Shockwave Medical Beneish M-Score Historical Data
The historical data trend for Shockwave Medical'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.
Shockwave Medical Beneish M-Score Chart
|
Shockwave Medical Annual Data
|
|
Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
-0.76 |
-1.85 |
0.25 |
1.75 |
-2.89 |
|
Shockwave Medical Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
1.75 |
0.95 |
5.74 |
1.28 |
-2.89 |
Competitive Comparison of Shockwave Medical's Beneish M-Score
For the Medical Devices subindustry, Shockwave Medical'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.
Shockwave Medical's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Shockwave Medical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shockwave Medical's Beneish M-Score falls into.
Shockwave Medical 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 Shockwave Medical 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 * 1.0765 | + | 0.528 * 0.9976 | + | 0.404 * 0.9414 | + | 0.892 * 1.4911 | + | 0.115 * 0.5985 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.045238 | - | 0.327 * 2.933 |
| = | -2.89 |
* 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 $114.6 Mil.
Revenue was 202.979 + 186.02 + 180.165 + 161.066 = $730.2 Mil.
Gross Profit was 177.663 + 161.507 + 155.672 + 140 = $634.8 Mil.
Total Current Assets was $1,225.3 Mil.
Total Assets was $1,566.6 Mil.
Property, Plant and Equipment(Net PPE) was $98.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.4 Mil.
Selling, General, & Admin. Expense(SGA) was $330.1 Mil.
Total Current Liabilities was $104.2 Mil.
Long-Term Debt & Capital Lease Obligation was $767.0 Mil.
Net Income was 44.305 + 34.986 + 28.862 + 39.125 = $147.3 Mil.
Non Operating Income was 15.128 + 3.966 + 1.44 + 1.559 = $22.1 Mil.
Cash Flow from Operations was 71.703 + 50.651 + 39.737 + 33.962 = $196.1 Mil.
|
Total Receivables was $71.4 Mil.
Revenue was 144.026 + 131.33 + 120.746 + 93.631 = $489.7 Mil.
Gross Profit was 126.524 + 113.456 + 104.016 + 80.741 = $424.7 Mil.
Total Current Assets was $459.3 Mil.
Total Assets was $646.1 Mil.
Property, Plant and Equipment(Net PPE) was $80.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.9 Mil.
Selling, General, & Admin. Expense(SGA) was $218.9 Mil.
Total Current Liabilities was $63.4 Mil.
Long-Term Debt & Capital Lease Obligation was $59.1 Mil.
|
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) |
| = | (114.552 / 730.23) | / | (71.366 / 489.733) |
| = | 0.156871 | / | 0.145724 |
| | = | 1.0765 |
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) |
| = | (424.737 / 489.733) | / | (634.842 / 730.23) |
| = | 0.867283 | / | 0.869373 |
| | = | 0.9976 |
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 - (1225.26 + 98.63) / 1566.563) | / | (1 - (459.263 + 80.517) / 646.089) |
| = | 0.154908 | / | 0.164542 |
| | = | 0.9414 |
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 |
| = | 730.23 | / | 489.733 |
| | = | 1.4911 |
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)) |
| = | (4.856 / (4.856 + 80.517)) | / | (10.358 / (10.358 + 98.63)) |
| = | 0.05688 | / | 0.095038 |
| | = | 0.5985 |
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) |
| = | (330.102 / 730.23) | / | (218.924 / 489.733) |
| = | 0.452052 | / | 0.447027 |
| | = | 1.0112 |
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) |
| = | ((766.966 + 104.205) / 1566.563) | / | ((59.126 + 63.374) / 646.089) |
| = | 0.556103 | / | 0.189602 |
| | = | 2.933 |
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 |
| = | (147.278 - 22.093 | - | 196.053) | / | 1566.563 |
| | = | -0.045238 |
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.
Shockwave Medical has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
SWAV has been successfully added to your