Masimo Beneish M-Score Historical Data
The historical data trend for Masimo'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.
Masimo Beneish M-Score Chart
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Masimo Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.11 |
-2.28 |
-1.60 |
-2.53 |
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Masimo 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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-1.60 |
-1.58 |
-2.15 |
-2.35 |
-2.53 |
Competitive Comparison of Masimo's Beneish M-Score
For the Medical Devices subindustry, Masimo'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.
Masimo's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Masimo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masimo's Beneish M-Score falls into.
Masimo 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 Masimo 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 * 0.8285 | + | 0.528 * 1.0615 | + | 0.404 * 0.979 | + | 0.892 * 1.006 | + | 0.115 * 1.3244 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0037 | + | 4.679 * 0.005359 | - | 0.327 * 0.9622 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $421 Mil.
Revenue was 548.9 + 478.9 + 455.3 + 565 = $2,048 Mil.
Gross Profit was 262.7 + 234.8 + 221.2 + 284.8 = $1,004 Mil.
Total Current Assets was $1,232 Mil.
Total Assets was $3,042 Mil.
Property, Plant and Equipment(Net PPE) was $484 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $664 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt & Capital Lease Obligation was $918 Mil.
Net Income was 33.9 + 10.6 + 15.7 + 21.3 = $82 Mil.
Non Operating Income was -28.7 + -6.1 + 6.6 + -0.7 = $-29 Mil.
Cash Flow from Operations was 77.1 + -7 + 23.6 + 0.4 = $94 Mil.
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Total Receivables was $505 Mil.
Revenue was 617 + 549.3 + 565.3 + 304.2 = $2,036 Mil.
Gross Profit was 313.4 + 282.5 + 258.2 + 204.7 = $1,059 Mil.
Total Current Assets was $1,309 Mil.
Total Assets was $3,211 Mil.
Property, Plant and Equipment(Net PPE) was $472 Mil.
Depreciation, Depletion and Amortization(DDA) was $136 Mil.
Selling, General, & Admin. Expense(SGA) was $658 Mil.
Total Current Liabilities was $630 Mil.
Long-Term Debt & Capital Lease Obligation was $995 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) |
| = | (421 / 2048.1) | / | (505.1 / 2035.8) |
| = | 0.205556 | / | 0.248109 |
| | = | 0.8285 |
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) |
| = | (1058.8 / 2035.8) | / | (1003.5 / 2048.1) |
| = | 0.52009 | / | 0.489966 |
| | = | 1.0615 |
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 - (1231.9 + 483.5) / 3041.5) | / | (1 - (1308.6 + 472.1) / 3210.6) |
| = | 0.436002 | / | 0.445368 |
| | = | 0.979 |
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 |
| = | 2048.1 | / | 2035.8 |
| | = | 1.006 |
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)) |
| = | (136.1 / (136.1 + 472.1)) | / | (98.3 / (98.3 + 483.5)) |
| = | 0.223775 | / | 0.168958 |
| | = | 1.3244 |
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) |
| = | (664 / 2048.1) | / | (657.6 / 2035.8) |
| = | 0.324203 | / | 0.323018 |
| | = | 1.0037 |
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) |
| = | ((917.5 + 563.8) / 3041.5) | / | ((995 + 630) / 3210.6) |
| = | 0.487029 | / | 0.506136 |
| | = | 0.9622 |
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 |
| = | (81.5 - -28.9 | - | 94.1) | / | 3041.5 |
| | = | 0.005359 |
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.
Masimo has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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