Emergent BioSolutions Beneish M-Score Historical Data
The historical data trend for Emergent BioSolutions'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.
Emergent BioSolutions Beneish M-Score Chart
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Emergent BioSolutions Annual Data
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Trend |
Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.91 |
-2.34 |
-2.99 |
-2.54 |
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Emergent BioSolutions Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-2.54 |
-1.41 |
-2.49 |
-2.54 |
-2.27 |
Competitive Comparison of Emergent BioSolutions's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Emergent BioSolutions'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.
Emergent BioSolutions's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Emergent BioSolutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Emergent BioSolutions's Beneish M-Score falls into.
Emergent BioSolutions 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 Emergent BioSolutions 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 * 1.2147 | + | 0.528 * 0.6651 | + | 0.404 * 1.1992 | + | 0.892 * 1.2331 | + | 0.115 * 0.7155 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7978 | + | 4.679 * -0.016744 | - | 0.327 * 1.0588 |
| = | -2.27 |
* 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 $234 Mil.
Revenue was 292.4 + 269.9 + 264 + 331.3 = $1,158 Mil.
Gross Profit was 147.8 + 84.8 + 87.2 + 140.7 = $461 Mil.
Total Current Assets was $682 Mil.
Total Assets was $1,804 Mil.
Property, Plant and Equipment(Net PPE) was $379 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $352 Mil.
Total Current Liabilities was $630 Mil.
Long-Term Debt & Capital Lease Obligation was $447 Mil.
Net Income was 9 + -49.5 + -263.4 + -261.3 = $-565 Mil.
Non Operating Income was -3.4 + 11 + -222.3 + -235.4 = $-450 Mil.
Cash Flow from Operations was -62.6 + 32.1 + 60 + -114.4 = $-85 Mil.
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Total Receivables was $156 Mil.
Revenue was 157.8 + 323.1 + 222.5 + 235.4 = $939 Mil.
Gross Profit was 4.9 + 102.6 + 75.3 + 65.6 = $248 Mil.
Total Current Assets was $1,221 Mil.
Total Assets was $2,950 Mil.
Property, Plant and Equipment(Net PPE) was $717 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $1,216 Mil.
Long-Term Debt & Capital Lease Obligation was $448 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) |
| = | (233.5 / 1157.6) | / | (155.9 / 938.8) |
| = | 0.20171 | / | 0.166063 |
| | = | 1.2147 |
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) |
| = | (248.4 / 938.8) | / | (460.5 / 1157.6) |
| = | 0.264593 | / | 0.397806 |
| | = | 0.6651 |
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 - (682.4 + 379.4) / 1803.6) | / | (1 - (1221.3 + 716.8) / 2949.8) |
| = | 0.411289 | / | 0.342972 |
| | = | 1.1992 |
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 |
| = | 1157.6 | / | 938.8 |
| | = | 1.2331 |
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)) |
| = | (147 / (147 + 716.8)) | / | (118.4 / (118.4 + 379.4)) |
| = | 0.170178 | / | 0.237847 |
| | = | 0.7155 |
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) |
| = | (351.8 / 1157.6) | / | (357.6 / 938.8) |
| = | 0.303905 | / | 0.380912 |
| | = | 0.7978 |
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) |
| = | ((446.7 + 630.2) / 1803.6) | / | ((447.7 + 1215.7) / 2949.8) |
| = | 0.597084 | / | 0.563903 |
| | = | 1.0588 |
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 |
| = | (-565.2 - -450.1 | - | -84.9) | / | 1803.6 |
| | = | -0.016744 |
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.
Emergent BioSolutions has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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