Intra-Cellular Therapies Beneish M-Score Historical Data
The historical data trend for Intra-Cellular Therapies'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.
Intra-Cellular Therapies Beneish M-Score Chart
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Intra-Cellular Therapies Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-0.78 |
-0.42 |
220.95 |
-2.18 |
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Intra-Cellular Therapies 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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220.95 |
190.66 |
99.49 |
90.80 |
-2.18 |
Competitive Comparison of Intra-Cellular Therapies's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Intra-Cellular Therapies'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.
Intra-Cellular Therapies's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Intra-Cellular Therapies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Intra-Cellular Therapies's Beneish M-Score falls into.
Intra-Cellular Therapies 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 Intra-Cellular Therapies 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 * 0.9918 | + | 0.528 * 1.0117 | + | 0.404 * 0.5182 | + | 0.892 * 1.4724 | + | 0.115 * 1.0596 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.836 | + | 4.679 * -0.001097 | - | 0.327 * 0.8504 |
| = | -2.18 |
* 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 $166.5 Mil.
Revenue was 199.223 + 175.159 + 161.276 + 144.843 = $680.5 Mil.
Gross Profit was 178.818 + 159.855 + 149.922 + 134.943 = $623.5 Mil.
Total Current Assets was $1,307.4 Mil.
Total Assets was $1,366.9 Mil.
Property, Plant and Equipment(Net PPE) was $14.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.5 Mil.
Selling, General, & Admin. Expense(SGA) was $504.5 Mil.
Total Current Liabilities was $205.7 Mil.
Long-Term Debt & Capital Lease Obligation was $12.7 Mil.
Net Income was -16.885 + -26.324 + -16.22 + -15.247 = $-74.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -13.078 + -26.525 + 0.542 + -34.116 = $-73.2 Mil.
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Total Receivables was $114.0 Mil.
Revenue was 131.506 + 125.81 + 110.128 + 94.731 = $462.2 Mil.
Gross Profit was 120.804 + 116.681 + 102.965 + 87.98 = $428.4 Mil.
Total Current Assets was $667.8 Mil.
Total Assets was $728.3 Mil.
Property, Plant and Equipment(Net PPE) was $14.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.5 Mil.
Selling, General, & Admin. Expense(SGA) was $409.9 Mil.
Total Current Liabilities was $123.5 Mil.
Long-Term Debt & Capital Lease Obligation was $13.3 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) |
| = | (166.5 / 680.501) | / | (114.018 / 462.175) |
| = | 0.244673 | / | 0.246699 |
| | = | 0.9918 |
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) |
| = | (428.43 / 462.175) | / | (623.538 / 680.501) |
| = | 0.926987 | / | 0.916293 |
| | = | 1.0117 |
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 - (1307.364 + 14.896) / 1366.912) | / | (1 - (667.799 + 14.582) / 728.295) |
| = | 0.032666 | / | 0.063043 |
| | = | 0.5182 |
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 |
| = | 680.501 | / | 462.175 |
| | = | 1.4724 |
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)) |
| = | (0.528 / (0.528 + 14.582)) | / | (0.508 / (0.508 + 14.896)) |
| = | 0.034944 | / | 0.032978 |
| | = | 1.0596 |
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) |
| = | (504.489 / 680.501) | / | (409.864 / 462.175) |
| = | 0.741349 | / | 0.886816 |
| | = | 0.836 |
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) |
| = | ((12.748 + 205.704) / 1366.912) | / | ((13.326 + 123.545) / 728.295) |
| = | 0.159814 | / | 0.187933 |
| | = | 0.8504 |
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 |
| = | (-74.676 - 0 | - | -73.177) | / | 1366.912 |
| | = | -0.001097 |
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.
Intra-Cellular Therapies has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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