marc Stapley director 9885 TOWNE CENTRE DRIVE, SAN DIEGO CA 92121
Aimee S Weisner director ONE EDWARDS WAY, IRVINE CA 92614
Thomas William Burns director, 10 percent owner, officer: Chief Executive Officer C/O GLAUKOS CORPORATION,, 26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653
Denice Torres director 3 RABBIT RUN DRIVE, NEW HOPE PA 18938
Leana Wen director C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Chris M. Calcaterra officer: Chief Commercial Officer C/O GLAUKOS CORPORATION, 26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653
Link William J Phd director, 10 percent owner ONE SANSOME STREET, SUITE 1650, SAN FRANCISCO CA 94104
Orbimed Advisors Llc director 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Jonathan Silverstein director 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Richard L Harrison officer: Treasurer, CFO & Secretary 26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653