Amneal Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Amneal 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.
Amneal Pharmaceuticals Beneish M-Score Chart
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Amneal Pharmaceuticals Annual Data
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Dec18 |
Dec19 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.93 |
-2.78 |
-2.24 |
-3.22 |
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Amneal Pharmaceuticals Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar24 |
| Beneish M-Score |
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-2.45 |
-2.71 |
-2.61 |
-3.22 |
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Competitive Comparison of Amneal Pharmaceuticals's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Amneal 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.
Amneal Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Amneal Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amneal Pharmaceuticals's Beneish M-Score falls into.
Amneal 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 Amneal 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 * 1.046 | + | 0.528 * 0.9833 | + | 0.404 * 0.9231 | + | 0.892 * 1.0982 | + | 0.115 * 0.9993 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9943 | + | 4.679 * -0.075541 | - | 0.327 * 1.0307 |
| = | -2.75 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $670 Mil.
Revenue was 659.191 + 616.981 + 620.04 + 599.046 = $2,495 Mil.
Gross Profit was 238.06 + 189.827 + 232.531 + 220.021 = $880 Mil.
Total Current Assets was $1,380 Mil.
Total Assets was $3,456 Mil.
Property, Plant and Equipment(Net PPE) was $545 Mil.
Depreciation, Depletion and Amortization(DDA) was $227 Mil.
Selling, General, & Admin. Expense(SGA) was $440 Mil.
Total Current Liabilities was $834 Mil.
Long-Term Debt & Capital Lease Obligation was $2,517 Mil.
Net Income was -91.643 + -98.649 + 9.682 + 11.917 = $-169 Mil.
Non Operating Income was -93.054 + -17.368 + -3.325 + 4.698 = $-109 Mil.
Cash Flow from Operations was -4.41 + 135.823 + 81.387 + -11.345 = $201 Mil.
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Total Receivables was $584 Mil.
Revenue was 557.54 + 609.759 + 545.557 + 559.355 = $2,272 Mil.
Gross Profit was 178.186 + 215.388 + 194.23 + 200.519 = $788 Mil.
Total Current Assets was $1,307 Mil.
Total Assets was $3,627 Mil.
Property, Plant and Equipment(Net PPE) was $578 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $403 Mil.
Total Current Liabilities was $704 Mil.
Long-Term Debt & Capital Lease Obligation was $2,708 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) |
| = | (670.476 / 2495.258) | / | (583.713 / 2272.211) |
| = | 0.2687 | / | 0.256892 |
| | = | 1.046 |
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) |
| = | (788.323 / 2272.211) | / | (880.439 / 2495.258) |
| = | 0.346941 | / | 0.352845 |
| | = | 0.9833 |
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 - (1380.044 + 544.785) / 3456.397) | / | (1 - (1307.325 + 578.377) / 3626.605) |
| = | 0.443111 | / | 0.480037 |
| | = | 0.9231 |
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 |
| = | 2495.258 | / | 2272.211 |
| | = | 1.0982 |
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)) |
| = | (240.51 / (240.51 + 578.377)) | / | (226.778 / (226.778 + 544.785)) |
| = | 0.293704 | / | 0.29392 |
| | = | 0.9993 |
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) |
| = | (440.174 / 2495.258) | / | (403.131 / 2272.211) |
| = | 0.176404 | / | 0.177418 |
| | = | 0.9943 |
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) |
| = | ((2517.164 + 834.388) / 3456.397) | / | ((2708.038 + 703.709) / 3626.605) |
| = | 0.969666 | / | 0.940755 |
| | = | 1.0307 |
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 |
| = | (-168.693 - -109.049 | - | 201.455) | / | 3456.397 |
| | = | -0.075541 |
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.
Amneal Pharmaceuticals has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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