OPKO Health Beneish M-Score Historical Data
The historical data trend for OPKO Health'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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OPKO Health Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-1.82 |
-2.69 |
-2.98 |
-3.05 |
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OPKO Health 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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-2.98 |
-2.45 |
-2.00 |
-2.94 |
-3.05 |
Competitive Comparison
For the Diagnostics & Research subindustry, OPKO Health'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.
OPKO Health Beneish M-Score Distribution
For the Medical Diagnostics & Research industry and Healthcare sector, OPKO Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OPKO Health's Beneish M-Score falls into.
OPKO Health 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 OPKO Health 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 * 1.0189 | + | 0.528 * 0.779 | + | 0.404 * 1.017 | + | 0.892 * 0.8599 | + | 0.115 * 1.115 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9379 | + | 4.679 * -0.071545 | - | 0.327 * 1.113 |
| = | -3.05 |
* 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 $130.2 Mil.
Revenue was 181.904 + 178.595 + 265.418 + 237.577 = $863.5 Mil.
Gross Profit was 44.707 + 47.677 + 126.479 + 99.263 = $318.1 Mil.
Total Current Assets was $309.5 Mil.
Total Assets was $2,011.7 Mil.
Property, Plant and Equipment(Net PPE) was $143.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $105.3 Mil.
Selling, General, & Admin. Expense(SGA) was $300.6 Mil.
Total Current Liabilities was $200.1 Mil.
Long-Term Debt & Capital Lease Obligation was $283.4 Mil.
Net Income was -66.483 + -84.473 + -19.64 + -18.267 = $-188.9 Mil.
Non Operating Income was -0.888 + -10.432 + -21.241 + 15.822 = $-16.7 Mil.
Cash Flow from Operations was -38.294 + 33.109 + -0.365 + -22.647 = $-28.2 Mil.
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Total Receivables was $148.6 Mil.
Revenue was 185.34 + 179.744 + 309.893 + 329.219 = $1,004.2 Mil.
Gross Profit was 55.994 + 31.299 + 115.582 + 85.344 = $288.2 Mil.
Total Current Assets was $394.5 Mil.
Total Assets was $2,167.3 Mil.
Property, Plant and Equipment(Net PPE) was $121.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $108.7 Mil.
Selling, General, & Admin. Expense(SGA) was $372.7 Mil.
Total Current Liabilities was $213.5 Mil.
Long-Term Debt & Capital Lease Obligation was $254.5 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) |
| = | (130.2 / 863.494) | / | (148.608 / 1004.196) |
| = | 0.150783 | / | 0.147987 |
| | = | 1.0189 |
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) |
| = | (288.219 / 1004.196) | / | (318.126 / 863.494) |
| = | 0.287015 | / | 0.368417 |
| | = | 0.779 |
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 - (309.476 + 143.517) / 2011.698) | / | (1 - (394.525 + 121.604) / 2167.259) |
| = | 0.774821 | / | 0.761852 |
| | = | 1.017 |
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 |
| = | 863.494 | / | 1004.196 |
| | = | 0.8599 |
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)) |
| = | (108.655 / (108.655 + 121.604)) | / | (105.297 / (105.297 + 143.517)) |
| = | 0.471882 | / | 0.423196 |
| | = | 1.115 |
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) |
| = | (300.559 / 863.494) | / | (372.672 / 1004.196) |
| = | 0.348073 | / | 0.371115 |
| | = | 0.9379 |
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) |
| = | ((283.448 + 200.052) / 2011.698) | / | ((254.521 + 213.48) / 2167.259) |
| = | 0.240344 | / | 0.215941 |
| | = | 1.113 |
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 |
| = | (-188.863 - -16.739 | - | -28.197) | / | 2011.698 |
| | = | -0.071545 |
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.
OPKO Health has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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