Chugai Pharmaceutical Co Beneish M-Score Historical Data
The historical data trend for Chugai Pharmaceutical 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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Chugai Pharmaceutical Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.18 |
-2.11 |
-1.74 |
-3.02 |
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Chugai Pharmaceutical Co 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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-1.74 |
-2.37 |
-2.08 |
-1.98 |
-3.02 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Chugai Pharmaceutical 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.
Chugai Pharmaceutical Co Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Chugai Pharmaceutical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chugai Pharmaceutical Co's Beneish M-Score falls into.
Chugai Pharmaceutical 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 Chugai Pharmaceutical 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 * 0.7123 | + | 0.528 * 0.997 | + | 0.404 * 0.9599 | + | 0.892 * 0.8185 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2757 | + | 4.679 * -0.04691 | - | 0.327 * 0.6581 |
| = | -3.08 |
* 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 $2,215 Mil.
Revenue was 1901.717 + 1744.374 + 1891.77 + 2336.001 = $7,874 Mil.
Gross Profit was 1262.329 + 1215.07 + 1243.339 + 1203.844 = $4,925 Mil.
Total Current Assets was $9,490 Mil.
Total Assets was $13,422 Mil.
Property, Plant and Equipment(Net PPE) was $2,922 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $792 Mil.
Total Current Liabilities was $2,002 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 633.456 + 524.691 + 588.527 + 549.885 = $2,297 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 862.68 + 211.674 + 896.107 + 955.738 = $2,926 Mil.
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Total Receivables was $3,799 Mil.
Revenue was 3250.17 + 1572.287 + 1758.799 + 3038.817 = $9,620 Mil.
Gross Profit was 1672.07 + 1090.057 + 1162.935 + 2073.844 = $5,999 Mil.
Total Current Assets was $9,907 Mil.
Total Assets was $13,859 Mil.
Property, Plant and Equipment(Net PPE) was $2,866 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $759 Mil.
Total Current Liabilities was $3,141 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (2214.812 / 7873.862) | / | (3798.975 / 9620.073) |
| = | 0.281287 | / | 0.394901 |
| | = | 0.7123 |
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) |
| = | (5998.906 / 9620.073) | / | (4924.582 / 7873.862) |
| = | 0.623582 | / | 0.625434 |
| | = | 0.997 |
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 - (9490.289 + 2921.91) / 13422.19) | / | (1 - (9906.526 + 2865.89) / 13858.806) |
| = | 0.075248 | / | 0.07839 |
| | = | 0.9599 |
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 |
| = | 7873.862 | / | 9620.073 |
| | = | 0.8185 |
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)) |
| = | (0 / (0 + 2865.89)) | / | (0 / (0 + 2921.91)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (792.462 / 7873.862) | / | (758.941 / 9620.073) |
| = | 0.100645 | / | 0.078891 |
| | = | 1.2757 |
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) |
| = | ((0 + 2001.764) / 13422.19) | / | ((0 + 3140.723) / 13858.806) |
| = | 0.149138 | / | 0.226623 |
| | = | 0.6581 |
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 |
| = | (2296.559 - 0 | - | 2926.199) | / | 13422.19 |
| | = | -0.04691 |
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.
Chugai Pharmaceutical Co has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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