Voxel (WAR:VOX) Beneish M-Score : -2.17 (As of Mar. 30, 2025)

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What is Voxel Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Voxel's Beneish M-Score or its related term are showing as below:

WAR:VOX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.64 Max: -2.04
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Voxel was -2.04. The lowest was -3.22. And the median was -2.64.

Voxel Beneish M-Score Historical Data

The historical data trend for Voxel'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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Voxel Beneish M-Score Chart

Voxel Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-2.20

-2.69

-3.14

-2.81

Voxel Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.97	-2.81	-2.73	-2.48	-2.17

Competitive Comparison of Voxel's Beneish M-Score

For the Diagnostics & Research subindustry, Voxel'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.

Voxel's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Voxel's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Voxel's Beneish M-Score falls into.

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Voxel 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 Voxel for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0511

0.528 * 1.1915

0.404 * 0.9863

0.892 * 1.2796

0.115 * 0.9314

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9807

4.679 * -0.019042

0.327 * 0.9538

-2.17

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was zł123.4 Mil.
Revenue was 134.516 + 123.948 + 108.637 + 125.313 = zł492.4 Mil.
Gross Profit was 41.412 + 38.033 + 35.406 + 38.119 = zł153.0 Mil.
Total Current Assets was zł212.5 Mil.
Total Assets was zł593.4 Mil.
Property, Plant and Equipment(Net PPE) was zł286.3 Mil.
Depreciation, Depletion and Amortization(DDA) was zł44.7 Mil.
Selling, General, & Admin. Expense(SGA) was zł27.5 Mil.
Total Current Liabilities was zł159.6 Mil.
Long-Term Debt & Capital Lease Obligation was zł74.1 Mil.
Net Income was 25.402 + 22.558 + 19.224 + 22.406 = zł89.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 20.967 + 14.782 + 14.275 + 50.866 = zł100.9 Mil.

Total Receivables was zł91.8 Mil.
Revenue was 118.295 + 91.972 + 88.603 + 85.956 = zł384.8 Mil.
Gross Profit was 39.993 + 30.989 + 31.247 + 40.206 = zł142.4 Mil.
Total Current Assets was zł169.0 Mil.
Total Assets was zł519.6 Mil.
Property, Plant and Equipment(Net PPE) was zł266.5 Mil.
Depreciation, Depletion and Amortization(DDA) was zł38.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł21.9 Mil.
Total Current Liabilities was zł114.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł100.5 Mil.

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)
	=	(123.418 / 492.414)	/	(91.76 / 384.826)
	=	0.250639	/	0.238445
	=	1.0511

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)
	=	(142.435 / 384.826)	/	(152.97 / 492.414)
	=	0.370128	/	0.310653
	=	1.1915

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 - (212.509 + 286.259) / 593.439)	/	(1 - (169.046 + 266.514) / 519.604)
	=	0.159529	/	0.161746
	=	0.9863

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
	=	492.414	/	384.826
	=	1.2796

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))
	=	(38.359 / (38.359 + 266.514))	/	(44.71 / (44.71 + 286.259))
	=	0.12582	/	0.135088
	=	0.9314

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)
	=	(27.526 / 492.414)	/	(21.936 / 384.826)
	=	0.0559	/	0.057002
	=	0.9807

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)
	=	((74.137 + 159.598) / 593.439)	/	((100.484 + 114.075) / 519.604)
	=	0.393865	/	0.412928
	=	0.9538

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
	=	(89.59 - 0	-	100.89)	/	593.439
	=	-0.019042

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.

Voxel has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.

Voxel Beneish M-Score Related Terms

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Voxel Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » Voxel SA (WAR:VOX) » Definitions » Beneish M-Score

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0NX:Germany

Address

ulica Wielicka 265, Krakow, POL, 30-663

Website

http://www.voxel.pl

Voxel SA is a network of diagnostic imaging laboratories created for patients and to increase access to high-quality tests. The company operates diagnostic imaging centers and laboratories and provides several services such as magnetic resonance imaging, computed tomography and positron emission tomography. It has 33 specialised laboratories in 21 cities throughout Poland.