IDEXX Laboratories Beneish M-Score Historical Data
The historical data trend for IDEXX Laboratories'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.
IDEXX Laboratories Beneish M-Score Chart
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IDEXX Laboratories Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.43 |
-2.26 |
-2.16 |
-2.43 |
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IDEXX Laboratories Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-2.21 |
-2.24 |
-2.30 |
-2.43 |
Competitive Comparison of IDEXX Laboratories's Beneish M-Score
For the Diagnostics & Research subindustry, IDEXX Laboratories'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.
IDEXX Laboratories's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, IDEXX Laboratories's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IDEXX Laboratories's Beneish M-Score falls into.
IDEXX Laboratories 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 IDEXX Laboratories 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 * 0.9555 | + | 0.528 * 0.9949 | + | 0.404 * 0.9096 | + | 0.892 * 1.0545 | + | 0.115 * 0.9991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9745 | + | 4.679 * -0.018489 | - | 0.327 * 0.6944 |
| = | -2.49 |
* 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 R$2,595 Mil.
Revenue was 4417.665 + 4521.513 + 4580.097 + 4688.756 = R$18,208 Mil.
Gross Profit was 2578.113 + 2706.319 + 2780.442 + 2828.119 = R$10,893 Mil.
Total Current Assets was R$7,326 Mil.
Total Assets was R$15,973 Mil.
Property, Plant and Equipment(Net PPE) was R$4,006 Mil.
Depreciation, Depletion and Amortization(DDA) was R$572 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,485 Mil.
Total Current Liabilities was R$4,662 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,540 Mil.
Net Income was 953.114 + 1048.145 + 1088.374 + 1114.922 = R$4,205 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 1224.22 + 1345.465 + 972.264 + 957.924 = R$4,500 Mil.
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Total Receivables was R$2,575 Mil.
Revenue was 4346.171 + 4413.334 + 4343.778 + 4163.002 = R$17,266 Mil.
Gross Profit was 2543.636 + 2656.544 + 2594.679 + 2481.994 = R$10,277 Mil.
Total Current Assets was R$5,778 Mil.
Total Assets was R$14,408 Mil.
Property, Plant and Equipment(Net PPE) was R$4,029 Mil.
Depreciation, Depletion and Amortization(DDA) was R$574 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,364 Mil.
Total Current Liabilities was R$6,482 Mil.
Long-Term Debt & Capital Lease Obligation was R$4,173 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) |
| = | (2594.581 / 18208.031) | / | (2574.983 / 17266.285) |
| = | 0.142497 | / | 0.149134 |
| | = | 0.9555 |
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) |
| = | (10276.853 / 17266.285) | / | (10892.993 / 18208.031) |
| = | 0.595198 | / | 0.598252 |
| | = | 0.9949 |
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 - (7326.446 + 4006.449) / 15972.981) | / | (1 - (5777.687 + 4028.95) / 14407.881) |
| = | 0.290496 | / | 0.319356 |
| | = | 0.9096 |
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 |
| = | 18208.031 | / | 17266.285 |
| | = | 1.0545 |
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)) |
| = | (574.217 / (574.217 + 4028.95)) | / | (571.618 / (571.618 + 4006.449)) |
| = | 0.124744 | / | 0.12486 |
| | = | 0.9991 |
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) |
| = | (4484.505 / 18208.031) | / | (4363.738 / 17266.285) |
| = | 0.246293 | / | 0.252732 |
| | = | 0.9745 |
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) |
| = | ((3540.37 + 4662.39) / 15972.981) | / | ((4173.377 + 6482.281) / 14407.881) |
| = | 0.51354 | / | 0.739571 |
| | = | 0.6944 |
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 |
| = | (4204.555 - 0 | - | 4499.873) | / | 15972.981 |
| | = | -0.018489 |
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.
IDEXX Laboratories has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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