ResMed Beneish M-Score Historical Data
The historical data trend for ResMed'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.
ResMed Beneish M-Score Chart
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ResMed Annual Data
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Trend |
Jun15 |
Jun16 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.70 |
-2.42 |
-2.09 |
-2.12 |
-2.44 |
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ResMed Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.34 |
-2.39 |
-2.41 |
-2.44 |
-2.43 |
Competitive Comparison of ResMed's Beneish M-Score
For the Medical Instruments & Supplies subindustry, ResMed'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.
ResMed's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, ResMed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ResMed's Beneish M-Score falls into.
ResMed 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 ResMed 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 * 1.0662 | + | 0.528 * 0.9571 | + | 0.404 * 0.9544 | + | 0.892 * 1.0988 | + | 0.115 * 1.0328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9398 | + | 4.679 * -0.035129 | - | 0.327 * 0.7167 |
| = | -2.43 |
* 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 $811 Mil.
Revenue was 1224.509 + 1223.195 + 1196.98 + 1162.801 = $4,807 Mil.
Gross Profit was 717.219 + 715.527 + 692.781 + 646.934 = $2,772 Mil.
Total Current Assets was $2,641 Mil.
Total Assets was $7,222 Mil.
Property, Plant and Equipment(Net PPE) was $717 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $933 Mil.
Total Current Liabilities was $904 Mil.
Long-Term Debt & Capital Lease Obligation was $812 Mil.
Net Income was 311.355 + 292.236 + 300.492 + 208.8 = $1,113 Mil.
Non Operating Income was -2.154 + -17.563 + 11.863 + -66.063 = $-74 Mil.
Cash Flow from Operations was 325.538 + 440.114 + 402.031 + 272.832 = $1,441 Mil.
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Total Receivables was $692 Mil.
Revenue was 1102.321 + 1122.057 + 1116.898 + 1033.744 = $4,375 Mil.
Gross Profit was 600.06 + 617.387 + 617.752 + 579.715 = $2,415 Mil.
Total Current Assets was $2,305 Mil.
Total Assets was $6,741 Mil.
Property, Plant and Equipment(Net PPE) was $657 Mil.
Depreciation, Depletion and Amortization(DDA) was $207 Mil.
Selling, General, & Admin. Expense(SGA) was $904 Mil.
Total Current Liabilities was $771 Mil.
Long-Term Debt & Capital Lease Obligation was $1,464 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) |
| = | (811.198 / 4807.485) | / | (692.388 / 4375.02) |
| = | 0.168736 | / | 0.158259 |
| | = | 1.0662 |
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) |
| = | (2414.914 / 4375.02) | / | (2772.461 / 4807.485) |
| = | 0.551978 | / | 0.576697 |
| | = | 0.9571 |
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 - (2641.125 + 717.279) / 7222.417) | / | (1 - (2304.585 + 657.401) / 6740.786) |
| = | 0.535003 | / | 0.560587 |
| | = | 0.9544 |
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 |
| = | 4807.485 | / | 4375.02 |
| | = | 1.0988 |
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)) |
| = | (206.97 / (206.97 + 657.401)) | / | (216.477 / (216.477 + 717.279)) |
| = | 0.239446 | / | 0.231835 |
| | = | 1.0328 |
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) |
| = | (933.241 / 4807.485) | / | (903.689 / 4375.02) |
| = | 0.194122 | / | 0.206557 |
| | = | 0.9398 |
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) |
| = | ((812.068 + 904.079) / 7222.417) | / | ((1463.959 + 770.802) / 6740.786) |
| = | 0.237614 | / | 0.331528 |
| | = | 0.7167 |
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 |
| = | (1112.883 - -73.917 | - | 1440.515) | / | 7222.417 |
| | = | -0.035129 |
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.
ResMed has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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