Endo International Beneish M-Score Historical Data
The historical data trend for Endo International'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.
Endo International Beneish M-Score Chart
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Endo International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.46 |
-2.74 |
-2.59 |
-2.68 |
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Endo International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.17 |
-2.25 |
-7.63 |
-2.68 |
Competitive Comparison of Endo International's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Endo International'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.
Endo International's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Endo International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Endo International's Beneish M-Score falls into.
Endo International 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 Endo International 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 * 0.908 | + | 0.528 * 0.9988 | + | 0.404 * 1.0353 | + | 0.892 * 0.8675 | + | 0.115 * 1.2001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8404 | + | 4.679 * -0.02162 | - | 0.327 * 0.8759 |
| = | -2.68 |
* 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 $395 Mil.
Revenue was 497.734 + 451.665 + 546.852 + 515.267 = $2,012 Mil.
Gross Profit was 248.199 + 221.379 + 313 + 282.525 = $1,065 Mil.
Total Current Assets was $1,669 Mil.
Total Assets was $5,137 Mil.
Property, Plant and Equipment(Net PPE) was $499 Mil.
Depreciation, Depletion and Amortization(DDA) was $306 Mil.
Selling, General, & Admin. Expense(SGA) was $568 Mil.
Total Current Liabilities was $539 Mil.
Long-Term Debt & Capital Lease Obligation was $4 Mil.
Net Income was -2441.483 + -28.483 + 23.438 + -3.279 = $-2,450 Mil.
Non Operating Income was -2492.135 + -67.909 + -112.824 + -100.97 = $-2,774 Mil.
Cash Flow from Operations was 115.057 + 130.627 + 127.318 + 62.096 = $435 Mil.
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Total Receivables was $501 Mil.
Revenue was 555.812 + 541.69 + 569.114 + 652.259 = $2,319 Mil.
Gross Profit was 261.546 + 280.458 + 305.328 + 379.044 = $1,226 Mil.
Total Current Assets was $2,077 Mil.
Total Assets was $5,758 Mil.
Property, Plant and Equipment(Net PPE) was $466 Mil.
Depreciation, Depletion and Amortization(DDA) was $392 Mil.
Selling, General, & Admin. Expense(SGA) was $779 Mil.
Total Current Liabilities was $690 Mil.
Long-Term Debt & Capital Lease Obligation was $5 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) |
| = | (394.7 / 2011.518) | / | (501.105 / 2318.875) |
| = | 0.19622 | / | 0.216098 |
| | = | 0.908 |
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) |
| = | (1226.376 / 2318.875) | / | (1065.103 / 2011.518) |
| = | 0.528867 | / | 0.529502 |
| | = | 0.9988 |
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 - (1668.501 + 499.273) / 5137.294) | / | (1 - (2076.768 + 466.384) / 5757.937) |
| = | 0.578032 | / | 0.558322 |
| | = | 1.0353 |
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 |
| = | 2011.518 | / | 2318.875 |
| | = | 0.8675 |
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)) |
| = | (391.629 / (391.629 + 466.384)) | / | (306.448 / (306.448 + 499.273)) |
| = | 0.456437 | / | 0.38034 |
| | = | 1.2001 |
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) |
| = | (567.727 / 2011.518) | / | (778.788 / 2318.875) |
| = | 0.282238 | / | 0.335847 |
| | = | 0.8404 |
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) |
| = | ((4.132 + 538.794) / 5137.294) | / | ((5.129 + 689.627) / 5757.937) |
| = | 0.105683 | / | 0.120661 |
| | = | 0.8759 |
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 |
| = | (-2449.807 - -2773.838 | - | 435.098) | / | 5137.294 |
| | = | -0.02162 |
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.
Endo International has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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