Switch to:

Penumbra Beneish M-Score

: -2.53 (As of Today)
View and export this data going back to 2015. Start your Free Trial

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

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Penumbra has a M-score of -2.53 suggests that the company is not a manipulator.

NYSE:PEN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.53   Max: -1.13
Current: -2.53

-2.53
-1.13

During the past 7 years, the highest Beneish M-Score of Penumbra was -1.13. The lowest was -2.53. And the median was -1.65.


Penumbra Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Penumbra Annual Data
Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Beneish M-Score Premium Member Only Premium Member Only 0.00 0.00 -1.22 -1.93 -2.41

Penumbra Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -1.56 -2.10 -2.41 -2.45 -2.53

Competitive Comparison
* 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.


Penumbra Beneish M-Score Distribution

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



Penumbra 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 Penumbra 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 * 1.059+0.528 * 0.9797+0.404 * 0.8183+0.892 * 1.2624+0.115 * 1.7079
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9422+4.679 * -0.0049-0.327 * 1.9907
=-2.53

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun19) TTM:Last Year (Jun18) TTM:
Accounts Receivable was USD 99.0 Mil.
Revenue was 134.201 + 128.439 + 120.793 + 111.806 = USD 495.2 Mil.
Gross Profit was 93.928 + 83.91 + 78.712 + 75.012 = USD 331.6 Mil.
Total Current Assets was USD 434.6 Mil.
Total Assets was USD 585.1 Mil.
Property, Plant and Equipment(Net PPE) was USD 80.4 Mil.
Depreciation, Depletion and Amortization(DDA) was USD 7.0 Mil.
Selling, General, & Admin. Expense(SGA) was USD 245.9 Mil.
Total Current Liabilities was USD 69.8 Mil.
Long-Term Debt & Capital Lease Obligation was USD 46.1 Mil.
Net Income was 16.588 + 10.698 + 6.659 + -18.93 = USD 15.0 Mil.
Non Operating Income was -0.071 + 0.024 + -0.044 + 0.17 = USD 0.1 Mil.
Cash Flow from Operations was 1.903 + -2.068 + 7.531 + 10.445 = USD 17.8 Mil.
Accounts Receivable was USD 74.1 Mil.
Revenue was 109.638 + 102.701 + 96.051 + 83.911 = USD 392.3 Mil.
Gross Profit was 72.252 + 66.557 + 63.727 + 54.777 = USD 257.3 Mil.
Total Current Assets was USD 392.5 Mil.
Total Assets was USD 499.3 Mil.
Property, Plant and Equipment(Net PPE) was USD 33.7 Mil.
(DDA) was USD 5.3 Mil.
Selling, General, & Admin. Expense(SGA) was USD 206.7 Mil.
Total Current Liabilities was USD 49.7 Mil.
Long-Term Debt & Capital Lease Obligation was USD 0.0 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)
=(99.011 / 495.239) / (74.059 / 392.301)
=0.19992569 / 0.18878106
=1.059

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)
=(257.313 / 392.301) / (331.562 / 495.239)
=0.65590707 / 0.66949897
=0.9797

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 - (434.604 + 80.416) / 585.109) / (1 - (392.499 + 33.719) / 499.314)
=0.11978794 / 0.14639285
=0.8183

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
=495.239 / 392.301
=1.2624

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))
=(5.307 / (5.307 + 33.719)) / (6.957 / (6.957 + 80.416))
=0.13598627 / 0.07962414
=1.7079

6. SGAI = Sales, General and Administrative expenses Index

The ratio of c 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)
=(245.866 / 495.239) / (206.707 / 392.301)
=0.49645929 / 0.52690918
=0.9422

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((46.146 + 69.761) / 585.109) / ((0 + 49.687) / 499.314)
=0.19809471 / 0.09951053
=1.9907

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
=(15.015 - 0.079 - 17.811) / 585.109
=-0.0049

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Penumbra has a M-score of -2.53 suggests that the company will not be a manipulator.


Penumbra Beneish M-Score Headlines

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)