Gilead Sciences Beneish M-Score Historical Data
The historical data trend for Gilead Sciences'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.
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Gilead Sciences Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.05 |
-2.73 |
-2.49 |
-2.64 |
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Gilead Sciences Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.35 |
-2.53 |
-2.42 |
-2.64 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Gilead Sciences'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.
Gilead Sciences Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Gilead Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gilead Sciences's Beneish M-Score falls into.
Gilead Sciences 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 Gilead Sciences 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 * 0.9815 | + | 0.528 * 1.0425 | + | 0.404 * 0.9574 | + | 0.892 * 0.9939 | + | 0.115 * 0.8254 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0803 | + | 4.679 * -0.021505 | - | 0.327 * 1.025 |
| = | -2.64 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $4,660 Mil.
Revenue was 7114 + 7050 + 6599 + 6352 = $27,115 Mil.
Gross Profit was 5024 + 5485 + 5157 + 4951 = $20,617 Mil.
Total Current Assets was $16,085 Mil.
Total Assets was $62,125 Mil.
Property, Plant and Equipment(Net PPE) was $5,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,693 Mil.
Selling, General, & Admin. Expense(SGA) was $6,091 Mil.
Total Current Liabilities was $11,280 Mil.
Long-Term Debt & Capital Lease Obligation was $23,189 Mil.
Net Income was 1429 + 2180 + 1045 + 1010 = $5,664 Mil.
Non Operating Income was -104 + -163 + -84 + -655 = $-1,006 Mil.
Cash Flow from Operations was 2169 + 1755 + 2338 + 1744 = $8,006 Mil.
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Total Receivables was $4,777 Mil.
Revenue was 7389 + 7042 + 6260 + 6590 = $27,281 Mil.
Gross Profit was 5993 + 5647 + 4818 + 5166 = $21,624 Mil.
Total Current Assets was $14,443 Mil.
Total Assets was $63,171 Mil.
Property, Plant and Equipment(Net PPE) was $5,475 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,103 Mil.
Selling, General, & Admin. Expense(SGA) was $5,673 Mil.
Total Current Liabilities was $11,238 Mil.
Long-Term Debt & Capital Lease Obligation was $22,957 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) |
| = | (4660 / 27115) | / | (4777 / 27281) |
| = | 0.171861 | / | 0.175104 |
| | = | 0.9815 |
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) |
| = | (21624 / 27281) | / | (20617 / 27115) |
| = | 0.79264 | / | 0.760354 |
| | = | 1.0425 |
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 - (16085 + 5317) / 62125) | / | (1 - (14443 + 5475) / 63171) |
| = | 0.655501 | / | 0.684697 |
| | = | 0.9574 |
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 |
| = | 27115 | / | 27281 |
| | = | 0.9939 |
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)) |
| = | (2103 / (2103 + 5475)) | / | (2693 / (2693 + 5317)) |
| = | 0.277514 | / | 0.336205 |
| | = | 0.8254 |
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) |
| = | (6091 / 27115) | / | (5673 / 27281) |
| = | 0.224636 | / | 0.207947 |
| | = | 1.0803 |
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) |
| = | ((23189 + 11280) / 62125) | / | ((22957 + 11238) / 63171) |
| = | 0.554833 | / | 0.541309 |
| | = | 1.025 |
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 |
| = | (5664 - -1006 | - | 8006) | / | 62125 |
| | = | -0.021505 |
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.
Gilead Sciences has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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