Natera Beneish M-Score Historical Data
The historical data trend for Natera'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.
Natera Beneish M-Score Chart
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Natera Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.47 |
-2.46 |
-2.12 |
-3.00 |
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Natera 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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-2.72 |
-2.91 |
-3.13 |
-3.00 |
-2.95 |
Competitive Comparison of Natera's Beneish M-Score
For the Diagnostics & Research subindustry, Natera'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.
Natera's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Natera's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Natera's Beneish M-Score falls into.
Natera 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 Natera 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 * 0.8402 | + | 0.528 * 0.8403 | + | 0.404 * 1.2303 | + | 0.892 * 1.3926 | + | 0.115 * 0.7813 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8061 | + | 4.679 * -0.15435 | - | 0.327 * 0.9074 |
| = | -2.95 |
* 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 $289 Mil.
Revenue was 367.741 + 311.105 + 268.306 + 261.404 = $1,209 Mil.
Gross Profit was 208.601 + 159.858 + 120.995 + 118.255 = $608 Mil.
Total Current Assets was $1,261 Mil.
Total Assets was $1,468 Mil.
Property, Plant and Equipment(Net PPE) was $180 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $663 Mil.
Total Current Liabilities was $306 Mil.
Long-Term Debt & Capital Lease Obligation was $347 Mil.
Net Income was -67.599 + -78.031 + -109.03 + -110.803 = $-365 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 27.001 + -58.125 + -29.555 + -78.167 = $-139 Mil.
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Total Receivables was $247 Mil.
Revenue was 241.756 + 217.252 + 210.637 + 198.2 = $868 Mil.
Gross Profit was 93.632 + 89.96 + 94.125 + 88.963 = $367 Mil.
Total Current Assets was $1,129 Mil.
Total Assets was $1,319 Mil.
Property, Plant and Equipment(Net PPE) was $170 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $591 Mil.
Total Current Liabilities was $291 Mil.
Long-Term Debt & Capital Lease Obligation was $356 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) |
| = | (288.748 / 1208.556) | / | (246.785 / 867.845) |
| = | 0.23892 | / | 0.284365 |
| | = | 0.8402 |
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) |
| = | (366.68 / 867.845) | / | (607.709 / 1208.556) |
| = | 0.422518 | / | 0.502839 |
| | = | 0.8403 |
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 - (1261.444 + 180.344) / 1468.205) | / | (1 - (1129.468 + 170.124) / 1318.88) |
| = | 0.017993 | / | 0.014625 |
| | = | 1.2303 |
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 |
| = | 1208.556 | / | 867.845 |
| | = | 1.3926 |
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)) |
| = | (18.634 / (18.634 + 170.124)) | / | (26.083 / (26.083 + 180.344)) |
| = | 0.098719 | / | 0.126355 |
| | = | 0.7813 |
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) |
| = | (662.958 / 1208.556) | / | (590.584 / 867.845) |
| = | 0.548554 | / | 0.680518 |
| | = | 0.8061 |
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) |
| = | ((347.433 + 305.949) / 1468.205) | / | ((355.827 + 290.969) / 1318.88) |
| = | 0.445021 | / | 0.490413 |
| | = | 0.9074 |
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 |
| = | (-365.463 - 0 | - | -138.846) | / | 1468.205 |
| | = | -0.15435 |
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.
Natera has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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