Betta Pharmaceuticals Co Beneish M-Score Historical Data
The historical data trend for Betta Pharmaceuticals 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.
Betta Pharmaceuticals Co Beneish M-Score Chart
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Betta Pharmaceuticals Co Annual Data
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Dec14 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.84 |
-2.33 |
-0.78 |
-1.78 |
-3.13 |
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Betta Pharmaceuticals Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-2.86 |
-2.78 |
-2.31 |
-3.13 |
-3.11 |
Competitive Comparison of Betta Pharmaceuticals Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Betta Pharmaceuticals 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.
Betta Pharmaceuticals Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Betta Pharmaceuticals Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Betta Pharmaceuticals Co's Beneish M-Score falls into.
Betta Pharmaceuticals 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 Betta Pharmaceuticals 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 * 0.4566 | + | 0.528 * 1.0626 | + | 0.404 * 1.0601 | + | 0.892 * 1.145 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9055 | + | 4.679 * -0.067406 | - | 0.327 * 1.0689 |
| = | -3.11 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥211 Mil.
Revenue was 735.775 + 412.645 + 729.673 + 782.259 = ¥2,660 Mil.
Gross Profit was 607.232 + 301.479 + 643.975 + 652.899 = ¥2,206 Mil.
Total Current Assets was ¥1,292 Mil.
Total Assets was ¥9,326 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,633 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,076 Mil.
Total Current Liabilities was ¥1,420 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,082 Mil.
Net Income was 98.141 + 43.34 + 156.387 + 96.91 = ¥395 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 247.236 + 354.24 + 199.627 + 222.336 = ¥1,023 Mil.
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Total Receivables was ¥404 Mil.
Revenue was 531.619 + 713.912 + 409.381 + 668.631 = ¥2,324 Mil.
Gross Profit was 453.36 + 635.148 + 358.219 + 600.302 = ¥2,047 Mil.
Total Current Assets was ¥1,491 Mil.
Total Assets was ¥7,979 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,128 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,038 Mil.
Total Current Liabilities was ¥1,124 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,680 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) |
| = | (210.976 / 2660.352) | / | (403.555 / 2323.543) |
| = | 0.079304 | / | 0.173681 |
| | = | 0.4566 |
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) |
| = | (2047.029 / 2323.543) | / | (2205.585 / 2660.352) |
| = | 0.880995 | / | 0.829058 |
| | = | 1.0626 |
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 - (1291.522 + 2632.943) / 9326.46) | / | (1 - (1491.359 + 2128.011) / 7979.05) |
| = | 0.579212 | / | 0.546391 |
| | = | 1.0601 |
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 |
| = | 2660.352 | / | 2323.543 |
| | = | 1.145 |
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)) |
| = | (0 / (0 + 2128.011)) | / | (0 / (0 + 2632.943)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1076.24 / 2660.352) | / | (1038.055 / 2323.543) |
| = | 0.404548 | / | 0.446755 |
| | = | 0.9055 |
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) |
| = | ((2081.829 + 1420.328) / 9326.46) | / | ((1679.54 + 1123.65) / 7979.05) |
| = | 0.375508 | / | 0.351319 |
| | = | 1.0689 |
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 |
| = | (394.778 - 0 | - | 1023.439) | / | 9326.46 |
| | = | -0.067406 |
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.
Betta Pharmaceuticals Co has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
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