BeiGene Beneish M-Score Historical Data
The historical data trend for BeiGene'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.
BeiGene Beneish M-Score Chart
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BeiGene Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.95 |
0.52 |
-3.12 |
-1.71 |
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BeiGene 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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-3.12 |
-1.89 |
-1.77 |
-1.60 |
-1.71 |
Competitive Comparison of BeiGene's Beneish M-Score
For the Biotechnology subindustry, BeiGene'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.
BeiGene's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, BeiGene's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BeiGene's Beneish M-Score falls into.
BeiGene 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 BeiGene 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 * 1.1457 | + | 0.528 * 0.9435 | + | 0.404 * 1.1669 | + | 0.892 * 1.7365 | + | 0.115 * 1.0751 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.678 | + | 4.679 * -0.005537 | - | 0.327 * 1.3028 |
| = | -1.71 |
* 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 $396 Mil.
Revenue was 634.409 + 781.308 + 595.261 + 447.801 = $2,459 Mil.
Gross Profit was 528.577 + 684.999 + 499.271 + 366.012 = $2,079 Mil.
Total Current Assets was $4,203 Mil.
Total Assets was $5,805 Mil.
Property, Plant and Equipment(Net PPE) was $1,390 Mil.
Depreciation, Depletion and Amortization(DDA) was $88 Mil.
Selling, General, & Admin. Expense(SGA) was $1,505 Mil.
Total Current Liabilities was $1,810 Mil.
Long-Term Debt & Capital Lease Obligation was $220 Mil.
Net Income was -367.553 + 215.413 + -381.137 + -348.431 = $-882 Mil.
Non Operating Income was 16.749 + 336.657 + -63.818 + 18.303 = $308 Mil.
Cash Flow from Operations was -221.638 + -78.15 + -293.888 + -563.777 = $-1,157 Mil.
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Total Receivables was $199 Mil.
Revenue was 380.095 + 387.628 + 341.572 + 306.626 = $1,416 Mil.
Gross Profit was 306.573 + 311.085 + 270.399 + 241.389 = $1,129 Mil.
Total Current Assets was $5,207 Mil.
Total Assets was $6,379 Mil.
Property, Plant and Equipment(Net PPE) was $973 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $1,278 Mil.
Total Current Liabilities was $1,469 Mil.
Long-Term Debt & Capital Lease Obligation was $244 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) |
| = | (395.886 / 2458.779) | / | (198.984 / 1415.921) |
| = | 0.161009 | / | 0.140533 |
| | = | 1.1457 |
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) |
| = | (1129.446 / 1415.921) | / | (2078.859 / 2458.779) |
| = | 0.797676 | / | 0.845484 |
| | = | 0.9435 |
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 - (4203.414 + 1389.91) / 5805.275) | / | (1 - (5207.078 + 972.621) / 6379.29) |
| = | 0.03651 | / | 0.031287 |
| | = | 1.1669 |
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 |
| = | 2458.779 | / | 1415.921 |
| | = | 1.7365 |
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)) |
| = | (66.278 / (66.278 + 972.621)) | / | (87.675 / (87.675 + 1389.91)) |
| = | 0.063796 | / | 0.059337 |
| | = | 1.0751 |
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) |
| = | (1504.501 / 2458.779) | / | (1277.852 / 1415.921) |
| = | 0.611889 | / | 0.902488 |
| | = | 0.678 |
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) |
| = | ((219.869 + 1810.113) / 5805.275) | / | ((243.665 + 1468.528) / 6379.29) |
| = | 0.349679 | / | 0.268399 |
| | = | 1.3028 |
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 |
| = | (-881.708 - 307.891 | - | -1157.453) | / | 5805.275 |
| | = | -0.005537 |
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.
BeiGene has a M-score of -1.71 signals that the company is likely to be a manipulator.
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