Zoetis Beneish M-Score Historical Data
The historical data trend for Zoetis'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.
Zoetis Beneish M-Score Chart
|
Zoetis Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.58 |
-2.74 |
-2.41 |
-2.35 |
-2.36 |
|
Zoetis Quarterly Data
|
|
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.35 |
-2.36 |
-2.38 |
-2.48 |
-2.49 |
Competitive Comparison of Zoetis's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Zoetis'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.
Zoetis's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Zoetis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zoetis's Beneish M-Score falls into.
Zoetis 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 Zoetis 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 * 1.0267 | + | 0.528 * 1.0034 | + | 0.404 * 0.9799 | + | 0.892 * 1.0933 | + | 0.115 * 1.0238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9835 | + | 4.679 * -0.024936 | - | 0.327 * 0.995 |
| = | -2.49 |
* 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 $1,411 Mil.
Revenue was 2388 + 2361 + 2190 + 2213 = $9,152 Mil.
Gross Profit was 1687 + 1693 + 1547 + 1485 = $6,412 Mil.
Total Current Assets was $6,282 Mil.
Total Assets was $14,357 Mil.
Property, Plant and Equipment(Net PPE) was $3,521 Mil.
Depreciation, Depletion and Amortization(DDA) was $500 Mil.
Selling, General, & Admin. Expense(SGA) was $2,258 Mil.
Total Current Liabilities was $1,702 Mil.
Long-Term Debt & Capital Lease Obligation was $6,755 Mil.
Net Income was 682 + 624 + 599 + 525 = $2,430 Mil.
Non Operating Income was -12 + -91 + -28 + -26 = $-157 Mil.
Cash Flow from Operations was 951 + 502 + 595 + 897 = $2,945 Mil.
|
Total Receivables was $1,257 Mil.
Revenue was 2151 + 2180 + 2000 + 2040 = $8,371 Mil.
Gross Profit was 1513 + 1573 + 1412 + 1387 = $5,885 Mil.
Total Current Assets was $6,222 Mil.
Total Assets was $14,106 Mil.
Property, Plant and Equipment(Net PPE) was $3,318 Mil.
Depreciation, Depletion and Amortization(DDA) was $484 Mil.
Selling, General, & Admin. Expense(SGA) was $2,100 Mil.
Total Current Liabilities was $1,608 Mil.
Long-Term Debt & Capital Lease Obligation was $6,743 Mil.
|
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) |
| = | (1411 / 9152) | / | (1257 / 8371) |
| = | 0.154174 | / | 0.150161 |
| | = | 1.0267 |
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) |
| = | (5885 / 8371) | / | (6412 / 9152) |
| = | 0.703022 | / | 0.700612 |
| | = | 1.0034 |
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 - (6282 + 3521) / 14357) | / | (1 - (6222 + 3318) / 14106) |
| = | 0.317197 | / | 0.323692 |
| | = | 0.9799 |
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 |
| = | 9152 | / | 8371 |
| | = | 1.0933 |
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)) |
| = | (484 / (484 + 3318)) | / | (500 / (500 + 3521)) |
| = | 0.127301 | / | 0.124347 |
| | = | 1.0238 |
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) |
| = | (2258 / 9152) | / | (2100 / 8371) |
| = | 0.246722 | / | 0.250866 |
| | = | 0.9835 |
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) |
| = | ((6755 + 1702) / 14357) | / | ((6743 + 1608) / 14106) |
| = | 0.589051 | / | 0.592018 |
| | = | 0.995 |
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 |
| = | (2430 - -157 | - | 2945) | / | 14357 |
| | = | -0.024936 |
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.
Zoetis has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LTS:0M3Q has been successfully added to your