Envista Holdings Beneish M-Score Historical Data
The historical data trend for Envista Holdings'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.
Envista Holdings Beneish M-Score Chart
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Envista Holdings Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.39 |
-3.01 |
-2.39 |
-2.24 |
-2.54 |
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Envista Holdings 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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-2.25 |
-2.38 |
-2.47 |
-2.54 |
-2.60 |
Competitive Comparison of Envista Holdings's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Envista Holdings'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.
Envista Holdings's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Envista Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Envista Holdings's Beneish M-Score falls into.
Envista Holdings 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 Envista Holdings 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 * 1.0287 | + | 0.528 * 1.0196 | + | 0.404 * 0.9229 | + | 0.892 * 0.9992 | + | 0.115 * 1.0389 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0124 | + | 4.679 * -0.023153 | - | 0.327 * 1.0658 |
| = | -2.60 |
* 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 $413 Mil.
Revenue was 623.6 + 645.6 + 631.3 + 662.4 = $2,563 Mil.
Gross Profit was 356.3 + 335.9 + 363.3 + 378.6 = $1,434 Mil.
Total Current Assets was $1,772 Mil.
Total Assets was $6,556 Mil.
Property, Plant and Equipment(Net PPE) was $432 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $1,076 Mil.
Total Current Liabilities was $781 Mil.
Long-Term Debt & Capital Lease Obligation was $1,498 Mil.
Net Income was 23.6 + -217.4 + 21.5 + 51.9 = $-120 Mil.
Non Operating Income was 0.1 + -256.6 + -32.1 + 7.1 = $-282 Mil.
Cash Flow from Operations was 40.3 + 102 + 95.5 + 75.1 = $313 Mil.
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Total Receivables was $402 Mil.
Revenue was 627.2 + 660.8 + 631.1 + 645.8 = $2,565 Mil.
Gross Profit was 362.7 + 366.2 + 364.7 + 369.8 = $1,463 Mil.
Total Current Assets was $1,414 Mil.
Total Assets was $6,575 Mil.
Property, Plant and Equipment(Net PPE) was $431 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $1,063 Mil.
Total Current Liabilities was $1,150 Mil.
Long-Term Debt & Capital Lease Obligation was $995 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) |
| = | (413 / 2562.9) | / | (401.8 / 2564.9) |
| = | 0.161146 | / | 0.156653 |
| | = | 1.0287 |
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) |
| = | (1463.4 / 2564.9) | / | (1434.1 / 2562.9) |
| = | 0.570549 | / | 0.559561 |
| | = | 1.0196 |
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 - (1771.9 + 431.5) / 6556.3) | / | (1 - (1414.3 + 430.5) / 6575) |
| = | 0.663926 | / | 0.719422 |
| | = | 0.9229 |
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 |
| = | 2562.9 | / | 2564.9 |
| | = | 0.9992 |
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)) |
| = | (167.3 / (167.3 + 430.5)) | / | (159.1 / (159.1 + 431.5)) |
| = | 0.279859 | / | 0.269387 |
| | = | 1.0389 |
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) |
| = | (1075.7 / 2562.9) | / | (1063.4 / 2564.9) |
| = | 0.41972 | / | 0.414597 |
| | = | 1.0124 |
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) |
| = | ((1498 + 781.3) / 6556.3) | / | ((995.1 + 1149.6) / 6575) |
| = | 0.34765 | / | 0.32619 |
| | = | 1.0658 |
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 |
| = | (-120.4 - -281.5 | - | 312.9) | / | 6556.3 |
| | = | -0.023153 |
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.
Envista Holdings has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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