Qiagen NV Beneish M-Score Historical Data
The historical data trend for Qiagen NV'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.
Qiagen NV Beneish M-Score Chart
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Qiagen NV Annual Data
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| Beneish M-Score |
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-2.30 |
-2.41 |
-2.61 |
-2.75 |
-2.26 |
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Qiagen NV Quarterly Data
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Sep24 |
| Beneish M-Score |
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-2.30 |
-2.26 |
-2.44 |
-2.48 |
-2.71 |
Competitive Comparison of Qiagen NV's Beneish M-Score
For the Diagnostics & Research subindustry, Qiagen NV'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.
Qiagen NV's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Qiagen NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qiagen NV's Beneish M-Score falls into.
Qiagen NV 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 Qiagen NV 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 * 1.0513 | + | 0.528 * 1.3079 | + | 0.404 * 0.8891 | + | 0.892 * 1.0062 | + | 0.115 * 1.0556 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.962 | + | 4.679 * -0.07135 | - | 0.327 * 1.2318 |
| = | -2.71 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $346 Mil.
Revenue was 501.869 + 496.347 + 458.796 + 509.162 = $1,966 Mil.
Gross Profit was 308.307 + 34.764 + 290.989 + 316.1 = $950 Mil.
Total Current Assets was $2,454 Mil.
Total Assets was $6,270 Mil.
Property, Plant and Equipment(Net PPE) was $760 Mil.
Depreciation, Depletion and Amortization(DDA) was $209 Mil.
Selling, General, & Admin. Expense(SGA) was $569 Mil.
Total Current Liabilities was $1,129 Mil.
Long-Term Debt & Capital Lease Obligation was $1,365 Mil.
Net Income was 98.056 + -183.46 + 80.673 + 97.664 = $93 Mil.
Non Operating Income was -11.161 + -69.084 + -3.421 + -9.434 = $-93 Mil.
Cash Flow from Operations was 182.347 + 166.617 + 133.078 + 151.368 = $633 Mil.
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Total Receivables was $327 Mil.
Revenue was 475.894 + 494.857 + 485.398 + 497.984 = $1,954 Mil.
Gross Profit was 297.96 + 312.152 + 307.476 + 317.524 = $1,235 Mil.
Total Current Assets was $1,962 Mil.
Total Assets was $5,907 Mil.
Property, Plant and Equipment(Net PPE) was $706 Mil.
Depreciation, Depletion and Amortization(DDA) was $208 Mil.
Selling, General, & Admin. Expense(SGA) was $587 Mil.
Total Current Liabilities was $524 Mil.
Long-Term Debt & Capital Lease Obligation was $1,382 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) |
| = | (345.581 / 1966.174) | / | (326.69 / 1954.133) |
| = | 0.175763 | / | 0.167179 |
| | = | 1.0513 |
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) |
| = | (1235.112 / 1954.133) | / | (950.16 / 1966.174) |
| = | 0.632051 | / | 0.483253 |
| | = | 1.3079 |
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 - (2454.073 + 759.932) / 6270.197) | / | (1 - (1962.39 + 706.02) / 5906.698) |
| = | 0.487416 | / | 0.54824 |
| | = | 0.8891 |
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 |
| = | 1966.174 | / | 1954.133 |
| | = | 1.0062 |
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)) |
| = | (208.438 / (208.438 + 706.02)) | / | (209.286 / (209.286 + 759.932)) |
| = | 0.227936 | / | 0.215933 |
| | = | 1.0556 |
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) |
| = | (568.601 / 1966.174) | / | (587.425 / 1954.133) |
| = | 0.289192 | / | 0.300606 |
| | = | 0.962 |
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) |
| = | ((1364.584 + 1128.568) / 6270.197) | / | ((1382.359 + 524.371) / 5906.698) |
| = | 0.397619 | / | 0.322808 |
| | = | 1.2318 |
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 |
| = | (92.933 - -93.1 | - | 633.41) | / | 6270.197 |
| | = | -0.07135 |
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.
Qiagen NV has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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