Wuxi AppTec Co Beneish M-Score Historical Data
The historical data trend for Wuxi AppTec Co'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.
Wuxi AppTec Co Beneish M-Score Chart
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Wuxi AppTec Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.27 |
-1.34 |
-2.22 |
-2.53 |
-2.76 |
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Wuxi AppTec Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.53 |
-2.63 |
-2.79 |
-2.60 |
-2.76 |
Competitive Comparison of Wuxi AppTec Co's Beneish M-Score
For the Diagnostics & Research subindustry, Wuxi AppTec Co'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.
Wuxi AppTec Co's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Wuxi AppTec Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wuxi AppTec Co's Beneish M-Score falls into.
Wuxi AppTec Co 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 Wuxi AppTec Co 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 * 0.9999 | + | 0.528 * 0.9924 | + | 0.404 * 0.829 | + | 0.892 * 0.9588 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9784 | + | 4.679 * -0.037349 | - | 0.327 * 1.094 |
| = | -2.79 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$9,777 Mil.
Revenue was 12320.326 + 11518.132 + 9967.699 + 8670.787 = HK$42,477 Mil.
Gross Profit was 5354.557 + 4926.921 + 4029.965 + 3306.215 = HK$17,618 Mil.
Total Current Assets was HK$41,308 Mil.
Total Assets was HK$85,762 Mil.
Property, Plant and Equipment(Net PPE) was HK$27,387 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,114 Mil.
Total Current Liabilities was HK$17,324 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,743 Mil.
Net Income was 3114.799 + 2524.822 + 2473.478 + 2109.827 = HK$10,223 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 4299.966 + 3757.647 + 2916.546 + 2451.911 = HK$13,426 Mil.
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Total Receivables was HK$10,199 Mil.
Revenue was 11812.244 + 11445.815 + 10836.679 + 10209.656 = HK$44,304 Mil.
Gross Profit was 4825.739 + 4885.329 + 4451.63 + 4072.886 = HK$18,236 Mil.
Total Current Assets was HK$33,275 Mil.
Total Assets was HK$80,578 Mil.
Property, Plant and Equipment(Net PPE) was HK$27,961 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,187 Mil.
Total Current Liabilities was HK$16,140 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,953 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) |
| = | (9776.76 / 42476.944) | / | (10198.555 / 44304.394) |
| = | 0.230166 | / | 0.230193 |
| | = | 0.9999 |
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) |
| = | (18235.584 / 44304.394) | / | (17617.658 / 42476.944) |
| = | 0.411598 | / | 0.414758 |
| | = | 0.9924 |
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 - (41308.394 + 27386.872) / 85761.638) | / | (1 - (33275.456 + 27960.841) / 80577.978) |
| = | 0.198998 | / | 0.240037 |
| | = | 0.829 |
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 |
| = | 42476.944 | / | 44304.394 |
| | = | 0.9588 |
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 + 27960.841)) | / | (0 / (0 + 27386.872)) |
| = | 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) |
| = | (1113.733 / 42476.944) | / | (1187.274 / 44304.394) |
| = | 0.02622 | / | 0.026798 |
| | = | 0.9784 |
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) |
| = | ((3743.333 + 17324.17) / 85761.638) | / | ((1953.018 + 16140.125) / 80577.978) |
| = | 0.245652 | / | 0.224542 |
| | = | 1.094 |
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 |
| = | (10222.926 - 0 | - | 13426.07) | / | 85761.638 |
| | = | -0.037349 |
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.
Wuxi AppTec Co has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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