Teleflex Beneish M-Score Historical Data
The historical data trend for Teleflex'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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Teleflex Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.54 |
-2.66 |
-2.36 |
-2.45 |
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Teleflex 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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-2.36 |
-2.42 |
-2.44 |
-2.48 |
-2.45 |
Competitive Comparison
For the Medical Instruments & Supplies subindustry, Teleflex'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.
Teleflex Beneish M-Score Distribution
For the Medical Devices & Instruments industry and Healthcare sector, Teleflex's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teleflex's Beneish M-Score falls into.
Teleflex 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 Teleflex 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 * 1.0178 | + | 0.528 * 0.9908 | + | 0.404 * 1.0283 | + | 0.892 * 1.0657 | + | 0.115 * 0.9954 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0102 | + | 4.679 * -0.012998 | - | 0.327 * 0.9671 |
| = | -2.45 |
* 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 $443 Mil.
Revenue was 773.909 + 746.389 + 743.259 + 710.932 = $2,974 Mil.
Gross Profit was 431.417 + 416.311 + 407.823 + 391.38 = $1,647 Mil.
Total Current Assets was $1,407 Mil.
Total Assets was $7,533 Mil.
Property, Plant and Equipment(Net PPE) was $603 Mil.
Depreciation, Depletion and Amortization(DDA) was $242 Mil.
Selling, General, & Admin. Expense(SGA) was $930 Mil.
Total Current Liabilities was $607 Mil.
Long-Term Debt & Capital Lease Obligation was $1,839 Mil.
Net Income was 31.105 + 137.14 + 111.335 + 76.748 = $356 Mil.
Non Operating Income was -52.44 + -0.231 + -1.508 + -2.221 = $-56 Mil.
Cash Flow from Operations was 138.856 + 201.618 + 86.1 + 84.064 = $511 Mil.
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Total Receivables was $409 Mil.
Revenue was 757.996 + 686.788 + 704.542 + 641.715 = $2,791 Mil.
Gross Profit was 422.066 + 373.955 + 388.833 + 346.233 = $1,531 Mil.
Total Current Assets was $1,411 Mil.
Total Assets was $6,928 Mil.
Property, Plant and Equipment(Net PPE) was $578 Mil.
Depreciation, Depletion and Amortization(DDA) was $231 Mil.
Selling, General, & Admin. Expense(SGA) was $864 Mil.
Total Current Liabilities was $581 Mil.
Long-Term Debt & Capital Lease Obligation was $1,744 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) |
| = | (443.467 / 2974.489) | / | (408.834 / 2791.041) |
| = | 0.14909 | / | 0.146481 |
| | = | 1.0178 |
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) |
| = | (1531.087 / 2791.041) | / | (1646.931 / 2974.489) |
| = | 0.548572 | / | 0.553685 |
| | = | 0.9908 |
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 - (1407.406 + 603.434) / 7532.546) | / | (1 - (1410.983 + 578.416) / 6928.063) |
| = | 0.733046 | / | 0.712849 |
| | = | 1.0283 |
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 |
| = | 2974.489 | / | 2791.041 |
| | = | 1.0657 |
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)) |
| = | (230.59 / (230.59 + 578.416)) | / | (242.118 / (242.118 + 603.434)) |
| = | 0.285029 | / | 0.286343 |
| | = | 0.9954 |
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) |
| = | (929.867 / 2974.489) | / | (863.748 / 2791.041) |
| = | 0.312614 | / | 0.309472 |
| | = | 1.0102 |
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) |
| = | ((1838.872 + 606.745) / 7532.546) | / | ((1744.46 + 581.492) / 6928.063) |
| = | 0.324673 | / | 0.335729 |
| | = | 0.9671 |
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 |
| = | (356.328 - -56.4 | - | 510.638) | / | 7532.546 |
| | = | -0.012998 |
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.
Teleflex has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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