Diplomat Pharmacy Beneish M-Score Historical Data
The historical data trend for Diplomat Pharmacy'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.
Diplomat Pharmacy Beneish M-Score Chart
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Diplomat Pharmacy Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-1.40 |
-1.50 |
-2.11 |
-2.77 |
-2.71 |
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Diplomat Pharmacy Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-2.67 |
-2.71 |
-2.69 |
-2.91 |
-3.29 |
Competitive Comparison of Diplomat Pharmacy's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Diplomat Pharmacy'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.
Diplomat Pharmacy's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Diplomat Pharmacy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diplomat Pharmacy's Beneish M-Score falls into.
Diplomat Pharmacy 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 Diplomat Pharmacy 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 * 0.9593 | + | 0.528 * 1.1298 | + | 0.404 * 0.7237 | + | 0.892 * 0.9847 | + | 0.115 * 1.1442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9942 | + | 4.679 * -0.133482 | - | 0.327 * 1.5428 |
| = | -3.36 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $338 Mil.
Revenue was 1301.197 + 1287.624 + 1256.808 + 1360.628 = $5,206 Mil.
Gross Profit was 63.385 + 72.727 + 79.22 + 93.856 = $309 Mil.
Total Current Assets was $542 Mil.
Total Assets was $1,163 Mil.
Property, Plant and Equipment(Net PPE) was $55 Mil.
Depreciation, Depletion and Amortization(DDA) was $83 Mil.
Selling, General, & Admin. Expense(SGA) was $319 Mil.
Total Current Liabilities was $992 Mil.
Long-Term Debt & Capital Lease Obligation was $24 Mil.
Net Income was -177.28 + -159.462 + -14.301 + -298.025 = $-649 Mil.
Non Operating Income was -156.1 + -140.769 + 0.181 + -307.073 = $-604 Mil.
Cash Flow from Operations was 41.295 + 43.098 + 23.652 + 1.835 = $110 Mil.
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Total Receivables was $358 Mil.
Revenue was 1373.334 + 1416.078 + 1342.484 + 1155.069 = $5,287 Mil.
Gross Profit was 93.358 + 98.416 + 90.378 + 72.579 = $355 Mil.
Total Current Assets was $550 Mil.
Total Assets was $1,801 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $578 Mil.
Long-Term Debt & Capital Lease Obligation was $441 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) |
| = | (338.321 / 5206.257) | / | (358.158 / 5286.965) |
| = | 0.064984 | / | 0.067744 |
| | = | 0.9593 |
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) |
| = | (354.731 / 5286.965) | / | (309.188 / 5206.257) |
| = | 0.067095 | / | 0.059388 |
| | = | 1.1298 |
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 - (542.177 + 55.067) / 1162.603) | / | (1 - (549.726 + 40.924) / 1800.661) |
| = | 0.486287 | / | 0.671982 |
| | = | 0.7237 |
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 |
| = | 5206.257 | / | 5286.965 |
| | = | 0.9847 |
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)) |
| = | (90.3 / (90.3 + 40.924)) | / | (83.083 / (83.083 + 55.067)) |
| = | 0.688136 | / | 0.601397 |
| | = | 1.1442 |
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) |
| = | (318.622 / 5206.257) | / | (325.461 / 5286.965) |
| = | 0.0612 | / | 0.061559 |
| | = | 0.9942 |
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) |
| = | ((23.538 + 991.542) / 1162.603) | / | ((440.552 + 578.485) / 1800.661) |
| = | 0.87311 | / | 0.565924 |
| | = | 1.5428 |
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 |
| = | (-649.068 - -603.761 | - | 109.88) | / | 1162.603 |
| | = | -0.133482 |
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.
Diplomat Pharmacy has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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