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.
Pfizer Beneish M-Score Chart
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Pfizer Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.42 |
-2.06 |
-2.30 |
-2.30 |
-2.65 |
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Pfizer Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.47 |
-2.22 |
-2.33 |
-2.65 |
-2.61 |
Competitive Comparison of Pfizer's Beneish M-Score
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's Beneish M-Score Distribution in the Drug Manufacturers Industry
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 * 0.8676 | + | 0.528 * 0.8037 | + | 0.404 * 0.9561 | + | 0.892 * 1.1165 | + | 0.115 * 0.9446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8605 | + | 4.679 * -0.003495 | - | 0.327 * 0.9817 |
| = | -2.61 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $14,745 Mil.
Revenue was 13715 + 17764 + 17701 + 13283 = $62,463 Mil.
Gross Profit was 10870 + 11855 + 12438 + 9983 = $45,146 Mil.
Total Current Assets was $45,861 Mil.
Total Assets was $208,028 Mil.
Property, Plant and Equipment(Net PPE) was $18,347 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,895 Mil.
Selling, General, & Admin. Expense(SGA) was $14,266 Mil.
Total Current Liabilities was $36,452 Mil.
Long-Term Debt & Capital Lease Obligation was $56,820 Mil.
Net Income was 2967 + 410 + 4465 + 41 = $7,883 Mil.
Non Operating Income was -1130 + -2629 + 99 + -1719 = $-5,379 Mil.
Cash Flow from Operations was 2335 + 6721 + 6714 + -1781 = $13,989 Mil.
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Total Receivables was $15,222 Mil.
Revenue was 14878 + 14569 + 13492 + 13006 = $55,945 Mil.
Gross Profit was 11499 + 7006 + 4223 + 9769 = $32,497 Mil.
Total Current Assets was $42,415 Mil.
Total Assets was $221,095 Mil.
Property, Plant and Equipment(Net PPE) was $18,803 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,539 Mil.
Selling, General, & Admin. Expense(SGA) was $14,848 Mil.
Total Current Liabilities was $40,497 Mil.
Long-Term Debt & Capital Lease Obligation was $60,477 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) |
| = | (14745 / 62463) | / | (15222 / 55945) |
| = | 0.23606 | / | 0.272089 |
| | = | 0.8676 |
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) |
| = | (32497 / 55945) | / | (45146 / 62463) |
| = | 0.580874 | / | 0.722764 |
| | = | 0.8037 |
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 - (45861 + 18347) / 208028) | / | (1 - (42415 + 18803) / 221095) |
| = | 0.691349 | / | 0.723114 |
| | = | 0.9561 |
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 |
| = | 62463 | / | 55945 |
| | = | 1.1165 |
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)) |
| = | (6539 / (6539 + 18803)) | / | (6895 / (6895 + 18347)) |
| = | 0.25803 | / | 0.273156 |
| | = | 0.9446 |
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) |
| = | (14266 / 62463) | / | (14848 / 55945) |
| = | 0.228391 | / | 0.265404 |
| | = | 0.8605 |
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) |
| = | ((56820 + 36452) / 208028) | / | ((60477 + 40497) / 221095) |
| = | 0.448363 | / | 0.4567 |
| | = | 0.9817 |
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 |
| = | (7883 - -5379 | - | 13989) | / | 208028 |
| | = | -0.003495 |
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 -2.61 suggests that the company is unlikely to be a manipulator.
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