ZimVie Beneish M-Score Historical Data
The historical data trend for ZimVie'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.
ZimVie Beneish M-Score Chart
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ZimVie Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-4.11 |
-4.21 |
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ZimVie Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.11 |
-2.81 |
-2.81 |
-2.83 |
-4.21 |
Competitive Comparison of ZimVie's Beneish M-Score
For the Medical Devices subindustry, ZimVie'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.
ZimVie's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, ZimVie's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ZimVie's Beneish M-Score falls into.
ZimVie 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 ZimVie 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 * 1.0147 | + | 0.528 * 0.9995 | + | 0.404 * 0.8707 | + | 0.892 * 0.9874 | + | 0.115 * 0.9788 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.996 | + | 4.679 * -0.341039 | - | 0.327 * 1.2403 |
| = | -4.21 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $74.8 Mil.
Revenue was -195.762 + 202.872 + 224.896 + 225.427 = $457.4 Mil.
Gross Profit was -152.018 + 137.624 + 150.396 + 154.382 = $290.4 Mil.
Total Current Assets was $482.9 Mil.
Total Assets was $1,205.3 Mil.
Property, Plant and Equipment(Net PPE) was $54.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $121.7 Mil.
Selling, General, & Admin. Expense(SGA) was $249.0 Mil.
Total Current Liabilities was $173.6 Mil.
Long-Term Debt & Capital Lease Obligation was $517.9 Mil.
Net Income was -334.852 + -5.089 + -23.373 + -29.968 = $-393.3 Mil.
Non Operating Income was 1.889 + -4.442 + -9.243 + -7.564 = $-19.4 Mil.
Cash Flow from Operations was 21.454 + 22.634 + 0.256 + -7.196 = $37.1 Mil.
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Total Receivables was $74.7 Mil.
Revenue was -221.45 + 214.577 + 234.564 + 235.601 = $463.3 Mil.
Gross Profit was -164.287 + 154.947 + 153.492 + 149.794 = $293.9 Mil.
Total Current Assets was $537.9 Mil.
Total Assets was $1,642.1 Mil.
Property, Plant and Equipment(Net PPE) was $58.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $122.8 Mil.
Selling, General, & Admin. Expense(SGA) was $253.2 Mil.
Total Current Liabilities was $217.3 Mil.
Long-Term Debt & Capital Lease Obligation was $542.2 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) |
| = | (74.809 / 457.433) | / | (74.668 / 463.292) |
| = | 0.163541 | / | 0.161168 |
| | = | 1.0147 |
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) |
| = | (293.946 / 463.292) | / | (290.384 / 457.433) |
| = | 0.634472 | / | 0.634812 |
| | = | 0.9995 |
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 - (482.877 + 54.167) / 1205.345) | / | (1 - (537.863 + 58.5) / 1642.056) |
| = | 0.554448 | / | 0.636819 |
| | = | 0.8707 |
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 |
| = | 457.433 | / | 463.292 |
| | = | 0.9874 |
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)) |
| = | (122.789 / (122.789 + 58.5)) | / | (121.686 / (121.686 + 54.167)) |
| = | 0.677311 | / | 0.691976 |
| | = | 0.9788 |
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) |
| = | (248.965 / 457.433) | / | (253.158 / 463.292) |
| = | 0.544265 | / | 0.546433 |
| | = | 0.996 |
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) |
| = | ((517.877 + 173.614) / 1205.345) | / | ((542.193 + 217.309) / 1642.056) |
| = | 0.573687 | / | 0.462531 |
| | = | 1.2403 |
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 |
| = | (-393.282 - -19.36 | - | 37.148) | / | 1205.345 |
| | = | -0.341039 |
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.
ZimVie has a M-score of -4.21 suggests that the company is unlikely to be a manipulator.
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