Collegium Pharmaceutical Beneish M-Score Historical Data
The historical data trend for Collegium Pharmaceutical'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.
Collegium Pharmaceutical Beneish M-Score Chart
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Collegium Pharmaceutical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.22 |
-1.30 |
-2.42 |
-2.29 |
-3.44 |
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Collegium Pharmaceutical Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.71 |
-3.21 |
-3.42 |
-3.44 |
Competitive Comparison of Collegium Pharmaceutical's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Collegium Pharmaceutical'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.
Collegium Pharmaceutical's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Collegium Pharmaceutical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Collegium Pharmaceutical's Beneish M-Score falls into.
Collegium Pharmaceutical 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 Collegium Pharmaceutical 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 * 0.8025 | + | 0.528 * 0.7846 | + | 0.404 * 0.8237 | + | 0.892 * 1.2217 | + | 0.115 * 0.9644 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7569 | + | 4.679 * -0.177634 | - | 0.327 * 0.994 |
| = | -3.44 |
* 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 $179.5 Mil.
Revenue was 149.745 + 136.709 + 135.546 + 144.767 = $566.8 Mil.
Gross Profit was 94.63 + 80.311 + 73.826 + 77.402 = $326.2 Mil.
Total Current Assets was $537.6 Mil.
Total Assets was $1,143.3 Mil.
Property, Plant and Equipment(Net PPE) was $22.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $149.3 Mil.
Selling, General, & Admin. Expense(SGA) was $159.2 Mil.
Total Current Liabilities was $457.9 Mil.
Long-Term Debt & Capital Lease Obligation was $490.0 Mil.
Net Income was 31.94 + 20.634 + 13.007 + -17.426 = $48.2 Mil.
Non Operating Income was 0 + 0 + 0 + -23.504 = $-23.5 Mil.
Cash Flow from Operations was 73.338 + 74.018 + 99.722 + 27.671 = $274.7 Mil.
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Total Receivables was $183.1 Mil.
Revenue was 129.62 + 127.013 + 123.549 + 83.751 = $463.9 Mil.
Gross Profit was 49.789 + 58.839 + 52.364 + 48.496 = $209.5 Mil.
Total Current Assets was $420.0 Mil.
Total Assets was $1,174.1 Mil.
Property, Plant and Equipment(Net PPE) was $26.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $138.9 Mil.
Selling, General, & Admin. Expense(SGA) was $172.2 Mil.
Total Current Liabilities was $433.7 Mil.
Long-Term Debt & Capital Lease Obligation was $545.6 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) |
| = | (179.525 / 566.767) | / | (183.119 / 463.933) |
| = | 0.316753 | / | 0.39471 |
| | = | 0.8025 |
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) |
| = | (209.488 / 463.933) | / | (326.169 / 566.767) |
| = | 0.451548 | / | 0.57549 |
| | = | 0.7846 |
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 - (537.6 + 22.012) / 1143.308) | / | (1 - (419.989 + 26.382) / 1174.131) |
| = | 0.510533 | / | 0.619829 |
| | = | 0.8237 |
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 |
| = | 566.767 | / | 463.933 |
| | = | 1.2217 |
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)) |
| = | (138.939 / (138.939 + 26.382)) | / | (149.256 / (149.256 + 22.012)) |
| = | 0.84042 | / | 0.871476 |
| | = | 0.9644 |
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) |
| = | (159.208 / 566.767) | / | (172.186 / 463.933) |
| = | 0.280906 | / | 0.371144 |
| | = | 0.7569 |
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) |
| = | ((489.962 + 457.915) / 1143.308) | / | ((545.563 + 433.726) / 1174.131) |
| = | 0.829065 | / | 0.834054 |
| | = | 0.994 |
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 |
| = | (48.155 - -23.504 | - | 274.749) | / | 1143.308 |
| | = | -0.177634 |
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.
Collegium Pharmaceutical has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
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