Roche Holding AG Beneish M-Score Historical Data
The historical data trend for Roche Holding AG'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.
Roche Holding AG Beneish M-Score Chart
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Roche Holding AG Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.70 |
-2.82 |
-2.73 |
-2.77 |
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Roche Holding AG Semi-Annual Data
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Jun24 |
| Beneish M-Score |
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-2.73 |
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-2.77 |
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Competitive Comparison of Roche Holding AG's Beneish M-Score
For the Drug Manufacturers - General subindustry, Roche Holding AG'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.
Roche Holding AG's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Roche Holding AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roche Holding AG's Beneish M-Score falls into.
Roche Holding AG 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 Roche Holding AG 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 * 1.024 | + | 0.528 * 0.9599 | + | 0.404 * 1.1023 | + | 0.892 * 0.9893 | + | 0.115 * 1.0445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.141 | + | 4.679 * -0.050814 | - | 0.327 * 1.0018 |
| = | -2.70 |
* 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 $15,104 Mil.
Revenue was $69,890 Mil.
Gross Profit was $50,976 Mil.
Total Current Assets was $38,675 Mil.
Total Assets was $104,611 Mil.
Property, Plant and Equipment(Net PPE) was $26,525 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,006 Mil.
Selling, General, & Admin. Expense(SGA) was $17,207 Mil.
Total Current Liabilities was $28,705 Mil.
Long-Term Debt & Capital Lease Obligation was $30,170 Mil.
Net Income was $13,296 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $18,611 Mil.
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Total Receivables was $14,910 Mil.
Revenue was $70,646 Mil.
Gross Profit was $49,460 Mil.
Total Current Assets was $36,299 Mil.
Total Assets was $94,623 Mil.
Property, Plant and Equipment(Net PPE) was $25,985 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,126 Mil.
Selling, General, & Admin. Expense(SGA) was $15,244 Mil.
Total Current Liabilities was $29,239 Mil.
Long-Term Debt & Capital Lease Obligation was $23,918 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) |
| = | (15104.07 / 69890.148) | / | (14909.833 / 70646.2) |
| = | 0.216112 | / | 0.211049 |
| | = | 1.024 |
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) |
| = | (49460.069 / 70646.2) | / | (50975.948 / 69890.148) |
| = | 0.700109 | / | 0.729372 |
| | = | 0.9599 |
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 - (38674.838 + 26525.208) / 104611.471) | / | (1 - (36298.841 + 25985.401) / 94623.229) |
| = | 0.376741 | / | 0.341766 |
| | = | 1.1023 |
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 |
| = | 69890.148 | / | 70646.2 |
| | = | 0.9893 |
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)) |
| = | (4126.234 / (4126.234 + 25985.401)) | / | (4005.55 / (4005.55 + 26525.208)) |
| = | 0.137031 | / | 0.131197 |
| | = | 1.0445 |
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) |
| = | (17207.447 / 69890.148) | / | (15243.667 / 70646.2) |
| = | 0.246207 | / | 0.215775 |
| | = | 1.141 |
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) |
| = | ((30169.981 + 28704.903) / 104611.471) | / | ((23917.991 + 29238.944) / 94623.229) |
| = | 0.562796 | / | 0.561775 |
| | = | 1.0018 |
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 |
| = | (13295.56 - 0 | - | 18611.24) | / | 104611.471 |
| | = | -0.050814 |
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.
Roche Holding AG has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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