Teleflex Beneish M-Score Historical Data
The historical data trend for Teleflex'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.
Teleflex Beneish M-Score Chart
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Teleflex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.54 |
-2.66 |
-2.36 |
-2.45 |
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Teleflex Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.42 |
-2.44 |
-2.48 |
-2.45 |
-2.53 |
Competitive Comparison of Teleflex's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Teleflex'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.
Teleflex's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Teleflex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teleflex's Beneish M-Score falls into.
Teleflex 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 Teleflex 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 * 1.0425 | + | 0.528 * 0.9894 | + | 0.404 * 1.0274 | + | 0.892 * 1.0493 | + | 0.115 * 0.9686 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1511 | + | 4.679 * -0.024853 | - | 0.327 * 0.9673 |
| = | -2.53 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $449 Mil.
Revenue was 737.849 + 773.909 + 746.389 + 743.259 = $3,001 Mil.
Gross Profit was 416.134 + 431.417 + 416.311 + 407.823 = $1,672 Mil.
Total Current Assets was $1,434 Mil.
Total Assets was $7,478 Mil.
Property, Plant and Equipment(Net PPE) was $598 Mil.
Depreciation, Depletion and Amortization(DDA) was $248 Mil.
Selling, General, & Admin. Expense(SGA) was $1,078 Mil.
Total Current Liabilities was $571 Mil.
Long-Term Debt & Capital Lease Obligation was $1,772 Mil.
Net Income was 15.289 + 31.105 + 137.14 + 111.335 = $295 Mil.
Non Operating Income was -2.659 + -52.44 + -0.231 + -1.508 = $-57 Mil.
Cash Flow from Operations was 110.981 + 138.856 + 201.618 + 86.1 = $538 Mil.
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Total Receivables was $410 Mil.
Revenue was 710.932 + 757.996 + 686.788 + 704.542 = $2,860 Mil.
Gross Profit was 391.38 + 422.066 + 373.955 + 388.833 = $1,576 Mil.
Total Current Assets was $1,428 Mil.
Total Assets was $6,918 Mil.
Property, Plant and Equipment(Net PPE) was $586 Mil.
Depreciation, Depletion and Amortization(DDA) was $233 Mil.
Selling, General, & Admin. Expense(SGA) was $893 Mil.
Total Current Liabilities was $576 Mil.
Long-Term Debt & Capital Lease Obligation was $1,665 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) |
| = | (448.532 / 3001.406) | / | (410.02 / 2860.258) |
| = | 0.149441 | / | 0.143351 |
| | = | 1.0425 |
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) |
| = | (1576.234 / 2860.258) | / | (1671.685 / 3001.406) |
| = | 0.551081 | / | 0.556967 |
| | = | 0.9894 |
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 - (1433.608 + 598.095) / 7477.922) | / | (1 - (1428.054 + 585.634) / 6917.922) |
| = | 0.728306 | / | 0.708917 |
| | = | 1.0274 |
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 |
| = | 3001.406 | / | 2860.258 |
| | = | 1.0493 |
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)) |
| = | (232.503 / (232.503 + 585.634)) | / | (248.335 / (248.335 + 598.095)) |
| = | 0.284186 | / | 0.293391 |
| | = | 0.9686 |
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) |
| = | (1078.12 / 3001.406) | / | (892.532 / 2860.258) |
| = | 0.359205 | / | 0.312046 |
| | = | 1.1511 |
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) |
| = | ((1772.272 + 571.014) / 7477.922) | / | ((1665.312 + 575.712) / 6917.922) |
| = | 0.313361 | / | 0.323945 |
| | = | 0.9673 |
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 |
| = | (294.869 - -56.838 | - | 537.555) | / | 7477.922 |
| | = | -0.024853 |
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.
Teleflex has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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