Market Cap : 279.31 B | Enterprise Value : 289.29 B | PE Ratio : 9.73 | PB Ratio : 3.38 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pfizer's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Pfizer was -1.24. The lowest was -3.15. And the median was -2.45.
The historical data trend for Pfizer'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.
For the Drug Manufacturers - General subindustry, Pfizer'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.
For the Drug Manufacturers industry and Healthcare sector, Pfizer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pfizer's Beneish M-Score falls into.
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 Pfizer 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 * 0.6138 | + | 0.528 * 1.2716 | + | 0.404 * 0.9381 | + | 0.892 * 2.0043 | + | 0.115 * 1.0035 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.5276 | + | 4.679 * -0.071 | - | 0.327 * 1.0524 | |||||||
= | -2.09 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $16,342 Mil. Revenue was 25661 + 23635 + 24094 + 18977 = $92,367 Mil. Gross Profit was 15677 + 14046 + 14121 + 11928 = $55,772 Mil. Total Current Assets was $54,420 Mil. Total Assets was $183,841 Mil. Property, Plant and Equipment(Net PPE) was $15,109 Mil. Depreciation, Depletion and Amortization(DDA) was $5,171 Mil. Selling, General, & Admin. Expense(SGA) was $12,512 Mil. Total Current Liabilities was $39,268 Mil. Long-Term Debt & Capital Lease Obligation was $34,416 Mil. Net Income was 7864 + 3393 + 8146 + 5563 = $24,966 Mil. Non Operating Income was -586 + 1349 + 1364 + 1301 = $3,428 Mil. Cash Flow from Operations was 6541 + 5914 + 10829 + 11299 = $34,583 Mil. |
Total Receivables was $13,283 Mil. Revenue was 14516 + 11427 + 10277 + 9864 = $46,084 Mil. Gross Profit was 10359 + 8716 + 8270 + 8038 = $35,383 Mil. Total Current Assets was $39,533 Mil. Total Assets was $158,818 Mil. Property, Plant and Equipment(Net PPE) was $14,011 Mil. Depreciation, Depletion and Amortization(DDA) was $4,818 Mil. Selling, General, & Admin. Expense(SGA) was $11,833 Mil. Total Current Liabilities was $26,652 Mil. Long-Term Debt & Capital Lease Obligation was $33,836 Mil. |
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) |
= | (16342 / 92367) | / | (13283 / 46084) | |
= | 0.17692466 | / | 0.28823453 | |
= | 0.6138 |
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) | |
= | (35383 / 46084) | / | (55772 / 92367) | |
= | 0.76779359 | / | 0.60380872 | |
= | 1.2716 |
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 - (54420 + 15109) / 183841) | / | (1 - (39533 + 14011) / 158818) | |
= | 0.62179818 | / | 0.66285937 | |
= | 0.9381 |
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 | |
= | 92367 | / | 46084 | |
= | 2.0043 |
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)) |
= | (4818 / (4818 + 14011)) | / | (5171 / (5171 + 15109)) | |
= | 0.25588188 | / | 0.25498028 | |
= | 1.0035 |
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) |
= | (12512 / 92367) | / | (11833 / 46084) | |
= | 0.13545963 | / | 0.25677025 | |
= | 0.5276 |
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) |
= | ((34416 + 39268) / 183841) | / | ((33836 + 26652) / 158818) | |
= | 0.40080287 | / | 0.38086363 | |
= | 1.0524 |
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 | |
= | (24966 - 3428 | - | 34583) | / | 183841 | |
= | -0.071 |
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.
Pfizer has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Pfizer's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Denton David M | officer: Chief Financial Officer & EVP | 1000 LOWE'S BOULEVARD MOORESVILLE NC 28117 |
Pao William | officer: Executive Vice President | C/O CORPORATE SECRETARY 235 EAST 42ND STREET NEW YORK NY 10017 |
Mcdermott Michael | officer: Executive Vice President | C/O PFIZER INC. CORPORATE SECRETARY 235 EAST 42ND STREET 235 EAST 42ND STREET NY 10017 |
Malik Aamir | officer: Executive Vice President | C/O PFIZER INC. CORPORATE SECRETARY 235 EAST 42ND STREET NEW YORK NY 10017 |
Carapezzi William R Jr | officer: Executive Vice President | 600 MOUNTAIN AVENUE MURRAY HILL NJ 07921 |
Sahni Payal | officer: Executive Vice President | ATTN: PFIZER CORP. SECRETARY 235 EAST 42ND ST. NEW YORK NY 10017 |
Desmond-hellmann Susan | director | 513 PARNASSUS AVENUE S126 SAN FRANCISCO CA 94143 |
Hockfield Susan | director | GENERAL ELECTRIC COMPANY 41 FARNSWORTH STREET BOSTON MA 02210 |
Damico Jennifer B. | officer: SVP & Controller | C/O PFIZER INC. CORPORATE SECRETARY 235 EAST 42ND STREET NEW YORK NY 10017 |
Quincey James | director | THE COCA-COLA COMPANY ONE COCA-COLA PLAZA ATLANTA GA 30313 |
Gottlieb Scott | director | MOLECULAR INSIGHT PHARMACEUTICALS 160 SECOND STREET CAMBRIDGE MA 02142 |
Fonseca Lidia | officer: Executive Vice President | 358 SOUTH MAIN STREET BURLINGTON NC 27215 |
Goettler Michael | officer: Group President | 1000 MYLAN BOULEVARD CANONSBURG PA 15317 |
Rogers Dawn | officer: Executive Vice President | 235 EAST 42ND STREET NEW YORK NY 10017 |
Littman Dan R. | director | ATTN: CORPORATE SECRETARY PFIZER INC. 235 E. 42ND ST NEW YORK NY 10017 |
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