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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.41 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Pharma-Bio Serv's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Pharma-Bio Serv was 2.63. The lowest was -4.60. And the median was -2.29.
The historical data trend for Pharma-Bio Serv'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.
Pharma-Bio Serv Annual Data | |||||||||||||||||||||
Trend | Oct15 | Oct16 | Oct17 | Oct18 | Oct19 | Oct20 | Oct21 | Oct22 | Oct23 | Oct24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.22 | -3.81 | -2.45 | -3.14 | -2.43 |
Pharma-Bio Serv Quarterly Data | ||||||||||||||||||||
Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | Apr24 | Jul24 | Oct24 | Jan25 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-3.76 | -3.59 | -3.08 | -2.43 | -1.41 |
For the Health Information Services subindustry, Pharma-Bio Serv'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.
For the Healthcare Providers & Services industry and Healthcare sector, Pharma-Bio Serv's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pharma-Bio Serv's Beneish M-Score falls into.
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 Pharma-Bio Serv 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 * 1.754 | + | 0.528 * 1.008 | + | 0.404 * 2.4246 | + | 0.892 * 0.635 | + | 0.115 * 0.9539 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.4484 | + | 4.679 * 0.047895 | - | 0.327 * 1.0676 | |||||||
= | -1.41 |
* 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 (Jan25) TTM: | Last Year (Jan24) TTM: |
Total Receivables was $2.68 Mil. Revenue was 2.471 + 2.333 + 2.418 + 2.378 = $9.60 Mil. Gross Profit was 0.768 + 0.727 + 0.635 + 0.618 = $2.75 Mil. Total Current Assets was $15.54 Mil. Total Assets was $16.08 Mil. Property, Plant and Equipment(Net PPE) was $0.32 Mil. Depreciation, Depletion and Amortization(DDA) was $0.19 Mil. Selling, General, & Admin. Expense(SGA) was $3.69 Mil. Total Current Liabilities was $3.42 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was 0.009 + 0.016 + -0.309 + -0.214 = $-0.50 Mil. Non Operating Income was 0.102 + 0.139 + 0.092 + 0.121 = $0.45 Mil. Cash Flow from Operations was -0.429 + 0.078 + -0.67 + -0.701 = $-1.72 Mil. |
Total Receivables was $2.41 Mil. Revenue was 2.38 + 3.598 + 4.577 + 4.563 = $15.12 Mil. Gross Profit was 0.536 + 0.93 + 1.55 + 1.346 = $4.36 Mil. Total Current Assets was $18.78 Mil. Total Assets was $19.23 Mil. Property, Plant and Equipment(Net PPE) was $0.35 Mil. Depreciation, Depletion and Amortization(DDA) was $0.19 Mil. Selling, General, & Admin. Expense(SGA) was $4.01 Mil. Total Current Liabilities was $3.68 Mil. Long-Term Debt & Capital Lease Obligation was $0.15 Mil. |
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) |
= | (2.682 / 9.6) | / | (2.408 / 15.118) | |
= | 0.279375 | / | 0.15928 | |
= | 1.754 |
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) | |
= | (4.362 / 15.118) | / | (2.748 / 9.6) | |
= | 0.28853 | / | 0.28625 | |
= | 1.008 |
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 - (15.535 + 0.317) / 16.077) | / | (1 - (18.775 + 0.345) / 19.231) | |
= | 0.013995 | / | 0.005772 | |
= | 2.4246 |
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 | |
= | 9.6 | / | 15.118 | |
= | 0.635 |
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)) |
= | (0.189 / (0.189 + 0.345)) | / | (0.187 / (0.187 + 0.317)) | |
= | 0.353933 | / | 0.371032 | |
= | 0.9539 |
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) |
= | (3.69 / 9.6) | / | (4.012 / 15.118) | |
= | 0.384375 | / | 0.265379 | |
= | 1.4484 |
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 + 3.42) / 16.077) | / | ((0.154 + 3.678) / 19.231) | |
= | 0.212726 | / | 0.199262 | |
= | 1.0676 |
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 | |
= | (-0.498 - 0.454 | - | -1.722) | / | 16.077 | |
= | 0.047895 |
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.
Pharma-Bio Serv has a M-score of -1.41 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Pharma-Bio Serv's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Elizabeth Plaza | 10 percent owner | 363 DORADO BEACH EAST, DORADO PR 00646 |
Altura Victor Sanchez | officer: President and CEO | C/O PHARMA-BIO SERV, INC., 6 ROAD 696, DORADO PR 00646 |
San Juan Holdings | 10 percent owner | 255 PONCE DE LEON, SUITE 305 MCS PLAZA, SAN JUAN PR 00917 |
Pedro J Lasanta | officer: Chief Financial Officer | 373 MENDEZ VIGO, STE 110, DORADO PR 00646 |
Dov Perlysky | director | 2 LAKESIDE DRIVE WEST, LAWRENCE NY 11559 |
L P Venturetek | 10 percent owner | C/O DAVID SELENGUT ELLENOFF GROSSMAN, 370 LEXINGTON AVENUE 19TH FLOOR, NEW YORK NY 10017 |
Barron Partners Lp | 10 percent owner | 730 FIFTH AVENUE, 25TH FLOOR, NEW YORK NY 10019 |
Manuel O Morera | officer: Chief Financial Officer | 373 MENDEZ VIGO, SUITE 110, DORADO PR 00646 |
Mark A Fazio | officer: Exec. Vice President and COO | P O BOX 1026 GREEN STREET, PERKASIE PA 18944 |
Kirk Wheeler Michel | director | 209 EAST TRYON STREET, HILLSBOROUGH NC 27278 |
Irving L Wiesen | director | 1273 NORTH AVENUE, APT 1E 7, NEW ROCHELLE NY 10804 |
Howard Spindel | director | 39 BROADWAY SUITE 3300, NEW YORK NY 10028 |
Nelida Plaza Rodriguez | officer: Vice President and Secretary | G11 CALLE MADRE PERLA URB, DORADO DEL MAR, DORADO PR 00646 |
Krovim Llc | director, 10 percent owner, officer: Manager | P.O. BOX 339, LAWRENCE NY 11559 |
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