Haleon Beneish M-Score Historical Data
The historical data trend for Haleon'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.
Haleon Beneish M-Score Chart
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Haleon Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.43 |
-3.71 |
-2.70 |
-2.53 |
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Haleon Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.70 |
- |
- |
- |
-2.53 |
Competitive Comparison of Haleon's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Haleon'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.
Haleon's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Haleon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Haleon's Beneish M-Score falls into.
Haleon 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 Haleon 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 * 1.1383 | + | 0.528 * 0.9827 | + | 0.404 * 0.9685 | + | 0.892 * 0.9926 | + | 0.115 * 0.9684 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.015 | + | 4.679 * -0.025033 | - | 0.327 * 1.0673 |
| = | -2.53 |
* 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 $2,407 Mil.
Revenue was $14,201 Mil.
Gross Profit was $8,627 Mil.
Total Current Assets was $7,229 Mil.
Total Assets was $43,382 Mil.
Property, Plant and Equipment(Net PPE) was $2,429 Mil.
Depreciation, Depletion and Amortization(DDA) was $410 Mil.
Selling, General, & Admin. Expense(SGA) was $5,628 Mil.
Total Current Liabilities was $7,348 Mil.
Long-Term Debt & Capital Lease Obligation was $10,891 Mil.
Net Income was $1,823 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,909 Mil.
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Total Receivables was $2,130 Mil.
Revenue was $14,306 Mil.
Gross Profit was $8,541 Mil.
Total Current Assets was $6,099 Mil.
Total Assets was $43,108 Mil.
Property, Plant and Equipment(Net PPE) was $2,408 Mil.
Depreciation, Depletion and Amortization(DDA) was $391 Mil.
Selling, General, & Admin. Expense(SGA) was $5,586 Mil.
Total Current Liabilities was $5,873 Mil.
Long-Term Debt & Capital Lease Obligation was $11,108 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) |
| = | (2407.08 / 14201.011) | / | (2130.38 / 14306.329) |
| = | 0.169501 | / | 0.148912 |
| | = | 1.1383 |
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) |
| = | (8540.506 / 14306.329) | / | (8627.054 / 14201.011) |
| = | 0.596974 | / | 0.607496 |
| | = | 0.9827 |
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 - (7228.824 + 2428.571) / 43381.795) | / | (1 - (6098.734 + 2407.595) / 43107.595) |
| = | 0.777386 | / | 0.802672 |
| | = | 0.9685 |
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 |
| = | 14201.011 | / | 14306.329 |
| | = | 0.9926 |
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)) |
| = | (391.139 / (391.139 + 2407.595)) | / | (409.608 / (409.608 + 2428.571)) |
| = | 0.139756 | / | 0.144321 |
| | = | 0.9684 |
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) |
| = | (5628.319 / 14201.011) | / | (5586.076 / 14306.329) |
| = | 0.396332 | / | 0.390462 |
| | = | 1.015 |
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) |
| = | ((10891.277 + 7347.661) / 43381.795) | / | ((11107.595 + 5873.418) / 43107.595) |
| = | 0.420428 | / | 0.393922 |
| | = | 1.0673 |
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 |
| = | (1823.009 - 0 | - | 2908.976) | / | 43381.795 |
| | = | -0.025033 |
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.
Haleon has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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