Amneal Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Amneal Pharmaceuticals'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.
Amneal Pharmaceuticals Beneish M-Score Chart
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Amneal Pharmaceuticals Annual Data
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Dec16 |
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Dec18 |
Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.93 |
-2.78 |
-2.24 |
-3.22 |
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Amneal Pharmaceuticals Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Sep24 |
| Beneish M-Score |
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-2.61 |
-3.22 |
-2.70 |
-2.84 |
-2.99 |
Competitive Comparison of Amneal Pharmaceuticals's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Amneal Pharmaceuticals'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.
Amneal Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Amneal Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amneal Pharmaceuticals's Beneish M-Score falls into.
Amneal Pharmaceuticals 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 Amneal Pharmaceuticals 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 * 0.9574 | + | 0.528 * 1.0032 | + | 0.404 * 0.9024 | + | 0.892 * 1.1232 | + | 0.115 * 0.9842 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9617 | + | 4.679 * -0.113438 | - | 0.327 * 1.0394 |
| = | -2.99 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $786 Mil.
Revenue was 702.468 + 701.78 + 659.191 + 616.981 = $2,680 Mil.
Gross Profit was 269.558 + 249.947 + 238.06 + 189.827 = $947 Mil.
Total Current Assets was $1,513 Mil.
Total Assets was $3,461 Mil.
Property, Plant and Equipment(Net PPE) was $533 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $457 Mil.
Total Current Liabilities was $1,095 Mil.
Long-Term Debt & Capital Lease Obligation was $2,264 Mil.
Net Income was -0.156 + 5.994 + -91.643 + -98.649 = $-184 Mil.
Non Operating Income was 4.459 + 3.179 + -93.054 + -19.276 = $-105 Mil.
Cash Flow from Operations was 141.774 + 39.657 + -4.41 + 135.823 = $313 Mil.
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Total Receivables was $731 Mil.
Revenue was 620.04 + 599.046 + 557.54 + 609.759 = $2,386 Mil.
Gross Profit was 232.531 + 220.021 + 178.186 + 215.388 = $846 Mil.
Total Current Assets was $1,456 Mil.
Total Assets was $3,687 Mil.
Property, Plant and Equipment(Net PPE) was $561 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General, & Admin. Expense(SGA) was $423 Mil.
Total Current Liabilities was $761 Mil.
Long-Term Debt & Capital Lease Obligation was $2,682 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) |
| = | (786.227 / 2680.42) | / | (731.157 / 2386.385) |
| = | 0.293322 | / | 0.306387 |
| | = | 0.9574 |
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) |
| = | (846.126 / 2386.385) | / | (947.392 / 2680.42) |
| = | 0.354564 | / | 0.353449 |
| | = | 1.0032 |
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 - (1513.294 + 532.897) / 3460.978) | / | (1 - (1456.075 + 560.799) / 3687.079) |
| = | 0.408782 | / | 0.452989 |
| | = | 0.9024 |
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 |
| = | 2680.42 | / | 2386.385 |
| | = | 1.1232 |
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)) |
| = | (233.523 / (233.523 + 560.799)) | / | (226.994 / (226.994 + 532.897)) |
| = | 0.29399 | / | 0.298719 |
| | = | 0.9842 |
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) |
| = | (456.752 / 2680.42) | / | (422.83 / 2386.385) |
| = | 0.170403 | / | 0.177184 |
| | = | 0.9617 |
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) |
| = | ((2263.64 + 1095.209) / 3460.978) | / | ((2682.176 + 760.601) / 3687.079) |
| = | 0.970491 | / | 0.933741 |
| | = | 1.0394 |
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 |
| = | (-184.454 - -104.692 | - | 312.844) | / | 3460.978 |
| | = | -0.113438 |
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.
Amneal Pharmaceuticals has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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