GRAIL Beneish M-Score Historical Data
The historical data trend for GRAIL'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.
GRAIL Beneish M-Score Chart
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GRAIL Annual Data
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Trend |
Dec18 |
Dec19 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.10 |
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GRAIL Quarterly Data
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Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.10 |
Competitive Comparison of GRAIL's Beneish M-Score
For the Diagnostics & Research subindustry, GRAIL'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.
GRAIL's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, GRAIL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GRAIL's Beneish M-Score falls into.
GRAIL 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 GRAIL 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 * 0.658 | + | 0.528 * 1.6657 | + | 0.404 * 0.7414 | + | 0.892 * 1.352 | + | 0.115 * 1.0655 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7501 | + | 4.679 * 0.007724 | - | 0.327 * 0.7415 |
| = | -2.06 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €19.4 Mil.
Revenue was 36.531 + 25.815 + 29.7 + 24.583 = €116.6 Mil.
Gross Profit was -15.249 + -20.032 + -16.64 + -20.156 = €-72.1 Mil.
Total Current Assets was €783.0 Mil.
Total Assets was €2,849.1 Mil.
Property, Plant and Equipment(Net PPE) was €129.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €108.7 Mil.
Selling, General, & Admin. Expense(SGA) was €341.1 Mil.
Total Current Liabilities was €73.5 Mil.
Long-Term Debt & Capital Lease Obligation was €52.4 Mil.
Net Income was -92.698 + -113.245 + -1472.778 + -153.047 = €-1,831.8 Mil.
Non Operating Income was 0.552 + -0.505 + -1320.045 + 0.039 = €-1,320.0 Mil.
Cash Flow from Operations was -89.283 + -94.227 + -159.601 + -190.703 = €-533.8 Mil.
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Total Receivables was €21.8 Mil.
Revenue was 27.809 + 19.417 + 20.688 + 18.347 = €86.3 Mil.
Gross Profit was -17.102 + -25.364 + -22.409 + -23.923 = €-88.8 Mil.
Total Current Assets was €143.1 Mil.
Total Assets was €3,589.0 Mil.
Property, Plant and Equipment(Net PPE) was €155.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €147.2 Mil.
Selling, General, & Admin. Expense(SGA) was €336.3 Mil.
Total Current Liabilities was €150.0 Mil.
Long-Term Debt & Capital Lease Obligation was €63.8 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) |
| = | (19.398 / 116.629) | / | (21.804 / 86.261) |
| = | 0.166322 | / | 0.252768 |
| | = | 0.658 |
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) |
| = | (-88.798 / 86.261) | / | (-72.077 / 116.629) |
| = | -1.029411 | / | -0.618002 |
| | = | 1.6657 |
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 - (782.967 + 129.339) / 2849.058) | / | (1 - (143.112 + 155.322) / 3588.967) |
| = | 0.679787 | / | 0.916847 |
| | = | 0.7414 |
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 |
| = | 116.629 | / | 86.261 |
| | = | 1.352 |
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)) |
| = | (147.233 / (147.233 + 155.322)) | / | (108.734 / (108.734 + 129.339)) |
| = | 0.486632 | / | 0.456725 |
| | = | 1.0655 |
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) |
| = | (341.11 / 116.629) | / | (336.325 / 86.261) |
| = | 2.924744 | / | 3.898923 |
| | = | 0.7501 |
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) |
| = | ((52.411 + 73.463) / 2849.058) | / | ((63.821 + 150.03) / 3588.967) |
| = | 0.044181 | / | 0.059586 |
| | = | 0.7415 |
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 |
| = | (-1831.768 - -1319.959 | - | -533.814) | / | 2849.058 |
| | = | 0.007724 |
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.
GRAIL has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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