Insmed Beneish M-Score Historical Data
The historical data trend for Insmed'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.
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Insmed Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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8.47 |
-2.99 |
-1.58 |
-2.76 |
-2.95 |
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Insmed 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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-2.76 |
-2.83 |
-3.38 |
-3.21 |
-2.95 |
Competitive Comparison
For the Biotechnology subindustry, Insmed'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.
Insmed Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Insmed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Insmed's Beneish M-Score falls into.
Insmed 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 Insmed 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 * 1.1144 | + | 0.528 * 0.9875 | + | 0.404 * 1.3139 | + | 0.892 * 1.2439 | + | 0.115 * 0.9987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.042 | + | 4.679 * -0.17215 | - | 0.327 * 1.2996 |
| = | -2.95 |
* 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 $41.2 Mil.
Revenue was 83.693 + 79.072 + 77.229 + 65.214 = $305.2 Mil.
Gross Profit was 65.25 + 62.366 + 60.635 + 51.384 = $239.6 Mil.
Total Current Assets was $929.1 Mil.
Total Assets was $1,329.8 Mil.
Property, Plant and Equipment(Net PPE) was $104.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.6 Mil.
Selling, General, & Admin. Expense(SGA) was $344.5 Mil.
Total Current Liabilities was $225.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,193.4 Mil.
Net Income was -186.061 + -158.933 + -244.809 + -159.764 = $-749.6 Mil.
Non Operating Income was -1.707 + 0.57 + -1.632 + 18.38 = $15.6 Mil.
Cash Flow from Operations was -130.819 + -136.333 + -122.792 + -146.303 = $-536.2 Mil.
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Total Receivables was $29.7 Mil.
Revenue was 59.3 + 67.73 + 65.221 + 53.107 = $245.4 Mil.
Gross Profit was 46.231 + 54.259 + 48.826 + 40.916 = $190.2 Mil.
Total Current Assets was $1,273.4 Mil.
Total Assets was $1,656.4 Mil.
Property, Plant and Equipment(Net PPE) was $102.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.3 Mil.
Selling, General, & Admin. Expense(SGA) was $265.8 Mil.
Total Current Liabilities was $190.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,169.7 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) |
| = | (41.189 / 305.208) | / | (29.713 / 245.358) |
| = | 0.134954 | / | 0.121101 |
| | = | 1.1144 |
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) |
| = | (190.232 / 245.358) | / | (239.635 / 305.208) |
| = | 0.775324 | / | 0.785153 |
| | = | 0.9875 |
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 - (929.063 + 104.386) / 1329.837) | / | (1 - (1273.383 + 102.082) / 1656.435) |
| = | 0.222875 | / | 0.169623 |
| | = | 1.3139 |
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 |
| = | 305.208 | / | 245.358 |
| | = | 1.2439 |
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)) |
| = | (10.331 / (10.331 + 102.082)) | / | (10.579 / (10.579 + 104.386)) |
| = | 0.091902 | / | 0.092019 |
| | = | 0.9987 |
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) |
| = | (344.501 / 305.208) | / | (265.784 / 245.358) |
| = | 1.128742 | / | 1.08325 |
| | = | 1.042 |
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) |
| = | ((1193.352 + 225.629) / 1329.837) | / | ((1169.739 + 190.243) / 1656.435) |
| = | 1.067034 | / | 0.82103 |
| | = | 1.2996 |
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 |
| = | (-749.567 - 15.611 | - | -536.247) | / | 1329.837 |
| | = | -0.17215 |
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.
Insmed has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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