Certara Beneish M-Score Historical Data
The historical data trend for Certara'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.
Certara Beneish M-Score Chart
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Certara Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.40 |
-2.59 |
-2.80 |
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Certara Quarterly Data
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Dec18 |
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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-2.59 |
-2.64 |
-2.57 |
-2.77 |
-2.80 |
Competitive Comparison of Certara's Beneish M-Score
For the Health Information Services subindustry, Certara'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.
Certara's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Certara's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Certara's Beneish M-Score falls into.
Certara 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 Certara 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 * 0.9947 | + | 0.528 * 1.005 | + | 0.404 * 1.0036 | + | 0.892 * 1.0557 | + | 0.115 * 0.9229 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2168 | + | 4.679 * -0.063766 | - | 0.327 * 1.0609 |
| = | -2.80 |
* 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 $93.3 Mil.
Revenue was 88.01 + 85.576 + 90.45 + 90.301 = $354.3 Mil.
Gross Profit was 53.944 + 49.7 + 54.226 + 55.445 = $213.3 Mil.
Total Current Assets was $340.2 Mil.
Total Assets was $1,563.1 Mil.
Property, Plant and Equipment(Net PPE) was $12.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.1 Mil.
Selling, General, & Admin. Expense(SGA) was $127.4 Mil.
Total Current Liabilities was $130.0 Mil.
Long-Term Debt & Capital Lease Obligation was $295.2 Mil.
Net Income was -12.456 + -48.965 + 4.706 + 1.358 = $-55.4 Mil.
Non Operating Income was 1.953 + -41.906 + 1.01 + 0.506 = $-38.4 Mil.
Cash Flow from Operations was 23.326 + 31.414 + 18.058 + 9.957 = $82.8 Mil.
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Total Receivables was $88.8 Mil.
Revenue was 86.633 + 84.7 + 82.76 + 81.551 = $335.6 Mil.
Gross Profit was 54.851 + 51.888 + 47.566 + 48.762 = $203.1 Mil.
Total Current Assets was $342.3 Mil.
Total Assets was $1,572.9 Mil.
Property, Plant and Equipment(Net PPE) was $16.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $52.5 Mil.
Selling, General, & Admin. Expense(SGA) was $99.2 Mil.
Total Current Liabilities was $103.2 Mil.
Long-Term Debt & Capital Lease Obligation was $300.1 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) |
| = | (93.256 / 354.337) | / | (88.805 / 335.644) |
| = | 0.263184 | / | 0.264581 |
| | = | 0.9947 |
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) |
| = | (203.067 / 335.644) | / | (213.315 / 354.337) |
| = | 0.605007 | / | 0.602012 |
| | = | 1.005 |
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 - (340.201 + 12.274) / 1563.14) | / | (1 - (342.252 + 16.827) / 1572.922) |
| = | 0.774508 | / | 0.771712 |
| | = | 1.0036 |
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 |
| = | 354.337 | / | 335.644 |
| | = | 1.0557 |
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)) |
| = | (52.47 / (52.47 + 16.827)) | / | (56.071 / (56.071 + 12.274)) |
| = | 0.757176 | / | 0.820411 |
| | = | 0.9229 |
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) |
| = | (127.407 / 354.337) | / | (99.181 / 335.644) |
| = | 0.359564 | / | 0.295495 |
| | = | 1.2168 |
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) |
| = | ((295.172 + 130.023) / 1563.14) | / | ((300.121 + 103.158) / 1572.922) |
| = | 0.272013 | / | 0.256388 |
| | = | 1.0609 |
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 |
| = | (-55.357 - -38.437 | - | 82.755) | / | 1563.14 |
| | = | -0.063766 |
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.
Certara has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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