Inventage Lab Beneish M-Score Historical Data
The historical data trend for Inventage Lab'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.
Inventage Lab Beneish M-Score Chart
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Inventage Lab Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.23 |
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Inventage Lab Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.23 |
Competitive Comparison of Inventage Lab's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Inventage Lab'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.
Inventage Lab's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Inventage Lab's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inventage Lab's Beneish M-Score falls into.
Inventage Lab 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 Inventage Lab 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 * 7.461 | + | 0.528 * 1.0059 | + | 0.404 * 2.2807 | + | 0.892 * 0.1767 | + | 0.115 * 1.4499 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 8.2019 | + | 4.679 * -0.338248 | - | 0.327 * 6.2437 |
| = | -1.23 |
* 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 ₩722.7 Mil.
Revenue was 450.817 + 64.774 + 93.85 + 48.71 = ₩658.2 Mil.
Gross Profit was 378.124 + 64.579 + 93.85 + 47.217 = ₩583.8 Mil.
Total Current Assets was ₩26,214.4 Mil.
Total Assets was ₩45,182.3 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,970.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,610.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,785.3 Mil.
Total Current Liabilities was ₩28,876.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,236.2 Mil.
Net Income was 2388.549 + -20292.926 + -5642.749 + -3447.041 = ₩-26,994.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0.0 Mil.
Cash Flow from Operations was -1062.983 + -4461.729 + -2611.691 + -3574.944 = ₩-11,711.3 Mil.
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Total Receivables was ₩548.0 Mil.
Revenue was 1272.021 + 1353.544 + 27.086 + 1071.033 = ₩3,723.7 Mil.
Gross Profit was 1271.636 + 1353.544 + -253.192 + 950.474 = ₩3,322.5 Mil.
Total Current Assets was ₩25,277.9 Mil.
Total Assets was ₩34,861.9 Mil.
Property, Plant and Equipment(Net PPE) was ₩7,554.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,424.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,439.9 Mil.
Total Current Liabilities was ₩2,609.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,730.0 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) |
| = | (722.659 / 658.151) | / | (548.003 / 3723.684) |
| = | 1.098014 | / | 0.147167 |
| | = | 7.461 |
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) |
| = | (3322.462 / 3723.684) | / | (583.77 / 658.151) |
| = | 0.892251 | / | 0.886985 |
| | = | 1.0059 |
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 - (26214.43 + 12970.09) / 45182.343) | / | (1 - (25277.936 + 7554.824) / 34861.903) |
| = | 0.132747 | / | 0.058205 |
| | = | 2.2807 |
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 |
| = | 658.151 | / | 3723.684 |
| | = | 0.1767 |
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)) |
| = | (2424.342 / (2424.342 + 7554.824)) | / | (2610.722 / (2610.722 + 12970.09)) |
| = | 0.24294 | / | 0.16756 |
| | = | 1.4499 |
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) |
| = | (10785.343 / 658.151) | / | (7439.917 / 3723.684) |
| = | 16.387338 | / | 1.997999 |
| | = | 8.2019 |
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) |
| = | ((6236.167 + 28876.177) / 45182.343) | / | ((1730.027 + 2609.08) / 34861.903) |
| = | 0.777125 | / | 0.124466 |
| | = | 6.2437 |
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 |
| = | (-26994.167 - 0 | - | -11711.347) | / | 45182.343 |
| | = | -0.338248 |
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.
Inventage Lab has a M-score of -1.23 signals that the company is likely to be a manipulator.
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