BeiGene Beneish M-Score Historical Data
The historical data trend for BeiGene'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.
BeiGene Beneish M-Score Chart
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BeiGene Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.95 |
0.52 |
-3.12 |
-1.71 |
-2.19 |
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BeiGene Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.71 |
-2.20 |
-1.97 |
-2.36 |
-2.19 |
Competitive Comparison of BeiGene's Beneish M-Score
For the Biotechnology subindustry, BeiGene'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.
BeiGene's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, BeiGene's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BeiGene's Beneish M-Score falls into.
BeiGene 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 BeiGene 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 * 1.1552 | + | 0.528 * 1.0017 | + | 0.404 * 1.2586 | + | 0.892 * 1.5434 | + | 0.115 * 0.6319 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7839 | + | 4.679 * -0.083087 | - | 0.327 * 1.1716 |
| = | -2.20 |
* 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$5,512 Mil.
Revenue was 8767.027 + 7803.458 + 7256.786 + 5880.174 = HK$29,707 Mil.
Gross Profit was 7518.93 + 6475.388 + 6177.976 + 4902.807 = HK$25,075 Mil.
Total Current Assets was HK$31,028 Mil.
Total Assets was HK$46,026 Mil.
Property, Plant and Equipment(Net PPE) was HK$12,882 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,339 Mil.
Selling, General, & Admin. Expense(SGA) was HK$14,279 Mil.
Total Current Liabilities was HK$17,217 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,638 Mil.
Net Income was -1180.632 + -945.438 + -940.363 + -1964.746 = HK$-5,031 Mil.
Non Operating Income was -106.76 + 88.179 + -93.595 + 13.784 = HK$-98 Mil.
Cash Flow from Operations was 584.249 + 1467.583 + -746.542 + -2413.959 = HK$-1,109 Mil.
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Total Receivables was HK$3,092 Mil.
Revenue was 4954.607 + 6116.47 + 4662.679 + 3514.656 = HK$19,248 Mil.
Gross Profit was 4128.081 + 5362.515 + 3910.79 + 2872.718 = HK$16,274 Mil.
Total Current Assets was HK$32,828 Mil.
Total Assets was HK$45,338 Mil.
Property, Plant and Equipment(Net PPE) was HK$10,855 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$686 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11,803 Mil.
Total Current Liabilities was HK$14,137 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,717 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) |
| = | (5512.165 / 29707.445) | / | (3091.79 / 19248.412) |
| = | 0.185548 | / | 0.160626 |
| | = | 1.1552 |
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) |
| = | (16274.104 / 19248.412) | / | (25075.101 / 29707.445) |
| = | 0.845478 | / | 0.844068 |
| | = | 1.0017 |
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 - (31028.249 + 12882.374) / 46025.602) | / | (1 - (32827.823 + 10854.919) / 45338.037) |
| = | 0.045952 | / | 0.03651 |
| | = | 1.2586 |
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 |
| = | 29707.445 | / | 19248.412 |
| | = | 1.5434 |
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)) |
| = | (686.423 / (686.423 + 10854.919)) | / | (1338.596 / (1338.596 + 12882.374)) |
| = | 0.059475 | / | 0.094128 |
| | = | 0.6319 |
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) |
| = | (14278.982 / 29707.445) | / | (11803.039 / 19248.412) |
| = | 0.480653 | / | 0.613195 |
| | = | 0.7839 |
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) |
| = | ((1638.33 + 17217.296) / 46025.602) | / | ((1717.133 + 14136.621) / 45338.037) |
| = | 0.409677 | / | 0.349679 |
| | = | 1.1716 |
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 |
| = | (-5031.179 - -98.392 | - | -1108.669) | / | 46025.602 |
| | = | -0.083087 |
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.
BeiGene has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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