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.
Perrigo Co Beneish M-Score Chart
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Perrigo Co Annual Data
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Trend |
Jun15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.22 |
-2.41 |
-2.47 |
-2.63 |
-2.73 |
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Perrigo Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.57 |
-2.67 |
-2.54 |
-2.73 |
Competitive Comparison of Perrigo Co's Beneish M-Score
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's Beneish M-Score Distribution in the Drug Manufacturers Industry
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 * 0.9245 | + | 0.528 * 1.0232 | + | 0.404 * 0.9895 | + | 0.892 * 0.9394 | + | 0.115 * 1.0724 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9293 | + | 4.679 * -0.034205 | - | 0.327 * 0.993 |
| = | -2.73 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $642 Mil.
Revenue was 1138.3 + 1087.5 + 1065.5 + 1082.1 = $4,373 Mil.
Gross Profit was 385.9 + 404.4 + 394.7 + 357.7 = $1,543 Mil.
Total Current Assets was $2,482 Mil.
Total Assets was $9,648 Mil.
Property, Plant and Equipment(Net PPE) was $1,093 Mil.
Depreciation, Depletion and Amortization(DDA) was $326 Mil.
Selling, General, & Admin. Expense(SGA) was $1,113 Mil.
Total Current Liabilities was $1,044 Mil.
Long-Term Debt & Capital Lease Obligation was $3,582 Mil.
Net Income was -44.5 + -21 + -108.4 + 2 = $-172 Mil.
Non Operating Income was -51.7 + -34 + -74.4 + -44.7 = $-205 Mil.
Cash Flow from Operations was 312.6 + 42.2 + 9.5 + -1.4 = $363 Mil.
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Total Receivables was $740 Mil.
Revenue was 1156.9 + 1123.8 + 1193.1 + 1181.7 = $4,656 Mil.
Gross Profit was 427.3 + 411.2 + 428 + 413.8 = $1,680 Mil.
Total Current Assets was $2,833 Mil.
Total Assets was $10,809 Mil.
Property, Plant and Equipment(Net PPE) was $1,100 Mil.
Depreciation, Depletion and Amortization(DDA) was $360 Mil.
Selling, General, & Admin. Expense(SGA) was $1,275 Mil.
Total Current Liabilities was $1,586 Mil.
Long-Term Debt & Capital Lease Obligation was $3,633 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) |
| = | (642.3 / 4373.4) | / | (739.6 / 4655.5) |
| = | 0.146865 | / | 0.158866 |
| | = | 0.9245 |
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) |
| = | (1680.3 / 4655.5) | / | (1542.7 / 4373.4) |
| = | 0.360928 | / | 0.352746 |
| | = | 1.0232 |
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 - (2481.9 + 1093) / 9647.7) | / | (1 - (2832.9 + 1100) / 10809.1) |
| = | 0.629456 | / | 0.636149 |
| | = | 0.9895 |
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 |
| = | 4373.4 | / | 4655.5 |
| | = | 0.9394 |
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)) |
| = | (359.5 / (359.5 + 1100)) | / | (325.9 / (325.9 + 1093)) |
| = | 0.246317 | / | 0.229685 |
| | = | 1.0724 |
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) |
| = | (1112.7 / 4373.4) | / | (1274.6 / 4655.5) |
| = | 0.254424 | / | 0.273784 |
| | = | 0.9293 |
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) |
| = | ((3581.7 + 1044.2) / 9647.7) | / | ((3632.8 + 1586.3) / 10809.1) |
| = | 0.479482 | / | 0.482843 |
| | = | 0.993 |
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 |
| = | (-171.9 - -204.8 | - | 362.9) | / | 9647.7 |
| | = | -0.034205 |
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 -2.73 suggests that the company is unlikely to be a manipulator.
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