United Therapeutics Beneish M-Score Historical Data
The historical data trend for United Therapeutics'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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United Therapeutics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.70 |
-2.32 |
-2.44 |
-2.03 |
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United Therapeutics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.67 |
-1.89 |
-2.27 |
-2.03 |
Competitive Comparison
For the Biotechnology subindustry, United Therapeutics'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.
United Therapeutics Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, United Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Therapeutics's Beneish M-Score falls into.
United Therapeutics 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 United Therapeutics 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 * 1.0527 | + | 0.528 * 1.0364 | + | 0.404 * 1.2026 | + | 0.892 * 1.202 | + | 0.115 * 1.1606 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8233 | + | 4.679 * 0.002902 | - | 0.327 * 0.8148 |
| = | -2.03 |
* 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 $279 Mil.
Revenue was 614.7 + 609.4 + 596.5 + 506.9 = $2,328 Mil.
Gross Profit was 543.7 + 539.3 + 532.4 + 454.6 = $2,070 Mil.
Total Current Assets was $3,551 Mil.
Total Assets was $7,167 Mil.
Property, Plant and Equipment(Net PPE) was $1,045 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $477 Mil.
Total Current Liabilities was $804 Mil.
Long-Term Debt & Capital Lease Obligation was $300 Mil.
Net Income was 217.1 + 267.6 + 259.2 + 240.9 = $985 Mil.
Non Operating Income was -0.6 + -4.9 + -0.6 + -7.9 = $-14 Mil.
Cash Flow from Operations was 150.7 + 346.2 + 106.3 + 374.8 = $978 Mil.
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Total Receivables was $220 Mil.
Revenue was 491.5 + 516 + 466.9 + 461.9 = $1,936 Mil.
Gross Profit was 432.7 + 478.8 + 437.2 + 436 = $1,785 Mil.
Total Current Assets was $3,380 Mil.
Total Assets was $6,045 Mil.
Property, Plant and Equipment(Net PPE) was $862 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $482 Mil.
Total Current Liabilities was $343 Mil.
Long-Term Debt & Capital Lease Obligation was $800 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) |
| = | (278.9 / 2327.5) | / | (220.4 / 1936.3) |
| = | 0.119828 | / | 0.113825 |
| | = | 1.0527 |
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) |
| = | (1784.7 / 1936.3) | / | (2070 / 2327.5) |
| = | 0.921706 | / | 0.889366 |
| | = | 1.0364 |
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 - (3551 + 1045.4) / 7167) | / | (1 - (3380.3 + 861.5) / 6044.5) |
| = | 0.358672 | / | 0.298238 |
| | = | 1.2026 |
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 |
| = | 2327.5 | / | 1936.3 |
| | = | 1.202 |
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)) |
| = | (51.3 / (51.3 + 861.5)) | / | (53.2 / (53.2 + 1045.4)) |
| = | 0.056201 | / | 0.048425 |
| | = | 1.1606 |
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) |
| = | (477.1 / 2327.5) | / | (482.1 / 1936.3) |
| = | 0.204984 | / | 0.24898 |
| | = | 0.8233 |
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) |
| = | ((300 + 804.4) / 7167) | / | ((800 + 343.2) / 6044.5) |
| = | 0.154095 | / | 0.189131 |
| | = | 0.8148 |
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 |
| = | (984.8 - -14 | - | 978) | / | 7167 |
| | = | 0.002902 |
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.
United Therapeutics has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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