Globus Medical Beneish M-Score Historical Data
The historical data trend for Globus Medical'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.
Globus Medical Beneish M-Score Chart
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Globus Medical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.83 |
-2.56 |
-2.21 |
-1.81 |
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Globus Medical Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.21 |
-2.21 |
-2.27 |
-1.62 |
-1.81 |
Competitive Comparison of Globus Medical's Beneish M-Score
For the Medical Devices subindustry, Globus Medical'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.
Globus Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Globus Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Globus Medical's Beneish M-Score falls into.
Globus Medical 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 Globus Medical 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 * 1.5151 | + | 0.528 * 1.1409 | + | 0.404 * 1.222 | + | 0.892 * 1.5334 | + | 0.115 * 1.174 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.971 | + | 4.679 * -0.012591 | - | 0.327 * 2.2603 |
| = | -1.81 |
* 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 $505 Mil.
Revenue was 616.534 + 383.639 + 291.615 + 276.688 = $1,568 Mil.
Gross Profit was 351.048 + 248.249 + 215.142 + 205.863 = $1,020 Mil.
Total Current Assets was $1,915 Mil.
Total Assets was $5,086 Mil.
Property, Plant and Equipment(Net PPE) was $647 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $643 Mil.
Total Current Liabilities was $392 Mil.
Long-Term Debt & Capital Lease Obligation was $508 Mil.
Net Income was 15.034 + 0.998 + 57.712 + 49.129 = $123 Mil.
Non Operating Income was 1.621 + -54.338 + -2.799 + -1.072 = $-57 Mil.
Cash Flow from Operations was 104.674 + 50.484 + 35.028 + 53.313 = $243 Mil.
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Total Receivables was $217 Mil.
Revenue was 274.498 + 254.148 + 263.648 + 230.549 = $1,023 Mil.
Gross Profit was 203.907 + 188.651 + 195.178 + 171.382 = $759 Mil.
Total Current Assets was $983 Mil.
Total Assets was $2,076 Mil.
Property, Plant and Equipment(Net PPE) was $250 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $432 Mil.
Total Current Liabilities was $159 Mil.
Long-Term Debt & Capital Lease Obligation was $3 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) |
| = | (504.87 / 1568.476) | / | (217.308 / 1022.843) |
| = | 0.321886 | / | 0.212455 |
| | = | 1.5151 |
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) |
| = | (759.118 / 1022.843) | / | (1020.302 / 1568.476) |
| = | 0.742165 | / | 0.650505 |
| | = | 1.1409 |
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 - (1915.374 + 646.863) / 5086.083) | / | (1 - (983.344 + 249.717) / 2076.126) |
| = | 0.496226 | / | 0.406076 |
| | = | 1.222 |
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 |
| = | 1568.476 | / | 1022.843 |
| | = | 1.5334 |
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)) |
| = | (68.252 / (68.252 + 249.717)) | / | (144.733 / (144.733 + 646.863)) |
| = | 0.21465 | / | 0.182837 |
| | = | 1.174 |
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) |
| = | (643.41 / 1568.476) | / | (432.117 / 1022.843) |
| = | 0.410213 | / | 0.422467 |
| | = | 0.971 |
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) |
| = | ((508.437 + 392.347) / 5086.083) | / | ((3.475 + 159.204) / 2076.126) |
| = | 0.177108 | / | 0.078357 |
| | = | 2.2603 |
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 |
| = | (122.873 - -56.588 | - | 243.499) | / | 5086.083 |
| | = | -0.012591 |
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.
Globus Medical has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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