Catalent Beneish M-Score Historical Data
The historical data trend for Catalent'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.
Catalent Beneish M-Score Chart
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Catalent Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.20 |
-2.37 |
-2.24 |
-2.26 |
-2.49 |
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Catalent Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.18 |
-2.49 |
-2.58 |
-2.50 |
Competitive Comparison of Catalent's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Catalent'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.
Catalent's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Catalent's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Catalent's Beneish M-Score falls into.
Catalent 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 Catalent 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 * 1.0876 | + | 0.528 * 1.8031 | + | 0.404 * 0.8739 | + | 0.892 * 0.8662 | + | 0.115 * 0.9408 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1639 | + | 4.679 * -0.057169 | - | 0.327 * 1.1642 |
| = | -2.50 |
* 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 $1,366 Mil.
Revenue was 1024 + 982 + 1055 + 1037 = $4,098 Mil.
Gross Profit was 171 + 169 + 215 + 180 = $735 Mil.
Total Current Assets was $2,570 Mil.
Total Assets was $9,988 Mil.
Property, Plant and Equipment(Net PPE) was $3,777 Mil.
Depreciation, Depletion and Amortization(DDA) was $453 Mil.
Selling, General, & Admin. Expense(SGA) was $862 Mil.
Total Current Liabilities was $1,036 Mil.
Long-Term Debt & Capital Lease Obligation was $4,959 Mil.
Net Income was -206 + -759 + -110 + -227 = $-1,302 Mil.
Non Operating Income was -2 + -702 + 5 + -206 = $-905 Mil.
Cash Flow from Operations was 112 + -70 + 196 + -64 = $174 Mil.
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Total Receivables was $1,450 Mil.
Revenue was 1149 + 1022 + 1287 + 1273 = $4,731 Mil.
Gross Profit was 387 + 258 + 462 + 423 = $1,530 Mil.
Total Current Assets was $2,918 Mil.
Total Assets was $11,147 Mil.
Property, Plant and Equipment(Net PPE) was $3,579 Mil.
Depreciation, Depletion and Amortization(DDA) was $401 Mil.
Selling, General, & Admin. Expense(SGA) was $855 Mil.
Total Current Liabilities was $1,526 Mil.
Long-Term Debt & Capital Lease Obligation was $4,221 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) |
| = | (1366 / 4098) | / | (1450 / 4731) |
| = | 0.333333 | / | 0.306489 |
| | = | 1.0876 |
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) |
| = | (1530 / 4731) | / | (735 / 4098) |
| = | 0.323399 | / | 0.179356 |
| | = | 1.8031 |
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 - (2570 + 3777) / 9988) | / | (1 - (2918 + 3579) / 11147) |
| = | 0.364537 | / | 0.417153 |
| | = | 0.8739 |
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 |
| = | 4098 | / | 4731 |
| | = | 0.8662 |
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)) |
| = | (401 / (401 + 3579)) | / | (453 / (453 + 3777)) |
| = | 0.100754 | / | 0.107092 |
| | = | 0.9408 |
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) |
| = | (862 / 4098) | / | (855 / 4731) |
| = | 0.210347 | / | 0.180723 |
| | = | 1.1639 |
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) |
| = | ((4959 + 1036) / 9988) | / | ((4221 + 1526) / 11147) |
| = | 0.60022 | / | 0.515565 |
| | = | 1.1642 |
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 |
| = | (-1302 - -905 | - | 174) | / | 9988 |
| | = | -0.057169 |
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.
Catalent has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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