Bristol-Myers Squibb Co Beneish M-Score Historical Data
The historical data trend for Bristol-Myers Squibb Co'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.
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Bristol-Myers Squibb Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.96 |
-2.85 |
-2.81 |
-2.70 |
-2.79 |
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Bristol-Myers Squibb Co Quarterly Data
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Mar19 |
Jun19 |
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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-2.70 |
-2.57 |
-2.57 |
-2.67 |
-2.79 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Bristol-Myers Squibb Co'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.
Bristol-Myers Squibb Co Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Bristol-Myers Squibb Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bristol-Myers Squibb Co's Beneish M-Score falls into.
Bristol-Myers Squibb Co 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 Bristol-Myers Squibb Co 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 * 1.1233 | + | 0.528 * 1.0236 | + | 0.404 * 0.9073 | + | 0.892 * 0.975 | + | 0.115 * 1.0555 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0201 | + | 4.679 * -0.076146 | - | 0.327 * 1.0566 |
| = | -2.79 |
* 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 $15,264 Mil.
Revenue was 11477 + 10966 + 11226 + 11337 = $45,006 Mil.
Gross Profit was 8732 + 8460 + 8350 + 8771 = $34,313 Mil.
Total Current Assets was $31,770 Mil.
Total Assets was $95,159 Mil.
Property, Plant and Equipment(Net PPE) was $8,036 Mil.
Depreciation, Depletion and Amortization(DDA) was $9,760 Mil.
Selling, General, & Admin. Expense(SGA) was $7,772 Mil.
Total Current Liabilities was $22,262 Mil.
Long-Term Debt & Capital Lease Obligation was $38,183 Mil.
Net Income was 1762 + 1928 + 2073 + 2262 = $8,025 Mil.
Non Operating Income was 87 + 458 + 240 + 626 = $1,411 Mil.
Cash Flow from Operations was 4252 + 4751 + 1887 + 2970 = $13,860 Mil.
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Total Receivables was $13,937 Mil.
Revenue was 11406 + 11218 + 11887 + 11648 = $46,159 Mil.
Gross Profit was 8813 + 8865 + 9167 + 9177 = $36,022 Mil.
Total Current Assets was $27,273 Mil.
Total Assets was $96,820 Mil.
Property, Plant and Equipment(Net PPE) was $7,475 Mil.
Depreciation, Depletion and Amortization(DDA) was $10,276 Mil.
Selling, General, & Admin. Expense(SGA) was $7,814 Mil.
Total Current Liabilities was $21,890 Mil.
Long-Term Debt & Capital Lease Obligation was $36,317 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) |
| = | (15264 / 45006) | / | (13937 / 46159) |
| = | 0.339155 | / | 0.301935 |
| | = | 1.1233 |
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) |
| = | (36022 / 46159) | / | (34313 / 45006) |
| = | 0.78039 | / | 0.762409 |
| | = | 1.0236 |
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 - (31770 + 8036) / 95159) | / | (1 - (27273 + 7475) / 96820) |
| = | 0.58169 | / | 0.641107 |
| | = | 0.9073 |
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 |
| = | 45006 | / | 46159 |
| | = | 0.975 |
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)) |
| = | (10276 / (10276 + 7475)) | / | (9760 / (9760 + 8036)) |
| = | 0.578897 | / | 0.548438 |
| | = | 1.0555 |
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) |
| = | (7772 / 45006) | / | (7814 / 46159) |
| = | 0.172688 | / | 0.169284 |
| | = | 1.0201 |
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) |
| = | ((38183 + 22262) / 95159) | / | ((36317 + 21890) / 96820) |
| = | 0.6352 | / | 0.601188 |
| | = | 1.0566 |
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 |
| = | (8025 - 1411 | - | 13860) | / | 95159 |
| | = | -0.076146 |
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.
Bristol-Myers Squibb Co has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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