Roivant Sciences Beneish M-Score Historical Data
The historical data trend for Roivant 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.
Roivant Sciences Beneish M-Score Chart
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Roivant Sciences Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
0.79 |
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Roivant Sciences Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-0.94 |
0.79 |
-1.88 |
-1.41 |
-1.10 |
Competitive Comparison of Roivant Sciences's Beneish M-Score
For the Biotechnology subindustry, Roivant 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.
Roivant Sciences's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Roivant Sciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roivant Sciences's Beneish M-Score falls into.
Roivant 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 Roivant 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 * 0.7507 | + | 0.528 * 0.8928 | + | 0.404 * 0.2834 | + | 0.892 * 2.8576 | + | 0.115 * 0.4949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3667 | + | 4.679 * 0.00405 | - | 0.327 * 0.3106 |
| = | -1.10 |
* 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 $63.2 Mil.
Revenue was 37.14 + 37.101 + 21.624 + 27.376 = $123.2 Mil.
Gross Profit was 33.472 + 33.835 + 17.41 + 23.201 = $107.9 Mil.
Total Current Assets was $6,806.7 Mil.
Total Assets was $7,312.7 Mil.
Property, Plant and Equipment(Net PPE) was $68.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.8 Mil.
Selling, General, & Admin. Expense(SGA) was $643.3 Mil.
Total Current Liabilities was $244.9 Mil.
Long-Term Debt & Capital Lease Obligation was $450.4 Mil.
Net Income was 5096.184 + -304.327 + -291.816 + -33.617 = $4,466.4 Mil.
Non Operating Income was 5363.355 + -69.909 + -69.983 + 49.241 = $5,272.7 Mil.
Cash Flow from Operations was -210.452 + -196.427 + -249.932 + -179.088 = $-835.9 Mil.
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Total Receivables was $29.5 Mil.
Revenue was 17.052 + 12.533 + 4.319 + 9.223 = $43.1 Mil.
Gross Profit was 13.466 + 8.892 + 2.593 + 8.764 = $33.7 Mil.
Total Current Assets was $1,646.2 Mil.
Total Assets was $2,203.0 Mil.
Property, Plant and Equipment(Net PPE) was $91.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.9 Mil.
Selling, General, & Admin. Expense(SGA) was $614.0 Mil.
Total Current Liabilities was $244.3 Mil.
Long-Term Debt & Capital Lease Obligation was $430.0 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) |
| = | (63.188 / 123.241) | / | (29.454 / 43.127) |
| = | 0.512719 | / | 0.68296 |
| | = | 0.7507 |
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) |
| = | (33.715 / 43.127) | / | (107.918 / 123.241) |
| = | 0.781761 | / | 0.875666 |
| | = | 0.8928 |
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 - (6806.733 + 68.755) / 7312.679) | / | (1 - (1646.232 + 91.931) / 2202.96) |
| = | 0.059785 | / | 0.210987 |
| | = | 0.2834 |
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 |
| = | 123.241 | / | 43.127 |
| | = | 2.8576 |
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)) |
| = | (12.904 / (12.904 + 91.931)) | / | (22.764 / (22.764 + 68.755)) |
| = | 0.123089 | / | 0.248735 |
| | = | 0.4949 |
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) |
| = | (643.337 / 123.241) | / | (613.969 / 43.127) |
| = | 5.220154 | / | 14.236302 |
| | = | 0.3667 |
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) |
| = | ((450.396 + 244.899) / 7312.679) | / | ((430.049 + 244.255) / 2202.96) |
| = | 0.095081 | / | 0.30609 |
| | = | 0.3106 |
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 |
| = | (4466.424 - 5272.704 | - | -835.899) | / | 7312.679 |
| | = | 0.00405 |
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.
Roivant Sciences has a M-score of -1.10 signals that the company is likely to be a manipulator.
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