Gilead Sciences Beneish M-Score Historical Data
The historical data trend for Gilead Sciences'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.
Gilead Sciences Beneish M-Score Chart
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Gilead Sciences Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.05 |
-2.73 |
-2.49 |
-2.64 |
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Gilead Sciences Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar21 |
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Dec23 |
| Beneish M-Score |
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-2.49 |
-2.35 |
-2.53 |
-2.42 |
-2.64 |
Competitive Comparison of Gilead Sciences's Beneish M-Score
For the Drug Manufacturers - General subindustry, Gilead Sciences'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.
Gilead Sciences's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Gilead Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gilead Sciences's Beneish M-Score falls into.
Gilead Sciences 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 Gilead Sciences 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 * 0.9793 | + | 0.528 * 1.0425 | + | 0.404 * 0.9574 | + | 0.892 * 0.9677 | + | 0.115 * 0.8241 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0805 | + | 4.679 * -0.02145 | - | 0.327 * 1.025 |
| = | -2.67 |
* 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 €4,273 Mil.
Revenue was 6523.538 + 6605.85 + 6090.877 + 5932.768 = €25,153 Mil.
Gross Profit was 4607.008 + 5139.445 + 4759.911 + 4624.234 = €19,131 Mil.
Total Current Assets was €14,750 Mil.
Total Assets was €56,969 Mil.
Property, Plant and Equipment(Net PPE) was €4,876 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,498 Mil.
Selling, General, & Admin. Expense(SGA) was €5,645 Mil.
Total Current Liabilities was €10,344 Mil.
Long-Term Debt & Capital Lease Obligation was €21,264 Mil.
Net Income was 1310.393 + 2042.66 + 964.535 + 943.34 = €5,261 Mil.
Non Operating Income was -95.368 + -152.731 + -77.532 + -611.77 = €-937 Mil.
Cash Flow from Operations was 1988.973 + 1644.435 + 2157.974 + 1628.896 = €7,420 Mil.
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Total Receivables was €4,509 Mil.
Revenue was 6975.216 + 7112.42 + 5921.96 + 5983.72 = €25,993 Mil.
Gross Profit was 5657.392 + 5703.47 + 4557.828 + 4690.728 = €20,609 Mil.
Total Current Assets was €13,634 Mil.
Total Assets was €59,633 Mil.
Property, Plant and Equipment(Net PPE) was €5,168 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,002 Mil.
Selling, General, & Admin. Expense(SGA) was €5,399 Mil.
Total Current Liabilities was €10,609 Mil.
Long-Term Debt & Capital Lease Obligation was €21,671 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) |
| = | (4273.22 / 25153.033) | / | (4509.488 / 25993.316) |
| = | 0.169889 | / | 0.173486 |
| | = | 0.9793 |
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) |
| = | (20609.418 / 25993.316) | / | (19130.598 / 25153.033) |
| = | 0.792874 | / | 0.760568 |
| | = | 1.0425 |
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 - (14749.945 + 4875.689) / 56968.625) | / | (1 - (13634.192 + 5168.4) / 59633.424) |
| = | 0.655501 | / | 0.684697 |
| | = | 0.9574 |
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 |
| = | 25153.033 | / | 25993.316 |
| | = | 0.9677 |
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)) |
| = | (2002.032 / (2002.032 + 5168.4)) | / | (2498.127 / (2498.127 + 4875.689)) |
| = | 0.279207 | / | 0.338783 |
| | = | 0.8241 |
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) |
| = | (5645.264 / 25153.033) | / | (5399.096 / 25993.316) |
| = | 0.224437 | / | 0.207711 |
| | = | 1.0805 |
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) |
| = | ((21264.313 + 10343.76) / 56968.625) | / | ((21671.408 + 10608.672) / 59633.424) |
| = | 0.554833 | / | 0.541309 |
| | = | 1.025 |
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 |
| = | (5260.928 - -937.401 | - | 7420.278) | / | 56968.625 |
| | = | -0.02145 |
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.
Gilead Sciences has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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