Jazz Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Jazz Pharmaceuticals'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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Jazz Pharmaceuticals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.67 |
-2.51 |
-2.75 |
-2.71 |
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Jazz Pharmaceuticals 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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-2.75 |
-2.81 |
-2.85 |
-2.77 |
-2.71 |
Competitive Comparison
For the Biotechnology subindustry, Jazz Pharmaceuticals'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.
Jazz Pharmaceuticals Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Jazz Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jazz Pharmaceuticals's Beneish M-Score falls into.
Jazz Pharmaceuticals 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 Jazz Pharmaceuticals 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 * 1.0339 | + | 0.528 * 0.9615 | + | 0.404 * 0.9264 | + | 0.892 * 1.0478 | + | 0.115 * 0.925 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9047 | + | 4.679 * -0.05854 | - | 0.327 * 0.9518 |
| = | -2.71 |
* 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 $706 Mil.
Revenue was 1011.935 + 972.14 + 957.317 + 892.812 = $3,834 Mil.
Gross Profit was 904.692 + 869.987 + 859.78 + 764.168 = $3,399 Mil.
Total Current Assets was $3,435 Mil.
Total Assets was $11,393 Mil.
Property, Plant and Equipment(Net PPE) was $235 Mil.
Depreciation, Depletion and Amortization(DDA) was $639 Mil.
Selling, General, & Admin. Expense(SGA) was $1,343 Mil.
Total Current Liabilities was $1,537 Mil.
Long-Term Debt & Capital Lease Obligation was $5,167 Mil.
Net Income was 94.154 + 146.82 + 104.438 + 69.42 = $415 Mil.
Non Operating Income was -8.647 + -1.377 + -2.382 + 2.193 = $-10 Mil.
Cash Flow from Operations was 167.339 + 307.195 + 296.765 + 320.708 = $1,092 Mil.
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Total Receivables was $651 Mil.
Revenue was 972.123 + 940.652 + 932.878 + 813.721 = $3,659 Mil.
Gross Profit was 804.759 + 806.991 + 808.67 + 698.437 = $3,119 Mil.
Total Current Assets was $2,606 Mil.
Total Assets was $10,835 Mil.
Property, Plant and Equipment(Net PPE) was $301 Mil.
Depreciation, Depletion and Amortization(DDA) was $629 Mil.
Selling, General, & Admin. Expense(SGA) was $1,417 Mil.
Total Current Liabilities was $933 Mil.
Long-Term Debt & Capital Lease Obligation was $5,765 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) |
| = | (705.794 / 3834.204) | / | (651.493 / 3659.374) |
| = | 0.184078 | / | 0.178034 |
| | = | 1.0339 |
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) |
| = | (3118.857 / 3659.374) | / | (3398.627 / 3834.204) |
| = | 0.852292 | / | 0.886397 |
| | = | 0.9615 |
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 - (3435.428 + 234.986) / 11393.359) | / | (1 - (2606.14 + 301.376) / 10835.255) |
| = | 0.677846 | / | 0.731662 |
| | = | 0.9264 |
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 |
| = | 3834.204 | / | 3659.374 |
| | = | 1.0478 |
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)) |
| = | (629.471 / (629.471 + 301.376)) | / | (638.696 / (638.696 + 234.986)) |
| = | 0.676235 | / | 0.731039 |
| | = | 0.925 |
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) |
| = | (1343.105 / 3834.204) | / | (1416.967 / 3659.374) |
| = | 0.350296 | / | 0.387216 |
| | = | 0.9047 |
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) |
| = | ((5167.213 + 1536.692) / 11393.359) | / | ((5765.179 + 933.193) / 10835.255) |
| = | 0.588405 | / | 0.618202 |
| | = | 0.9518 |
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 |
| = | (414.832 - -10.213 | - | 1092.007) | / | 11393.359 |
| | = | -0.05854 |
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.
Jazz Pharmaceuticals has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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