BioNTech SE (BioNTech SE) Beneish M-Score : -2.66 (As of Apr. 28, 2024)

View and export this data going back to 2019. Start your Free Trial

What is BioNTech SE Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BioNTech SE's Beneish M-Score or its related term are showing as below:

BNTX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -0.48 Max: 34.48
Current: -2.66

During the past 8 years, the highest Beneish M-Score of BioNTech SE was 34.48. The lowest was -3.63. And the median was -0.48.

BioNTech SE Beneish M-Score Historical Data

The historical data trend for BioNTech SE'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.

* Premium members only.

BioNTech SE Beneish M-Score Chart

BioNTech SE Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

1.70

34.48

-3.63

-2.66

BioNTech SE Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.63	-2.34	-1.87	-2.52	-2.66

Competitive Comparison of BioNTech SE's Beneish M-Score

For the Biotechnology subindustry, BioNTech SE'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.

BioNTech SE's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, BioNTech SE's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BioNTech SE's Beneish M-Score falls into.

BioNTech SE 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 BioNTech SE for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.5029

0.528 * 0.9814

0.404 * 4.7335

0.892 * 0.2243

0.115 * 0.8217

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.7626

4.679 * -0.18621

0.327 * 0.7318

-2.66

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $2,551 Mil.
Revenue was 1612.868 + 955.496 + 181.69 + 1367.238 = $4,117 Mil.
Gross Profit was 1417.557 + 782.818 + 5.2 + 1264.454 = $3,470 Mil.
Total Current Assets was $21,295 Mil.
Total Assets was $25,089 Mil.
Property, Plant and Equipment(Net PPE) was $1,060 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General, & Admin. Expense(SGA) was $609 Mil.
Total Current Liabilities was $2,258 Mil.
Long-Term Debt & Capital Lease Obligation was $208 Mil.
Net Income was 499.346 + 171.398 + -206.284 + 537.687 = $1,002 Mil.
Non Operating Income was -56.489 + 58.698 + -63.489 + -85.867 = $-147 Mil.
Cash Flow from Operations was 927.917 + 865.742 + 4752.654 + -725.268 = $5,821 Mil.

Total Receivables was $7,570 Mil.
Revenue was 4532.097 + 3426.931 + 3378.964 + 7020.485 = $18,358 Mil.
Gross Profit was 4337.712 + 2681.584 + 2570.719 + 5595.264 = $15,185 Mil.
Total Current Assets was $23,222 Mil.
Total Assets was $24,660 Mil.
Property, Plant and Equipment(Net PPE) was $870 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $570 Mil.
Total Current Liabilities was $3,126 Mil.
Long-Term Debt & Capital Lease Obligation was $187 Mil.

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)
	=	(2551.472 / 4117.292)	/	(7569.915 / 18358.477)
	=	0.619697	/	0.412339
	=	1.5029

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)
	=	(15185.279 / 18358.477)	/	(3470.029 / 4117.292)
	=	0.827154	/	0.842794
	=	0.9814

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 - (21294.766 + 1059.542) / 25088.659)	/	(1 - (23222.458 + 869.809) / 24660.064)
	=	0.108988	/	0.023025
	=	4.7335

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
	=	4117.292	/	18358.477
	=	0.2243

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))
	=	(129.379 / (129.379 + 869.809))	/	(198.189 / (198.189 + 1059.542))
	=	0.129484	/	0.157577
	=	0.8217

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)
	=	(608.64 / 4117.292)	/	(569.822 / 18358.477)
	=	0.147825	/	0.031039
	=	4.7626

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)
	=	((208.288 + 2257.906) / 25088.659)	/	((186.653 + 3125.636) / 24660.064)
	=	0.098299	/	0.134318
	=	0.7318

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
	=	(1002.147 - -147.147	-	5821.045)	/	25088.659
	=	-0.18621

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.

BioNTech SE has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

BioNTech SE Beneish M-Score Related Terms

Thank you for viewing the detailed overview of BioNTech SE's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

BioNTech SE (BioNTech SE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » BioNTech SE (NAS:BNTX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

BNTX:Mexico 0A3M:UK 22UA:Germany B1NT34:Brazil BNTX:Austria

Address

An der Goldgrube 12, Mainz, RP, DEU, D-55131

Website

https://www.biontech.de

BioNTech is a Germany-based biotechnology company that focuses on developing cancer therapeutics, including individualized immunotherapy, as well as vaccines for infectious diseases, including COVID-19. The company's oncology pipeline contains several classes of drugs, including mRNA-based drugs to encode antigens, neoantigens, cytokines, and antibodies; cell therapies; bispecific antibodies; and small-molecule immunomodulators. BioNTech is partnered with several large pharmaceutical companies, including Roche, Eli Lilly, Pfizer, Sanofi, and Genmab. COVID-19 vaccine Comirnaty is its first commercialized product.