Pfizer Beneish M-Score Historical Data
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.
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Pfizer Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.37 |
-2.57 |
-2.64 |
-2.42 |
-2.15 |
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Pfizer Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.39 |
-2.15 |
-2.15 |
-2.09 |
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Competitive Comparison
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.
Pfizer Beneish M-Score Distribution
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.
Pfizer 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 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.
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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.
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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) |
| = | (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.
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