Neurocrine Biosciences Beneish M-Score Historical Data
The historical data trend for Neurocrine Biosciences'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.
Neurocrine Biosciences Beneish M-Score Chart
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Neurocrine Biosciences Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.05 |
-2.41 |
-2.17 |
-2.12 |
-2.57 |
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Neurocrine Biosciences Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
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Sep24 |
Dec24 |
| Beneish M-Score |
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-2.12 |
-2.48 |
-2.15 |
-2.09 |
-2.57 |
Competitive Comparison of Neurocrine Biosciences's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Neurocrine Biosciences'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.
Neurocrine Biosciences's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Neurocrine Biosciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Neurocrine Biosciences's Beneish M-Score falls into.
Neurocrine Biosciences 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 Neurocrine Biosciences 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 * 0.8738 | + | 0.528 * 0.9933 | + | 0.404 * 0.945 | + | 0.892 * 1.2481 | + | 0.115 * 1.3201 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9092 | + | 4.679 * -0.052115 | - | 0.327 * 0.9219 |
| = | -2.57 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $479 Mil.
Revenue was 627.7 + 622.1 + 590.2 + 515.3 = $2,355 Mil.
Gross Profit was 618.4 + 614.1 + 581 + 507.8 = $2,321 Mil.
Total Current Assets was $1,725 Mil.
Total Assets was $3,719 Mil.
Property, Plant and Equipment(Net PPE) was $592 Mil.
Depreciation, Depletion and Amortization(DDA) was $27 Mil.
Selling, General, & Admin. Expense(SGA) was $1,007 Mil.
Total Current Liabilities was $508 Mil.
Long-Term Debt & Capital Lease Obligation was $455 Mil.
Net Income was 103.1 + 129.8 + 65 + 43.4 = $341 Mil.
Non Operating Income was 53.2 + 5.5 + -49.3 + -69.7 = $-60 Mil.
Cash Flow from Operations was 242.5 + 158 + 64.6 + 130.3 = $595 Mil.
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Total Receivables was $439 Mil.
Revenue was 515.2 + 498.8 + 452.7 + 420.4 = $1,887 Mil.
Gross Profit was 506.7 + 487.6 + 441.2 + 411.9 = $1,847 Mil.
Total Current Assets was $1,607 Mil.
Total Assets was $3,251 Mil.
Property, Plant and Equipment(Net PPE) was $347 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General, & Admin. Expense(SGA) was $888 Mil.
Total Current Liabilities was $655 Mil.
Long-Term Debt & Capital Lease Obligation was $258 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) |
| = | (479.1 / 2355.3) | / | (439.3 / 1887.1) |
| = | 0.203414 | / | 0.232791 |
| | = | 0.8738 |
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) |
| = | (1847.4 / 1887.1) | / | (2321.3 / 2355.3) |
| = | 0.978962 | / | 0.985564 |
| | = | 0.9933 |
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 - (1724.7 + 592) / 3718.7) | / | (1 - (1607 + 347.3) / 3251.4) |
| = | 0.377013 | / | 0.398936 |
| | = | 0.945 |
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 |
| = | 2355.3 | / | 1887.1 |
| | = | 1.2481 |
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)) |
| = | (21.3 / (21.3 + 347.3)) | / | (27.1 / (27.1 + 592)) |
| = | 0.057786 | / | 0.043773 |
| | = | 1.3201 |
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) |
| = | (1007.2 / 2355.3) | / | (887.6 / 1887.1) |
| = | 0.427631 | / | 0.470351 |
| | = | 0.9092 |
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) |
| = | ((455.1 + 507.7) / 3718.7) | / | ((258.3 + 654.8) / 3251.4) |
| = | 0.258908 | / | 0.280833 |
| | = | 0.9219 |
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 |
| = | (341.3 - -60.3 | - | 595.4) | / | 3718.7 |
| | = | -0.052115 |
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.
Neurocrine Biosciences has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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