Syneos Health Beneish M-Score Historical Data
The historical data trend for Syneos Health'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.
Syneos Health Beneish M-Score Chart
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Syneos Health Annual Data
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Dec13 |
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Dec18 |
Dec19 |
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Dec22 |
| Beneish M-Score |
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-2.21 |
-2.48 |
-2.67 |
-2.40 |
-2.40 |
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Syneos Health Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
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Jun23 |
| Beneish M-Score |
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-2.24 |
-2.34 |
-2.40 |
-2.47 |
-2.46 |
Competitive Comparison of Syneos Health's Beneish M-Score
For the Diagnostics & Research subindustry, Syneos Health'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.
Syneos Health's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Syneos Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Syneos Health's Beneish M-Score falls into.
Syneos Health 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 Syneos Health 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 * 1.0575 | + | 0.528 * 1.0693 | + | 0.404 * 0.9996 | + | 0.892 * 1.0001 | + | 0.115 * 0.8405 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0776 | + | 4.679 * -0.003861 | - | 0.327 * 0.954 |
| = | -2.43 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $1,700 Mil.
Revenue was 1366.08 + 1356.8 + 1359.867 + 1336.223 = $5,419 Mil.
Gross Profit was 294.717 + 268.251 + 318.164 + 318.439 = $1,200 Mil.
Total Current Assets was $1,952 Mil.
Total Assets was $8,075 Mil.
Property, Plant and Equipment(Net PPE) was $333 Mil.
Depreciation, Depletion and Amortization(DDA) was $245 Mil.
Selling, General, & Admin. Expense(SGA) was $612 Mil.
Total Current Liabilities was $1,627 Mil.
Long-Term Debt & Capital Lease Obligation was $2,827 Mil.
Net Income was 0.793 + -72.149 + 55.528 + 87.049 = $71 Mil.
Non Operating Income was -16.032 + -94.05 + -52.393 + 11.943 = $-151 Mil.
Cash Flow from Operations was -33.682 + 30.424 + 123.817 + 132.375 = $253 Mil.
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Total Receivables was $1,607 Mil.
Revenue was 1360.739 + 1336.253 + 1373.384 + 1348.23 = $5,419 Mil.
Gross Profit was 325.842 + 291.821 + 348.618 + 316.343 = $1,283 Mil.
Total Current Assets was $1,882 Mil.
Total Assets was $8,217 Mil.
Property, Plant and Equipment(Net PPE) was $440 Mil.
Depreciation, Depletion and Amortization(DDA) was $243 Mil.
Selling, General, & Admin. Expense(SGA) was $568 Mil.
Total Current Liabilities was $1,707 Mil.
Long-Term Debt & Capital Lease Obligation was $3,043 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) |
| = | (1699.537 / 5418.97) | / | (1606.951 / 5418.606) |
| = | 0.313627 | / | 0.296562 |
| | = | 1.0575 |
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) |
| = | (1282.624 / 5418.606) | / | (1199.571 / 5418.97) |
| = | 0.236707 | / | 0.221365 |
| | = | 1.0693 |
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 - (1951.76 + 332.648) / 8075.381) | / | (1 - (1881.871 + 439.922) / 8216.672) |
| = | 0.717115 | / | 0.717429 |
| | = | 0.9996 |
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 |
| = | 5418.97 | / | 5418.606 |
| | = | 1.0001 |
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)) |
| = | (243.399 / (243.399 + 439.922)) | / | (244.675 / (244.675 + 332.648)) |
| = | 0.3562 | / | 0.42381 |
| | = | 0.8405 |
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) |
| = | (612.088 / 5418.97) | / | (567.988 / 5418.606) |
| = | 0.112953 | / | 0.104822 |
| | = | 1.0776 |
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) |
| = | ((2826.951 + 1627.158) / 8075.381) | / | ((3043.214 + 1707.459) / 8216.672) |
| = | 0.551566 | / | 0.578175 |
| | = | 0.954 |
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 |
| = | (71.221 - -150.532 | - | 252.934) | / | 8075.381 |
| | = | -0.003861 |
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.
Syneos Health has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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