Steris Beneish M-Score Historical Data
The historical data trend for Steris'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.
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Steris Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.64 |
-2.61 |
-2.64 |
-2.40 |
-2.41 |
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Steris Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.41 |
-2.41 |
-2.40 |
-2.45 |
Competitive Comparison
For the Medical Devices subindustry, Steris'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.
Steris Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Steris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Steris's Beneish M-Score falls into.
Steris 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 Steris 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 * 1.0366 | + | 0.528 * 1.0276 | + | 0.404 * 0.9731 | + | 0.892 * 1.1304 | + | 0.115 * 1.1742 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8969 | + | 4.679 * -0.0321 | - | 0.327 * 1.0289 |
| = | -2.45 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $964 Mil.
Revenue was 1395.645 + 1342.36 + 1284.542 + 1384.837 = $5,407 Mil.
Gross Profit was 602.593 + 593.529 + 573.461 + 588.062 = $2,358 Mil.
Total Current Assets was $2,219 Mil.
Total Assets was $11,435 Mil.
Property, Plant and Equipment(Net PPE) was $2,040 Mil.
Depreciation, Depletion and Amortization(DDA) was $573 Mil.
Selling, General, & Admin. Expense(SGA) was $1,436 Mil.
Total Current Liabilities was $914 Mil.
Long-Term Debt & Capital Lease Obligation was $3,394 Mil.
Net Income was 140.743 + 115.319 + 123.554 + 187.225 = $567 Mil.
Non Operating Income was -0.006 + 0.023 + -0.019 + -0.358 = $-0 Mil.
Cash Flow from Operations was 291.243 + 146.095 + 281.129 + 215.799 = $934 Mil.
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Total Receivables was $823 Mil.
Revenue was 1215.994 + 1200.517 + 1156.491 + 1210.686 = $4,784 Mil.
Gross Profit was 521.497 + 532.335 + 517.798 + 571.622 = $2,143 Mil.
Total Current Assets was $1,977 Mil.
Total Assets was $10,800 Mil.
Property, Plant and Equipment(Net PPE) was $1,858 Mil.
Depreciation, Depletion and Amortization(DDA) was $645 Mil.
Selling, General, & Admin. Expense(SGA) was $1,417 Mil.
Total Current Liabilities was $796 Mil.
Long-Term Debt & Capital Lease Obligation was $3,158 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) |
| = | (964.022 / 5407.384) | / | (822.758 / 4783.688) |
| = | 0.178279 | / | 0.171992 |
| | = | 1.0366 |
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) |
| = | (2143.252 / 4783.688) | / | (2357.645 / 5407.384) |
| = | 0.448033 | / | 0.436005 |
| | = | 1.0276 |
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 - (2218.953 + 2039.897) / 11435.155) | / | (1 - (1976.626 + 1858.477) / 10799.924) |
| = | 0.627565 | / | 0.644895 |
| | = | 0.9731 |
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 |
| = | 5407.384 | / | 4783.688 |
| | = | 1.1304 |
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)) |
| = | (644.524 / (644.524 + 1858.477)) | / | (573.01 / (573.01 + 2039.897)) |
| = | 0.2575 | / | 0.2193 |
| | = | 1.1742 |
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) |
| = | (1436.141 / 5407.384) | / | (1416.598 / 4783.688) |
| = | 0.265589 | / | 0.296131 |
| | = | 0.8969 |
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) |
| = | ((3393.902 + 913.694) / 11435.155) | / | ((3157.553 + 796.457) / 10799.924) |
| = | 0.376698 | / | 0.366115 |
| | = | 1.0289 |
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 |
| = | (566.841 - -0.36 | - | 934.266) | / | 11435.155 |
| | = | -0.0321 |
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.
Steris has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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