Ibnsina Pharma Beneish M-Score Historical Data
The historical data trend for Ibnsina Pharma'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.
Ibnsina Pharma Beneish M-Score Chart
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Ibnsina Pharma Annual Data
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Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.01 |
-2.35 |
-1.88 |
-2.88 |
-1.49 |
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Ibnsina Pharma Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.35 |
-2.61 |
-2.46 |
-1.49 |
-1.23 |
Competitive Comparison of Ibnsina Pharma's Beneish M-Score
For the Medical Distribution subindustry, Ibnsina Pharma'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.
Ibnsina Pharma's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Ibnsina Pharma's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ibnsina Pharma's Beneish M-Score falls into.
Ibnsina Pharma 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 Ibnsina Pharma 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 | + | 0.528 * 1.02 | + | 0.404 * 0.1485 | + | 0.892 * 1.5849 | + | 0.115 * 10.5248 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.05 | + | 4.679 * -0.001596 | - | 0.327 * 1.0679 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was E£11,547 Mil.
Revenue was 10574.228 + 10144.12 + 9108.172 + 7853.664 = E£37,680 Mil.
Gross Profit was 777.685 + 658.186 + 673.489 + 636.984 = E£2,746 Mil.
Total Current Assets was E£18,303 Mil.
Total Assets was E£20,655 Mil.
Property, Plant and Equipment(Net PPE) was E£1,950 Mil.
Depreciation, Depletion and Amortization(DDA) was E£205 Mil.
Selling, General, & Admin. Expense(SGA) was E£193 Mil.
Total Current Liabilities was E£18,254 Mil.
Long-Term Debt & Capital Lease Obligation was E£854 Mil.
Net Income was 98.143 + 39.623 + 42.034 + 59.448 = E£239 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = E£0 Mil.
Cash Flow from Operations was -395.693 + 535.857 + -309.668 + 441.712 = E£272 Mil.
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Total Receivables was E£0 Mil.
Revenue was 6843.373 + 6453.086 + 5550.255 + 4928.359 = E£23,775 Mil.
Gross Profit was 546.429 + 419.271 + 428.819 + 373.049 = E£1,768 Mil.
Total Current Assets was E£13,312 Mil.
Total Assets was E£15,323 Mil.
Property, Plant and Equipment(Net PPE) was E£0 Mil.
Depreciation, Depletion and Amortization(DDA) was E£46 Mil.
Selling, General, & Admin. Expense(SGA) was E£116 Mil.
Total Current Liabilities was E£13,007 Mil.
Long-Term Debt & Capital Lease Obligation was E£268 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) |
| = | (11546.715 / 37680.184) | / | (0 / 23775.073) |
| = | 0.30644 | / | 0 |
| | = | 1 |
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) |
| = | (1767.568 / 23775.073) | / | (2746.344 / 37680.184) |
| = | 0.074345 | / | 0.072886 |
| | = | 1.02 |
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 - (18302.844 + 1949.643) / 20655.087) | / | (1 - (13312.184 + 0) / 15323.15) |
| = | 0.019492 | / | 0.131237 |
| | = | 0.1485 |
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 |
| = | 37680.184 | / | 23775.073 |
| | = | 1.5849 |
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)) |
| = | (46.407 / (46.407 + 0)) | / | (204.693 / (204.693 + 1949.643)) |
| = | 1 | / | 0.095014 |
| | = | 10.5248 |
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) |
| = | (193.043 / 37680.184) | / | (115.99 / 23775.073) |
| = | 0.005123 | / | 0.004879 |
| | = | 1.05 |
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) |
| = | ((853.797 + 18254.159) / 20655.087) | / | ((267.556 + 13007.047) / 15323.15) |
| = | 0.925097 | / | 0.86631 |
| | = | 1.0679 |
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 |
| = | (239.248 - 0 | - | 272.208) | / | 20655.087 |
| | = | -0.001596 |
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.
Ibnsina Pharma has a M-score of -1.23 signals that the company is likely to be a manipulator.
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