Mallinckrodt Beneish M-Score Historical Data
The historical data trend for Mallinckrodt'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.
Mallinckrodt Beneish M-Score Chart
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Mallinckrodt Annual Data
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Trend |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.60 |
-2.64 |
-2.81 |
-3.00 |
-2.27 |
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Mallinckrodt Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.50 |
-2.27 |
-1.76 |
-2.80 |
-3.00 |
Competitive Comparison of Mallinckrodt's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Mallinckrodt'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.
Mallinckrodt's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Mallinckrodt's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mallinckrodt's Beneish M-Score falls into.
Mallinckrodt 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 Mallinckrodt 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 * 1.2142 | + | 0.528 * 1.3872 | + | 0.404 * 0.9132 | + | 0.892 * 0.9326 | + | 0.115 * 1.0909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9624 | + | 4.679 * -0.230833 | - | 0.327 * 0.2734 |
| = | -3.00 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $427 Mil.
Revenue was 497 + 475 + 424.6 + 489.3 = $1,886 Mil.
Gross Profit was 150.8 + 104.9 + 49.8 + 50.4 = $356 Mil.
Total Current Assets was $1,788 Mil.
Total Assets was $4,795 Mil.
Property, Plant and Equipment(Net PPE) was $460 Mil.
Depreciation, Depletion and Amortization(DDA) was $574 Mil.
Selling, General, & Admin. Expense(SGA) was $532 Mil.
Total Current Liabilities was $799 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -1724.8 + -747.8 + -249.3 + -249.5 = $-2,971 Mil.
Non Operating Income was -1580.3 + -5 + -21.4 + 12 = $-1,595 Mil.
Cash Flow from Operations was -418.7 + 21.1 + 99.9 + 27.8 = $-270 Mil.
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Total Receivables was $377 Mil.
Revenue was 550.4 + 383.7 + 490.9 + 597.2 = $2,022 Mil.
Gross Profit was -1.7 + 116.9 + 175.7 + 238.5 = $529 Mil.
Total Current Assets was $2,168 Mil.
Total Assets was $6,257 Mil.
Property, Plant and Equipment(Net PPE) was $448 Mil.
Depreciation, Depletion and Amortization(DDA) was $688 Mil.
Selling, General, & Admin. Expense(SGA) was $592 Mil.
Total Current Liabilities was $779 Mil.
Long-Term Debt & Capital Lease Obligation was $3,034 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) |
| = | (426.9 / 1885.9) | / | (377 / 2022.2) |
| = | 0.226364 | / | 0.186431 |
| | = | 1.2142 |
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) |
| = | (529.4 / 2022.2) | / | (355.9 / 1885.9) |
| = | 0.261794 | / | 0.188716 |
| | = | 1.3872 |
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 - (1787.5 + 459.8) / 4794.8) | / | (1 - (2168.4 + 448.3) / 6257.4) |
| = | 0.531305 | / | 0.581823 |
| | = | 0.9132 |
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 |
| = | 1885.9 | / | 2022.2 |
| | = | 0.9326 |
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)) |
| = | (688.4 / (688.4 + 448.3)) | / | (573.8 / (573.8 + 459.8)) |
| = | 0.605613 | / | 0.555147 |
| | = | 1.0909 |
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) |
| = | (531.5 / 1885.9) | / | (592.2 / 2022.2) |
| = | 0.281828 | / | 0.292849 |
| | = | 0.9624 |
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) |
| = | ((0 + 799) / 4794.8) | / | ((3034.3 + 779.1) / 6257.4) |
| = | 0.166639 | / | 0.609422 |
| | = | 0.2734 |
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 |
| = | (-2971.4 - -1594.7 | - | -269.9) | / | 4794.8 |
| | = | -0.230833 |
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.
Mallinckrodt has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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