Market Cap : 4.34 B | Enterprise Value : 4.21 B | PE Ratio : | PB Ratio : 6.51 |
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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.
Warning Sign:
Beneish M-Score 1.85 higher than -1.78, which implies that the company might have manipulated its financial results.
During the past 7 years, the highest Beneish M-Score of Glaukos was 2.36. The lowest was -3.30. And the median was -2.55.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Glaukos's Beneish M-Score falls into.
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 * 1.3982 | + | 0.528 * 1.4573 | + | 0.404 * 10.9223 | + | 0.892 * 0.9661 | + | 0.115 * 0.2788 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2995 | + | 4.679 * -0.036 | - | 0.327 * 0.853 | |||||||
= | 1.85 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $32.9 Mil. Revenue was 64.831 + 31.558 + 55.336 + 65.849 = $217.6 Mil. Gross Profit was 46.899 + 9.89 + 22.807 + 49.945 = $129.5 Mil. Total Current Assets was $454.4 Mil. Total Assets was $994.5 Mil. Property, Plant and Equipment(Net PPE) was $94.1 Mil. Depreciation, Depletion and Amortization(DDA) was $30.6 Mil. Selling, General, & Admin. Expense(SGA) was $187.2 Mil. Total Current Liabilities was $46.7 Mil. Long-Term Debt & Capital Lease Obligation was $266.1 Mil. Net Income was -15.748 + -39.894 + -54.058 + 36.581 = $-73.1 Mil. Non Operating Income was 0.852 + 1.201 + -1.711 + 0.16 = $0.5 Mil. Cash Flow from Operations was -9.57 + -10.923 + -13.099 + -4.191 = $-37.8 Mil. |
Accounts Receivable was $24.3 Mil. Revenue was 58.509 + 58.6 + 54.026 + 54.076 = $225.2 Mil. Gross Profit was 50.806 + 50.73 + 46.915 + 46.958 = $195.4 Mil. Total Current Assets was $209.3 Mil. Total Assets was $307.4 Mil. Property, Plant and Equipment(Net PPE) was $85.5 Mil. Depreciation, Depletion and Amortization(DDA) was $6.3 Mil. Selling, General, & Admin. Expense(SGA) was $149.1 Mil. Total Current Liabilities was $33.1 Mil. Long-Term Debt & Capital Lease Obligation was $80.3 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (32.885 / 217.574) | / | (24.345 / 225.211) | |
= | 0.15114398 | / | 0.10809863 | |
= | 1.3982 |
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) | |
= | (195.409 / 225.211) | / | (129.541 / 217.574) | |
= | 0.86767076 | / | 0.59538824 | |
= | 1.4573 |
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 - (454.445 + 94.143) / 994.514) | / | (1 - (209.288 + 85.527) / 307.436) | |
= | 0.44838584 | / | 0.04105245 | |
= | 10.9223 |
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 | |
= | 217.574 | / | 225.211 | |
= | 0.9661 |
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)) |
= | (6.28 / (6.28 + 85.527)) | / | (30.601 / (30.601 + 94.143)) | |
= | 0.06840437 | / | 0.2453104 | |
= | 0.2788 |
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) |
= | (187.22 / 217.574) | / | (149.128 / 225.211) | |
= | 0.86048885 | / | 0.66217014 | |
= | 1.2995 |
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) |
= | ((266.112 + 46.693) / 994.514) | / | ((80.257 + 33.103) / 307.436) | |
= | 0.31453051 | / | 0.36872715 | |
= | 0.853 |
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 | |
= | (-73.119 - 0.502 | - | -37.783) | / | 994.514 | |
= | -0.036 |
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 1.85 signals that the company is likely to be a manipulator.
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