Amgen Beneish M-Score Historical Data
The historical data trend for Amgen'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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Amgen Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
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-2.62 |
-2.18 |
-2.67 |
-2.36 |
-2.61 |
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Amgen Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.57 |
-2.61 |
-2.61 |
-2.75 |
-2.72 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Amgen'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.
Amgen Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Amgen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amgen's Beneish M-Score falls into.
Amgen 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 Amgen 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 * 1.1321 | + | 0.528 * 1.0297 | + | 0.404 * 0.7453 | + | 0.892 * 1.0191 | + | 0.115 * 0.9998 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0204 | + | 4.679 * -0.059425 | - | 0.327 * 1.0384 |
| = | -2.72 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $6,145 Mil.
Revenue was 6903 + 6986 + 6105 + 6839 = $26,833 Mil.
Gross Profit was 5097 + 5173 + 4385 + 5092 = $19,747 Mil.
Total Current Assets was $48,477 Mil.
Total Assets was $90,534 Mil.
Property, Plant and Equipment(Net PPE) was $5,563 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,602 Mil.
Selling, General, & Admin. Expense(SGA) was $5,477 Mil.
Total Current Liabilities was $16,954 Mil.
Long-Term Debt & Capital Lease Obligation was $59,040 Mil.
Net Income was 1730 + 1379 + 2841 + 1616 = $7,566 Mil.
Non Operating Income was 685 + -318 + 2064 + -67 = $2,364 Mil.
Cash Flow from Operations was 2760 + 4109 + 1064 + 2649 = $10,582 Mil.
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Total Receivables was $5,326 Mil.
Revenue was 6652 + 6594 + 6238 + 6846 = $26,330 Mil.
Gross Profit was 5064 + 5084 + 4677 + 5128 = $19,953 Mil.
Total Current Assets was $24,062 Mil.
Total Assets was $63,700 Mil.
Property, Plant and Equipment(Net PPE) was $5,188 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,358 Mil.
Selling, General, & Admin. Expense(SGA) was $5,267 Mil.
Total Current Liabilities was $14,331 Mil.
Long-Term Debt & Capital Lease Obligation was $37,161 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) |
| = | (6145 / 26833) | / | (5326 / 26330) |
| = | 0.229009 | / | 0.202279 |
| | = | 1.1321 |
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) |
| = | (19953 / 26330) | / | (19747 / 26833) |
| = | 0.757805 | / | 0.735922 |
| | = | 1.0297 |
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 - (48477 + 5563) / 90534) | / | (1 - (24062 + 5188) / 63700) |
| = | 0.403097 | / | 0.540816 |
| | = | 0.7453 |
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 |
| = | 26833 | / | 26330 |
| | = | 1.0191 |
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)) |
| = | (3358 / (3358 + 5188)) | / | (3602 / (3602 + 5563)) |
| = | 0.392932 | / | 0.393017 |
| | = | 0.9998 |
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) |
| = | (5477 / 26833) | / | (5267 / 26330) |
| = | 0.204114 | / | 0.200038 |
| | = | 1.0204 |
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) |
| = | ((59040 + 16954) / 90534) | / | ((37161 + 14331) / 63700) |
| = | 0.839397 | / | 0.808352 |
| | = | 1.0384 |
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 |
| = | (7566 - 2364 | - | 10582) | / | 90534 |
| | = | -0.059425 |
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.
Amgen has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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