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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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Catalent's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Catalent was -2.01. The lowest was -2.87. And the median was -2.42.
The historical data trend for Catalent'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.
Catalent Annual Data | |||||||||||||||||||||
Trend | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | Jun24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.37 | -2.24 | -2.26 | -2.49 | -2.74 |
Catalent Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.58 | -2.50 | -2.77 | -2.74 | -2.87 |
For the Drug Manufacturers - Specialty & Generic subindustry, Catalent'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.
For the Drug Manufacturers industry and Healthcare sector, Catalent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Catalent's Beneish M-Score falls into.
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 Catalent 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 * 0.9967 | + | 0.528 * 1.0319 | + | 0.404 * 0.9888 | + | 0.892 * 1.0471 | + | 0.115 * 0.8884 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1191 | + | 4.679 * -0.085496 | - | 0.327 * 1.0374 | |||||||
= | -2.87 |
* 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 $1,458 Mil. Revenue was 1023 + 1301 + 1074 + 1024 = $4,422 Mil. Gross Profit was 181 + 384 + 229 + 171 = $965 Mil. Total Current Assets was $2,507 Mil. Total Assets was $9,708 Mil. Property, Plant and Equipment(Net PPE) was $3,671 Mil. Depreciation, Depletion and Amortization(DDA) was $490 Mil. Selling, General, & Admin. Expense(SGA) was $982 Mil. Total Current Liabilities was $998 Mil. Long-Term Debt & Capital Lease Obligation was $4,886 Mil. Net Income was -129 + 23 + -101 + -206 = $-413 Mil. Non Operating Income was 27 + -3 + -4 + -2 = $18 Mil. Cash Flow from Operations was 61 + 214 + 12 + 112 = $399 Mil. |
Total Receivables was $1,397 Mil. Revenue was 982 + 1055 + 1037 + 1149 = $4,223 Mil. Gross Profit was 169 + 215 + 180 + 387 = $951 Mil. Total Current Assets was $2,614 Mil. Total Assets was $10,023 Mil. Property, Plant and Equipment(Net PPE) was $3,723 Mil. Depreciation, Depletion and Amortization(DDA) was $435 Mil. Selling, General, & Admin. Expense(SGA) was $838 Mil. Total Current Liabilities was $1,534 Mil. Long-Term Debt & Capital Lease Obligation was $4,322 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) |
= | (1458 / 4422) | / | (1397 / 4223) | |
= | 0.329715 | / | 0.330807 | |
= | 0.9967 |
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) | |
= | (951 / 4223) | / | (965 / 4422) | |
= | 0.225195 | / | 0.218227 | |
= | 1.0319 |
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 - (2507 + 3671) / 9708) | / | (1 - (2614 + 3723) / 10023) | |
= | 0.363618 | / | 0.367754 | |
= | 0.9888 |
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 | |
= | 4422 | / | 4223 | |
= | 1.0471 |
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)) |
= | (435 / (435 + 3723)) | / | (490 / (490 + 3671)) | |
= | 0.104618 | / | 0.11776 | |
= | 0.8884 |
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) |
= | (982 / 4422) | / | (838 / 4223) | |
= | 0.222071 | / | 0.198437 | |
= | 1.1191 |
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) |
= | ((4886 + 998) / 9708) | / | ((4322 + 1534) / 10023) | |
= | 0.606098 | / | 0.584256 | |
= | 1.0374 |
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 | |
= | (-413 - 18 | - | 399) | / | 9708 | |
= | -0.085496 |
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.
Catalent has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Catalent's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michelle R Ryan | director | 214 PARK BLVD S, VENICE FL 34285 |
Joseph Anthony Ferraro | officer: SVP, General Counsel, CCO | 56 EMILY ROAD, FAR HILLS FL 07931 |
David Mcerlane | officer: Group President, Biologics | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Ricky Hopson | officer: VP, Chief Accounting Officer | CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Lisa Evoli | officer: SVP, Chief HR Officer | 311 ENTERPRISE DRIVE, PLAINSBORO NJ 08536 |
Aristippos Gennadios | officer: See Remarks | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Scott Gunther | officer: See Remarks | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Alessandro Maselli | officer: See remarks | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Matti Masanovich | officer: SVP, Chief Financial Officer | COLLINS & AIKMAN CORPORATION, 250 STEPHENSON HIGHWAY, TROY MI 48083 |
Steven Barg | director | ELLIOTT MANAGEMENT CORPORATION, 40 WEST 57TH STREET, NEW YORK NY 10019 |
John J Greisch | director | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Frank A Damelio | director | C/O PFIZER INC., 235 EAST 42ND ST., NEW YORK NY 10017 |
Stephanie Okey | director | C/O ALBIREO PHARMA, INC., 10 POST OFFICE SQUARE, SUITE 502 SOUTH, BOSTON MA 02109 |
Jonathan Arnold | officer: President, Oral Drug Delivery | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Steven L Fasman | officer: See Remarks | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
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