Perrigo Co Beneish M-Score Historical Data
The historical data trend for Perrigo Co'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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Perrigo Co Annual Data
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Trend |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.63 |
-2.71 |
-2.36 |
-3.22 |
-2.41 |
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Perrigo Co Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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-3.23 |
-2.88 |
-2.91 |
-2.41 |
-2.38 |
Competitive Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Perrigo Co'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.
Perrigo Co Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Perrigo Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Perrigo Co's Beneish M-Score falls into.
Perrigo Co 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 Perrigo Co 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 * 1.0123 | + | 0.528 * 1.1104 | + | 0.404 * 1.0125 | + | 0.892 * 1.0469 | + | 0.115 * 1.2566 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9514 | + | 4.679 * -0.0125 | - | 0.327 * 0.9848 |
| = | -2.38 |
* 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 $679 Mil.
Revenue was 1074.5 + 1104.9 + 1042.7 + 981.1 = $4,203 Mil.
Gross Profit was 337.8 + 362.4 + 336.4 + 349 = $1,386 Mil.
Total Current Assets was $3,936 Mil.
Total Assets was $10,390 Mil.
Property, Plant and Equipment(Net PPE) was $1,042 Mil.
Depreciation, Depletion and Amortization(DDA) was $291 Mil.
Selling, General, & Admin. Expense(SGA) was $1,110 Mil.
Total Current Liabilities was $981 Mil.
Long-Term Debt & Capital Lease Obligation was $3,511 Mil.
Net Income was -2.4 + 9.6 + -58.9 + -57.7 = $-109 Mil.
Non Operating Income was -2.5 + -22.4 + -23 + -167.2 = $-215 Mil.
Cash Flow from Operations was 79.1 + -105.4 + 343.8 + -82.3 = $235 Mil.
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Total Receivables was $641 Mil.
Revenue was 1010 + 1053.2 + 1003 + 948.8 = $4,015 Mil.
Gross Profit was 368.4 + 384.4 + 369.7 + 347.2 = $1,470 Mil.
Total Current Assets was $4,489 Mil.
Total Assets was $11,325 Mil.
Property, Plant and Equipment(Net PPE) was $1,010 Mil.
Depreciation, Depletion and Amortization(DDA) was $382 Mil.
Selling, General, & Admin. Expense(SGA) was $1,114 Mil.
Total Current Liabilities was $1,447 Mil.
Long-Term Debt & Capital Lease Obligation was $3,525 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) |
| = | (679.3 / 4203.2) | / | (641 / 4015) |
| = | 0.16161496 | / | 0.15965131 |
| | = | 1.0123 |
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) |
| = | (1469.7 / 4015) | / | (1385.6 / 4203.2) |
| = | 0.3660523 | / | 0.3296536 |
| | = | 1.1104 |
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 - (3935.5 + 1042) / 10389.5) | / | (1 - (4488.6 + 1009.7) / 11324.8) |
| = | 0.52091053 | / | 0.51449032 |
| | = | 1.0125 |
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 |
| = | 4203.2 | / | 4015 |
| | = | 1.0469 |
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)) |
| = | (382.1 / (382.1 + 1009.7)) | / | (291.3 / (291.3 + 1042)) |
| = | 0.27453657 | / | 0.21848046 |
| | = | 1.2566 |
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) |
| = | (1109.5 / 4203.2) | / | (1114 / 4015) |
| = | 0.26396555 | / | 0.27745953 |
| | = | 0.9514 |
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) |
| = | ((3510.6 + 981.3) / 10389.5) | / | ((3525.3 + 1446.8) / 11324.8) |
| = | 0.43234997 | / | 0.43904528 |
| | = | 0.9848 |
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 |
| = | (-109.4 - -215.1 | - | 235.2) | / | 10389.5 |
| | = | -0.0125 |
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.
Perrigo Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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