PRA Health Sciences Beneish M-Score Historical Data
The historical data trend for PRA Health 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.
PRA Health Sciences Beneish M-Score Chart
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PRA Health Sciences Annual Data
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| Beneish M-Score |
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-2.53 |
-2.06 |
-2.60 |
-2.31 |
-2.63 |
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PRA Health Sciences Quarterly Data
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Jun16 |
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Mar21 |
| Beneish M-Score |
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-2.40 |
-2.51 |
-2.87 |
-2.63 |
-2.85 |
Competitive Comparison of PRA Health Sciences's Beneish M-Score
For the Diagnostics & Research subindustry, PRA Health 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.
PRA Health Sciences's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, PRA Health Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PRA Health Sciences's Beneish M-Score falls into.
PRA Health 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 PRA Health 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 * 1.0564 | + | 0.528 * 1.0328 | + | 0.404 * 0.8481 | + | 0.892 * 1.0657 | + | 0.115 * 0.9147 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0869 | + | 4.679 * -0.08294 | - | 0.327 * 0.9153 |
| = | -2.80 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $779 Mil.
Revenue was 933.775 + 873.458 + 796.307 + 729.891 = $3,333 Mil.
Gross Profit was 238.413 + 251.471 + 227.842 + 186.285 = $904 Mil.
Total Current Assets was $1,596 Mil.
Total Assets was $4,283 Mil.
Property, Plant and Equipment(Net PPE) was $363 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $469 Mil.
Total Current Liabilities was $1,323 Mil.
Long-Term Debt & Capital Lease Obligation was $1,303 Mil.
Net Income was 56.94 + 51.257 + 91.252 + 13.874 = $213 Mil.
Non Operating Income was -1.219 + -14.023 + 35.913 + -10.939 = $10 Mil.
Cash Flow from Operations was 192.205 + 160.075 + 180.636 + 25.885 = $559 Mil.
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Total Receivables was $692 Mil.
Revenue was 783.708 + 800.24 + 780.691 + 763.309 = $3,128 Mil.
Gross Profit was 203.005 + 235.742 + 221.422 + 215.963 = $876 Mil.
Total Current Assets was $955 Mil.
Total Assets was $3,681 Mil.
Property, Plant and Equipment(Net PPE) was $370 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $405 Mil.
Total Current Liabilities was $1,027 Mil.
Long-Term Debt & Capital Lease Obligation was $1,439 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) |
| = | (779.346 / 3333.431) | / | (692.251 / 3127.948) |
| = | 0.233797 | / | 0.221312 |
| | = | 1.0564 |
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) |
| = | (876.132 / 3127.948) | / | (904.011 / 3333.431) |
| = | 0.280098 | / | 0.271195 |
| | = | 1.0328 |
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 - (1595.761 + 362.553) / 4282.745) | / | (1 - (954.923 + 370.382) / 3681.156) |
| = | 0.542743 | / | 0.639976 |
| | = | 0.8481 |
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 |
| = | 3333.431 | / | 3127.948 |
| | = | 1.0657 |
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)) |
| = | (119.568 / (119.568 + 370.382)) | / | (131.92 / (131.92 + 362.553)) |
| = | 0.244041 | / | 0.266789 |
| | = | 0.9147 |
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) |
| = | (468.853 / 3333.431) | / | (404.789 / 3127.948) |
| = | 0.140652 | / | 0.12941 |
| | = | 1.0869 |
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) |
| = | ((1303.214 + 1322.551) / 4282.745) | / | ((1439.25 + 1026.635) / 3681.156) |
| = | 0.613103 | / | 0.669867 |
| | = | 0.9153 |
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 |
| = | (213.323 - 9.732 | - | 558.801) | / | 4282.745 |
| | = | -0.08294 |
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.
PRA Health Sciences has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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