Grifols Beneish M-Score Historical Data
The historical data trend for Grifols'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.
Grifols Beneish M-Score Chart
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Grifols Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.73 |
-2.44 |
-2.63 |
-2.04 |
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Grifols Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.55 |
-2.00 |
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-2.65 |
-2.26 |
Competitive Comparison of Grifols's Beneish M-Score
For the Drug Manufacturers - General subindustry, Grifols'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.
Grifols's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Grifols's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grifols's Beneish M-Score falls into.
Grifols 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 Grifols 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 * 1.065 | + | 0.528 * 0.9267 | + | 0.404 * 0.9302 | + | 0.892 * 1.1193 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9481 | + | 4.679 * 0.008807 | - | 0.327 * 0.2061 |
| = | -2.24 |
* 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 (Jun23) TTM: |
Total Receivables was $1,118 Mil.
Revenue was 1989.962 + 1956.843 + 1929.716 + 1704.889 = $7,581 Mil.
Gross Profit was 806.609 + 721.682 + 766.42 + 674.315 = $2,969 Mil.
Total Current Assets was $5,908 Mil.
Total Assets was $22,512 Mil.
Property, Plant and Equipment(Net PPE) was $3,510 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,279 Mil.
Total Current Liabilities was $2,614 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 57.371 + 15.975 + 80.195 + 63.546 = $217 Mil.
Non Operating Income was -2.686 + 38.716 + -12.238 + -4.974 = $19 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
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Total Receivables was $938 Mil.
Revenue was 1802.23 + 1814.349 + 1525.871 + 1630.971 = $6,773 Mil.
Gross Profit was 658.358 + 634.649 + 554.327 + 610.941 = $2,458 Mil.
Total Current Assets was $5,206 Mil.
Total Assets was $23,221 Mil.
Property, Plant and Equipment(Net PPE) was $3,495 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $586 Mil.
Total Current Liabilities was $2,034 Mil.
Long-Term Debt & Capital Lease Obligation was $11,054 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) |
| = | (1118.05 / 7581.41) | / | (937.928 / 6773.421) |
| = | 0.147473 | / | 0.138472 |
| | = | 1.065 |
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) |
| = | (2458.275 / 6773.421) | / | (2969.026 / 7581.41) |
| = | 0.36293 | / | 0.391619 |
| | = | 0.9267 |
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 - (5908.172 + 3509.921) / 22512.368) | / | (1 - (5205.603 + 3494.782) / 23220.741) |
| = | 0.581648 | / | 0.625318 |
| | = | 0.9302 |
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 |
| = | 7581.41 | / | 6773.421 |
| | = | 1.1193 |
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)) |
| = | (0 / (0 + 3494.782)) | / | (0 / (0 + 3509.921)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1278.617 / 7581.41) | / | (586.392 / 6773.421) |
| = | 0.168652 | / | 0.086573 |
| | = | 1.9481 |
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) |
| = | ((0 + 2614.401) / 22512.368) | / | ((11053.724 + 2033.569) / 23220.741) |
| = | 0.116132 | / | 0.563604 |
| | = | 0.2061 |
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 |
| = | (217.087 - 18.818 | - | 0) | / | 22512.368 |
| | = | 0.008807 |
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.
Grifols has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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