IQVIA Holdings Beneish M-Score Historical Data
The historical data trend for IQVIA Holdings'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.
IQVIA Holdings Beneish M-Score Chart
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IQVIA Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.88 |
-2.77 |
-2.59 |
-2.49 |
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IQVIA Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
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Mar21 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.45 |
-2.49 |
-2.54 |
-2.63 |
-2.68 |
Competitive Comparison of IQVIA Holdings's Beneish M-Score
For the Diagnostics & Research subindustry, IQVIA Holdings'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.
IQVIA Holdings's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, IQVIA Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IQVIA Holdings's Beneish M-Score falls into.
IQVIA Holdings 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 IQVIA Holdings 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 * 0.9623 | + | 0.528 * 0.9915 | + | 0.404 * 0.9939 | + | 0.892 * 1.031 | + | 0.115 * 1.0045 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.977 | + | 4.679 * -0.041869 | - | 0.327 * 0.973 |
| = | -2.68 |
* 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 (Sep23) TTM: |
Total Receivables was $3,250 Mil.
Revenue was 3896 + 3814 + 3737 + 3868 = $15,315 Mil.
Gross Profit was 1378 + 1326 + 1293 + 1390 = $5,387 Mil.
Total Current Assets was $5,632 Mil.
Total Assets was $27,180 Mil.
Property, Plant and Equipment(Net PPE) was $772 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,127 Mil.
Selling, General, & Admin. Expense(SGA) was $2,095 Mil.
Total Current Liabilities was $6,992 Mil.
Long-Term Debt & Capital Lease Obligation was $12,481 Mil.
Net Income was 285 + 363 + 288 + 469 = $1,405 Mil.
Non Operating Income was -72 + 39 + -26 + 24 = $-35 Mil.
Cash Flow from Operations was 721 + 588 + 522 + 747 = $2,578 Mil.
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Total Receivables was $3,276 Mil.
Revenue was 3736 + 3728 + 3652 + 3739 = $14,855 Mil.
Gross Profit was 1310 + 1285 + 1254 + 1332 = $5,181 Mil.
Total Current Assets was $5,208 Mil.
Total Assets was $25,977 Mil.
Property, Plant and Equipment(Net PPE) was $790 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,166 Mil.
Selling, General, & Admin. Expense(SGA) was $2,080 Mil.
Total Current Liabilities was $6,589 Mil.
Long-Term Debt & Capital Lease Obligation was $12,539 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) |
| = | (3250 / 15315) | / | (3276 / 14855) |
| = | 0.21221 | / | 0.220532 |
| | = | 0.9623 |
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) |
| = | (5181 / 14855) | / | (5387 / 15315) |
| = | 0.348771 | / | 0.351747 |
| | = | 0.9915 |
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 - (5632 + 772) / 27180) | / | (1 - (5208 + 790) / 25977) |
| = | 0.764386 | / | 0.769103 |
| | = | 0.9939 |
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 |
| = | 15315 | / | 14855 |
| | = | 1.031 |
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)) |
| = | (1166 / (1166 + 790)) | / | (1127 / (1127 + 772)) |
| = | 0.596115 | / | 0.59347 |
| | = | 1.0045 |
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) |
| = | (2095 / 15315) | / | (2080 / 14855) |
| = | 0.136794 | / | 0.14002 |
| | = | 0.977 |
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) |
| = | ((12481 + 6992) / 27180) | / | ((12539 + 6589) / 25977) |
| = | 0.716446 | / | 0.736344 |
| | = | 0.973 |
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 |
| = | (1405 - -35 | - | 2578) | / | 27180 |
| | = | -0.041869 |
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.
IQVIA Holdings has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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