St Jude Medical Beneish M-Score Historical Data
The historical data trend for St Jude 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.
St Jude Medical Beneish M-Score Chart
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St Jude Medical Annual Data
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Dec06 |
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Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.73 |
-2.79 |
-2.44 |
-2.75 |
-2.45 |
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St Jude Medical Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
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Sep13 |
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Mar14 |
Jun14 |
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Mar15 |
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Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-2.77 |
-2.45 |
-2.44 |
-2.47 |
-2.34 |
Competitive Comparison of St Jude Medical's Beneish M-Score
For the Medical Devices subindustry, St Jude 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.
St Jude Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, St Jude Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where St Jude Medical's Beneish M-Score falls into.
St Jude 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 St Jude 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 * 1.0156 | + | 0.528 * 1.0459 | + | 0.404 * 1.5293 | + | 0.892 * 1.0765 | + | 0.115 * 0.831 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0965 | + | 4.679 * -0.03054 | - | 0.327 * 0.994 |
| = | -2.34 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $1,290 Mil.
Revenue was 1499 + 1562 + 1448 + 1447 = $5,956 Mil.
Gross Profit was 1004 + 1066 + 961 + 946 = $3,977 Mil.
Total Current Assets was $2,816 Mil.
Total Assets was $12,541 Mil.
Property, Plant and Equipment(Net PPE) was $1,336 Mil.
Depreciation, Depletion and Amortization(DDA) was $415 Mil.
Selling, General, & Admin. Expense(SGA) was $2,062 Mil.
Total Current Liabilities was $1,457 Mil.
Long-Term Debt & Capital Lease Obligation was $5,403 Mil.
Net Income was 212 + 238 + 95 + 113 = $658 Mil.
Non Operating Income was -2 + -3 + -53 + 7 = $-51 Mil.
Cash Flow from Operations was 442 + 313 + 150 + 187 = $1,092 Mil.
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Total Receivables was $1,180 Mil.
Revenue was 1339 + 1410 + 1345 + 1439 = $5,533 Mil.
Gross Profit was 914 + 986 + 950 + 1014 = $3,864 Mil.
Total Current Assets was $4,991 Mil.
Total Assets was $11,125 Mil.
Property, Plant and Equipment(Net PPE) was $1,268 Mil.
Depreciation, Depletion and Amortization(DDA) was $311 Mil.
Selling, General, & Admin. Expense(SGA) was $1,747 Mil.
Total Current Liabilities was $2,858 Mil.
Long-Term Debt & Capital Lease Obligation was $3,264 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) |
| = | (1290 / 5956) | / | (1180 / 5533) |
| = | 0.216588 | / | 0.213266 |
| | = | 1.0156 |
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) |
| = | (3864 / 5533) | / | (3977 / 5956) |
| = | 0.698355 | / | 0.66773 |
| | = | 1.0459 |
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 - (2816 + 1336) / 12541) | / | (1 - (4991 + 1268) / 11125) |
| = | 0.668926 | / | 0.437393 |
| | = | 1.5293 |
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 |
| = | 5956 | / | 5533 |
| | = | 1.0765 |
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)) |
| = | (311 / (311 + 1268)) | / | (415 / (415 + 1336)) |
| = | 0.19696 | / | 0.237007 |
| | = | 0.831 |
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) |
| = | (2062 / 5956) | / | (1747 / 5533) |
| = | 0.346206 | / | 0.315742 |
| | = | 1.0965 |
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) |
| = | ((5403 + 1457) / 12541) | / | ((3264 + 2858) / 11125) |
| = | 0.547006 | / | 0.550292 |
| | = | 0.994 |
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 |
| = | (658 - -51 | - | 1092) | / | 12541 |
| | = | -0.03054 |
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.
St Jude Medical has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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