Renata Beneish M-Score Historical Data
The historical data trend for Renata'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.
Renata Beneish M-Score Chart
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Renata Annual Data
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Jun23 |
| Beneish M-Score |
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-2.87 |
-380.40 |
-2.74 |
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-2.40 |
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Renata Quarterly Data
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Mar24 |
| Beneish M-Score |
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-2.40 |
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Competitive Comparison of Renata's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Renata'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.
Renata's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Renata's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Renata's Beneish M-Score falls into.
Renata 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 Renata 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 BDT4,235 Mil.
Revenue was 9226.168 + 9224.87 + 9440.196 + 8577.961 = BDT36,469 Mil.
Gross Profit was 4184.635 + 4387.366 + 4193.666 + 1451.97 = BDT14,218 Mil.
Total Current Assets was BDT20,819 Mil.
Total Assets was BDT54,357 Mil.
Property, Plant and Equipment(Net PPE) was BDT33,167 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT1,227 Mil.
Selling, General, & Admin. Expense(SGA) was BDT6,800 Mil.
Total Current Liabilities was BDT16,140 Mil.
Long-Term Debt & Capital Lease Obligation was BDT4,260 Mil.
Net Income was 731.379 + 880.827 + 1019.721 + -337.892 = BDT2,294 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was -471.421 + -687.991 + 1009.306 + 2028.293 = BDT1,878 Mil.
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Total Receivables was BDT5,321 Mil.
Revenue was 8445.967 + 7576.182 + 8370.646 + 8152.693 = BDT32,545 Mil.
Gross Profit was 3906.261 + 3774.471 + 3953.14 + 3795.759 = BDT15,430 Mil.
Total Current Assets was BDT18,892 Mil.
Total Assets was BDT48,605 Mil.
Property, Plant and Equipment(Net PPE) was BDT29,712 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT1,271 Mil.
Selling, General, & Admin. Expense(SGA) was BDT6,704 Mil.
Total Current Liabilities was BDT15,168 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,450 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) |
| = | (4234.744 / 36469.195) | / | (5321.294 / 32545.488) |
| = | 0.116118 | / | 0.163503 |
| | = | |
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) |
| = | (15429.631 / 32545.488) | / | (14217.637 / 36469.195) |
| = | 0.474094 | / | 0.389853 |
| | = | |
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 - (20818.507 + 33166.914) / 54356.736) | / | (1 - (18892.234 + 29712.283) / 48604.517) |
| = | 0.006831 | / | 0 |
| | = | |
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 |
| = | 36469.195 | / | 32545.488 |
| | = | |
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)) |
| = | (1271.482 / (1271.482 + 29712.283)) | / | (1226.73 / (1226.73 + 33166.914)) |
| = | 0.041037 | / | 0.035667 |
| | = | |
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) |
| = | (6800.349 / 36469.195) | / | (6703.682 / 32545.488) |
| = | 0.186468 | / | 0.205979 |
| | = | |
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) |
| = | ((4259.706 + 16139.877) / 54356.736) | / | ((1449.958 + 15168.46) / 48604.517) |
| = | 0.375291 | / | 0.341911 |
| | = | |
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 |
| = | (2294.035 - 0 | - | 1878.187) | / | 54356.736 |
| | = | 0.00765 |
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.
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