ResMed Beneish M-Score Historical Data
The historical data trend for ResMed'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.
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ResMed Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.54 |
-2.70 |
-2.42 |
-2.09 |
-2.12 |
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ResMed 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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-2.01 |
-1.99 |
-2.12 |
-2.34 |
-2.39 |
Competitive Comparison
For the Medical Instruments & Supplies subindustry, ResMed'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.
ResMed Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, ResMed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ResMed's Beneish M-Score falls into.
ResMed 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 ResMed 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 * 0.907 | + | 0.528 * 1.0291 | + | 0.404 * 0.9987 | + | 0.892 * 1.1969 | + | 0.115 * 0.9526 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.978 | + | 4.679 * -0.018826 | - | 0.327 * 0.777 |
| = | -2.39 |
* 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 $730 Mil.
Revenue was 1162.801 + 1102.321 + 1122.057 + 1116.898 = $4,504 Mil.
Gross Profit was 646.934 + 600.06 + 617.387 + 617.752 = $2,482 Mil.
Total Current Assets was $2,378 Mil.
Total Assets was $6,905 Mil.
Property, Plant and Equipment(Net PPE) was $705 Mil.
Depreciation, Depletion and Amortization(DDA) was $215 Mil.
Selling, General, & Admin. Expense(SGA) was $914 Mil.
Total Current Liabilities was $764 Mil.
Long-Term Debt & Capital Lease Obligation was $1,357 Mil.
Net Income was 208.8 + 219.422 + 229.664 + 232.5 = $890 Mil.
Non Operating Income was -66.063 + -1.849 + 5.507 + 3.671 = $-59 Mil.
Cash Flow from Operations was 272.832 + 286.283 + 237.436 + 282.565 = $1,079 Mil.
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Total Receivables was $672 Mil.
Revenue was 1033.744 + 950.294 + 914.737 + 864.5 = $3,763 Mil.
Gross Profit was 579.715 + 540.81 + 522.506 + 491.197 = $2,134 Mil.
Total Current Assets was $2,325 Mil.
Total Assets was $6,676 Mil.
Property, Plant and Equipment(Net PPE) was $651 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $781 Mil.
Total Current Liabilities was $733 Mil.
Long-Term Debt & Capital Lease Obligation was $1,907 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) |
| = | (729.74 / 4504.077) | / | (672.271 / 3763.275) |
| = | 0.162018 | / | 0.17864 |
| | = | 0.907 |
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) |
| = | (2134.228 / 3763.275) | / | (2482.133 / 4504.077) |
| = | 0.56712 | / | 0.551086 |
| | = | 1.0291 |
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 - (2378.077 + 705.207) / 6905.088) | / | (1 - (2325.156 + 650.967) / 6676.104) |
| = | 0.553477 | / | 0.554213 |
| | = | 0.9987 |
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 |
| = | 4504.077 | / | 3763.275 |
| | = | 1.1969 |
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)) |
| = | (186.189 / (186.189 + 650.967)) | / | (214.801 / (214.801 + 705.207)) |
| = | 0.222407 | / | 0.233477 |
| | = | 0.9526 |
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) |
| = | (914.172 / 4504.077) | / | (781.031 / 3763.275) |
| = | 0.202965 | / | 0.20754 |
| | = | 0.978 |
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) |
| = | ((1357.418 + 764.073) / 6905.088) | / | ((1907.134 + 732.714) / 6676.104) |
| = | 0.307236 | / | 0.395417 |
| | = | 0.777 |
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 |
| = | (890.386 - -58.734 | - | 1079.116) | / | 6905.088 |
| | = | -0.018826 |
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.
ResMed has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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