Intuitive Surgical Beneish M-Score Historical Data
The historical data trend for Intuitive Surgical'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.
Intuitive Surgical Beneish M-Score Chart
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Intuitive Surgical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.69 |
-2.14 |
-2.54 |
-2.37 |
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Intuitive Surgical Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.77 |
-2.80 |
-2.77 |
-2.37 |
-2.15 |
Competitive Comparison of Intuitive Surgical's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Intuitive Surgical'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.
Intuitive Surgical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Intuitive Surgical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intuitive Surgical's Beneish M-Score falls into.
Intuitive Surgical 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 Intuitive Surgical 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 * 1.0474 | + | 0.528 * 1.0064 | + | 0.404 * 1.0081 | + | 0.892 * 1.1381 | + | 0.115 * 1.2258 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9486 | + | 4.679 * 0.017678 | - | 0.327 * 0.8674 |
| = | -2.15 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,260 Mil.
Revenue was 1890.6 + 1928.3 + 1743.7 + 1755.9 = $7,319 Mil.
Gross Profit was 1245.4 + 1277.4 + 1167.2 + 1171.9 = $4,862 Mil.
Total Current Assets was $7,633 Mil.
Total Assets was $15,828 Mil.
Property, Plant and Equipment(Net PPE) was $3,800 Mil.
Depreciation, Depletion and Amortization(DDA) was $438 Mil.
Selling, General, & Admin. Expense(SGA) was $1,975 Mil.
Total Current Liabilities was $1,375 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 544.9 + 606.2 + 415.7 + 420.8 = $1,988 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 265.4 + 228.3 + 548.4 + 665.7 = $1,708 Mil.
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Total Receivables was $1,057 Mil.
Revenue was 1696.2 + 1655 + 1557.4 + 1522.1 = $6,431 Mil.
Gross Profit was 1113 + 1110.9 + 1052.1 + 1023.3 = $4,299 Mil.
Total Current Assets was $6,877 Mil.
Total Assets was $13,053 Mil.
Property, Plant and Equipment(Net PPE) was $2,580 Mil.
Depreciation, Depletion and Amortization(DDA) was $375 Mil.
Selling, General, & Admin. Expense(SGA) was $1,829 Mil.
Total Current Liabilities was $1,307 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (1260.4 / 7318.5) | / | (1057.4 / 6430.7) |
| = | 0.172221 | / | 0.16443 |
| | = | 1.0474 |
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) |
| = | (4299.3 / 6430.7) | / | (4861.9 / 7318.5) |
| = | 0.668559 | / | 0.66433 |
| | = | 1.0064 |
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 - (7632.7 + 3799.6) / 15828) | / | (1 - (6877 + 2580.2) / 13053.2) |
| = | 0.277717 | / | 0.275488 |
| | = | 1.0081 |
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 |
| = | 7318.5 | / | 6430.7 |
| | = | 1.1381 |
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)) |
| = | (374.7 / (374.7 + 2580.2)) | / | (438.4 / (438.4 + 3799.6)) |
| = | 0.126806 | / | 0.103445 |
| | = | 1.2258 |
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) |
| = | (1974.9 / 7318.5) | / | (1829.3 / 6430.7) |
| = | 0.26985 | / | 0.284464 |
| | = | 0.9486 |
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) |
| = | ((0 + 1375.1) / 15828) | / | ((0 + 1307.4) / 13053.2) |
| = | 0.086878 | / | 0.100159 |
| | = | 0.8674 |
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 |
| = | (1987.6 - 0 | - | 1707.8) | / | 15828 |
| | = | 0.017678 |
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.
Intuitive Surgical has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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