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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| 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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Jun24 |
| Beneish M-Score |
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-2.24 |
-2.30 |
-2.43 |
-2.39 |
-2.50 |
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 * 1.0611 | + | 0.528 * 0.9927 | + | 0.404 * 0.995 | + | 0.892 * 1.077 | + | 0.115 * 0.9778 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0537 | + | 4.679 * -0.036181 | - | 0.327 * 0.8739 |
| = | -2.50 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $608 Mil.
Revenue was 1003.578 + 964.095 + 901.601 + 915.527 = $3,785 Mil.
Gross Profit was 619.159 + 593.07 + 526.167 + 547.982 = $2,286 Mil.
Total Current Assets was $1,529 Mil.
Total Assets was $3,415 Mil.
Property, Plant and Equipment(Net PPE) was $828 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $995 Mil.
Total Current Liabilities was $1,117 Mil.
Long-Term Debt & Capital Lease Obligation was $628 Mil.
Net Income was 203.298 + 235.579 + 194.521 + 212.231 = $846 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 248.312 + 198.585 + 249.851 + 272.433 = $969 Mil.
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Total Receivables was $532 Mil.
Revenue was 943.63 + 900.195 + 828.568 + 841.661 = $3,514 Mil.
Gross Profit was 572.85 + 542.971 + 484.927 + 506.626 = $2,107 Mil.
Total Current Assets was $1,179 Mil.
Total Assets was $2,871 Mil.
Property, Plant and Equipment(Net PPE) was $797 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $877 Mil.
Total Current Liabilities was $884 Mil.
Long-Term Debt & Capital Lease Obligation was $794 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) |
| = | (608.308 / 3784.801) | / | (532.287 / 3514.054) |
| = | 0.160724 | / | 0.151474 |
| | = | 1.0611 |
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) |
| = | (2107.374 / 3514.054) | / | (2286.378 / 3784.801) |
| = | 0.599699 | / | 0.604095 |
| | = | 0.9927 |
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 - (1528.612 + 827.704) / 3414.867) | / | (1 - (1179.025 + 797.418) / 2870.806) |
| = | 0.309983 | / | 0.311537 |
| | = | 0.995 |
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 |
| = | 3784.801 | / | 3514.054 |
| | = | 1.077 |
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)) |
| = | (113.453 / (113.453 + 797.418)) | / | (120.819 / (120.819 + 827.704)) |
| = | 0.124554 | / | 0.127376 |
| | = | 0.9778 |
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) |
| = | (995.17 / 3784.801) | / | (876.873 / 3514.054) |
| = | 0.262939 | / | 0.249533 |
| | = | 1.0537 |
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) |
| = | ((627.708 + 1116.702) / 3414.867) | / | ((794.181 + 883.859) / 2870.806) |
| = | 0.510828 | / | 0.584519 |
| | = | 0.8739 |
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 |
| = | (845.629 - 0 | - | 969.181) | / | 3414.867 |
| | = | -0.036181 |
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 -2.50 suggests that the company is unlikely to be a manipulator.
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