Ironwood Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Ironwood Pharmaceuticals'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.
Ironwood Pharmaceuticals Beneish M-Score Chart
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Ironwood Pharmaceuticals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.29 |
-2.90 |
0.38 |
-2.92 |
-3.92 |
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Ironwood Pharmaceuticals 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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-2.92 |
-2.86 |
-3.64 |
-3.76 |
-3.92 |
Competitive Comparison of Ironwood Pharmaceuticals's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Ironwood Pharmaceuticals'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.
Ironwood Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Ironwood Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ironwood Pharmaceuticals's Beneish M-Score falls into.
Ironwood Pharmaceuticals 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 Ironwood Pharmaceuticals 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 * 1.0372 | + | 0.528 * 1 | + | 0.404 * 1.7126 | + | 0.892 * 1.0783 | + | 0.115 * 0.7968 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2658 | + | 4.679 * -0.152671 | - | 0.327 * 4.2045 |
| = | -3.92 |
* 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 $129.1 Mil.
Revenue was 117.553 + 113.739 + 107.382 + 104.061 = $442.7 Mil.
Gross Profit was 117.553 + 113.739 + 107.382 + 104.061 = $442.7 Mil.
Total Current Assets was $233.3 Mil.
Total Assets was $471.1 Mil.
Property, Plant and Equipment(Net PPE) was $18.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.6 Mil.
Selling, General, & Admin. Expense(SGA) was $158.3 Mil.
Total Current Liabilities was $276.1 Mil.
Long-Term Debt & Capital Lease Obligation was $512.9 Mil.
Net Income was -1.087 + 15.321 + -1062.187 + 45.714 = $-1,002.2 Mil.
Non Operating Income was -5.621 + -4.685 + -1103.46 + 0.019 = $-1,113.7 Mil.
Cash Flow from Operations was 35.834 + 32.459 + 34.963 + 80.171 = $183.4 Mil.
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Total Receivables was $115.5 Mil.
Revenue was 107.199 + 108.637 + 97.231 + 97.529 = $410.6 Mil.
Gross Profit was 107.199 + 108.637 + 97.231 + 97.529 = $410.6 Mil.
Total Current Assets was $780.6 Mil.
Total Assets was $1,100.5 Mil.
Property, Plant and Equipment(Net PPE) was $20.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.4 Mil.
Selling, General, & Admin. Expense(SGA) was $116.0 Mil.
Total Current Liabilities was $25.5 Mil.
Long-Term Debt & Capital Lease Obligation was $412.9 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) |
| = | (129.122 / 442.735) | / | (115.458 / 410.596) |
| = | 0.291646 | / | 0.281196 |
| | = | 1.0372 |
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) |
| = | (410.596 / 410.596) | / | (442.735 / 442.735) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (233.288 + 18.171) / 471.073) | / | (1 - (780.626 + 20.311) / 1100.519) |
| = | 0.4662 | / | 0.272219 |
| | = | 1.7126 |
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 |
| = | 442.735 | / | 410.596 |
| | = | 1.0783 |
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)) |
| = | (1.4 / (1.4 + 20.311)) | / | (1.6 / (1.6 + 18.171)) |
| = | 0.064483 | / | 0.080927 |
| | = | 0.7968 |
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) |
| = | (158.314 / 442.735) | / | (115.994 / 410.596) |
| = | 0.357582 | / | 0.282502 |
| | = | 1.2658 |
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) |
| = | ((512.852 + 276.101) / 471.073) | / | ((412.85 + 25.525) / 1100.519) |
| = | 1.6748 | / | 0.398335 |
| | = | 4.2045 |
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 |
| = | (-1002.239 - -1113.747 | - | 183.427) | / | 471.073 |
| | = | -0.152671 |
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.
Ironwood Pharmaceuticals has a M-score of -3.92 suggests that the company is unlikely to be a manipulator.
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