Shire Beneish M-Score Historical Data
The historical data trend for Shire'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.
Shire Beneish M-Score Chart
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Shire Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.69 |
-2.44 |
-2.45 |
-1.41 |
-2.35 |
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Shire Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-2.36 |
-2.35 |
-2.46 |
-2.44 |
-2.24 |
Competitive Comparison of Shire's Beneish M-Score
For the Biotechnology subindustry, Shire'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.
Shire's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Shire's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shire's Beneish M-Score falls into.
Shire 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 Shire 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 * 1.0658 | + | 0.528 * 0.9913 | + | 0.404 * 0.9774 | + | 0.892 * 1.0594 | + | 0.115 * 0.9266 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8909 | + | 4.679 * 0.007553 | - | 0.327 * 0.8164 |
| = | -2.27 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $3,207 Mil.
Revenue was 3871.7 + 3919.5 + 3765.7 + 4144.9 = $15,702 Mil.
Gross Profit was 2714.1 + 2811.2 + 2633.3 + 2881.4 = $11,040 Mil.
Total Current Assets was $7,799 Mil.
Total Assets was $63,766 Mil.
Property, Plant and Equipment(Net PPE) was $6,453 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,428 Mil.
Selling, General, & Admin. Expense(SGA) was $3,433 Mil.
Total Current Liabilities was $8,512 Mil.
Long-Term Debt & Capital Lease Obligation was $11,098 Mil.
Net Income was 537.2 + 615.5 + 550.6 + 3105.4 = $4,809 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 857.6 + 939.6 + 1010.3 + 1519.6 = $4,327 Mil.
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Total Receivables was $2,841 Mil.
Revenue was 3697.6 + 3745.8 + 3572.3 + 3806.1 = $14,822 Mil.
Gross Profit was 2696.2 + 2636.9 + 2245.3 + 2752.5 = $10,331 Mil.
Total Current Assets was $7,292 Mil.
Total Assets was $67,477 Mil.
Property, Plant and Equipment(Net PPE) was $6,580 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,233 Mil.
Selling, General, & Admin. Expense(SGA) was $3,637 Mil.
Total Current Liabilities was $7,461 Mil.
Long-Term Debt & Capital Lease Obligation was $17,956 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) |
| = | (3207.4 / 15701.8) | / | (2840.7 / 14821.8) |
| = | 0.20427 | / | 0.191657 |
| | = | 1.0658 |
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) |
| = | (10330.9 / 14821.8) | / | (11040 / 15701.8) |
| = | 0.697007 | / | 0.703104 |
| | = | 0.9913 |
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 - (7799.3 + 6453) / 63765.9) | / | (1 - (7291.5 + 6579.5) / 67476.5) |
| = | 0.77649 | / | 0.794432 |
| | = | 0.9774 |
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 |
| = | 15701.8 | / | 14821.8 |
| | = | 1.0594 |
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)) |
| = | (2232.5 / (2232.5 + 6579.5)) | / | (2428.3 / (2428.3 + 6453)) |
| = | 0.253348 | / | 0.273417 |
| | = | 0.9266 |
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) |
| = | (3432.5 / 15701.8) | / | (3637.1 / 14821.8) |
| = | 0.218606 | / | 0.245389 |
| | = | 0.8909 |
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) |
| = | ((11098 + 8511.6) / 63765.9) | / | ((17956 + 7461.1) / 67476.5) |
| = | 0.307525 | / | 0.376681 |
| | = | 0.8164 |
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 |
| = | (4808.7 - 0 | - | 4327.1) | / | 63765.9 |
| | = | 0.007553 |
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.
Shire has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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