Remed Co Beneish M-Score Historical Data
The historical data trend for Remed Co'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.
Remed Co Beneish M-Score Chart
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Remed Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.83 |
-0.53 |
-2.96 |
-2.42 |
-1.38 |
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Remed Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.42 |
-2.67 |
-2.61 |
-2.37 |
-1.38 |
Competitive Comparison of Remed Co's Beneish M-Score
For the Medical Devices subindustry, Remed Co'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.
Remed Co's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Remed Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Remed Co's Beneish M-Score falls into.
Remed Co 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 Remed Co 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 * 1.382 | + | 0.528 * 0.8786 | + | 0.404 * 0.7228 | + | 0.892 * 1.3786 | + | 0.115 * 0.741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7141 | + | 4.679 * 0.10036 | - | 0.327 * 0.7063 |
| = | -1.38 |
* 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 ₩8,273 Mil.
Revenue was 6446.227 + 6034.357 + 7757.188 + 5316.279 = ₩25,554 Mil.
Gross Profit was 3768.388 + 3376.309 + 4195.894 + 2833.273 = ₩14,174 Mil.
Total Current Assets was ₩28,652 Mil.
Total Assets was ₩59,063 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,583 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,278 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,831 Mil.
Total Current Liabilities was ₩9,037 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,363 Mil.
Net Income was 2540.856 + 3644.012 + 1070.139 + -82.929 = ₩7,172 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4262.576 + 3579.262 + 1682.5 + 245.338 = ₩1,245 Mil.
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Total Receivables was ₩4,342 Mil.
Revenue was 4315.204 + 4167.142 + 4921.571 + 5132.218 = ₩18,536 Mil.
Gross Profit was 2059.18 + 1989.428 + 2186.784 + 2797.649 = ₩9,033 Mil.
Total Current Assets was ₩21,869 Mil.
Total Assets was ₩55,060 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,095 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩955 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,954 Mil.
Total Current Liabilities was ₩16,678 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,329 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) |
| = | (8273.363 / 25554.051) | / | (4342.345 / 18536.135) |
| = | 0.323759 | / | 0.234264 |
| | = | 1.382 |
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) |
| = | (9033.041 / 18536.135) | / | (14173.864 / 25554.051) |
| = | 0.487321 | / | 0.554662 |
| | = | 0.8786 |
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 - (28652.423 + 22582.61) / 59062.954) | / | (1 - (21869.418 + 23095.452) / 55060.329) |
| = | 0.132535 | / | 0.183353 |
| | = | 0.7228 |
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 |
| = | 25554.051 | / | 18536.135 |
| | = | 1.3786 |
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)) |
| = | (954.513 / (954.513 + 23095.452)) | / | (1278.036 / (1278.036 + 22582.61)) |
| = | 0.039689 | / | 0.053563 |
| | = | 0.741 |
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) |
| = | (7830.588 / 25554.051) | / | (7954.485 / 18536.135) |
| = | 0.306432 | / | 0.429134 |
| | = | 0.7141 |
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) |
| = | ((5362.576 + 9037.335) / 59062.954) | / | ((2329.022 + 16678.237) / 55060.329) |
| = | 0.243806 | / | 0.345208 |
| | = | 0.7063 |
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 |
| = | (7172.078 - 0 | - | 1244.524) | / | 59062.954 |
| | = | 0.10036 |
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.
Remed Co has a M-score of -1.38 signals that the company is likely to be a manipulator.
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