Shionogi Beneish M-Score Historical Data
The historical data trend for Shionogi'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.
Shionogi Beneish M-Score Chart
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Shionogi Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.76 |
-2.46 |
-1.97 |
-2.53 |
-2.23 |
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Shionogi Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.32 |
-2.23 |
-2.27 |
-2.64 |
-2.63 |
Competitive Comparison of Shionogi's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Shionogi'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.
Shionogi's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Shionogi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shionogi's Beneish M-Score falls into.
Shionogi 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 Shionogi 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 * 0.9126 | + | 0.528 * 0.9993 | + | 0.404 * 1.0319 | + | 0.892 * 0.9578 | + | 0.115 * 0.9495 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0014 | + | 4.679 * -0.025708 | - | 0.327 * 0.9416 |
| = | -2.69 |
* 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 $936 Mil.
Revenue was 777.756 + 814.136 + 618.181 + 655.866 = $2,866 Mil.
Gross Profit was 674.398 + 704.338 + 526.695 + 554.41 = $2,460 Mil.
Total Current Assets was $5,388 Mil.
Total Assets was $9,860 Mil.
Property, Plant and Equipment(Net PPE) was $852 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $670 Mil.
Total Current Liabilities was $706 Mil.
Long-Term Debt & Capital Lease Obligation was $126 Mil.
Net Income was 329.423 + 367.223 + 194.077 + 232.334 = $1,123 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 265.235 + 316.864 + 212.213 + 582.224 = $1,377 Mil.
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Total Receivables was $1,071 Mil.
Revenue was 738.136 + 819.98 + 773.291 + 660.887 = $2,992 Mil.
Gross Profit was 637.318 + 720.106 + 680.485 + 528.608 = $2,567 Mil.
Total Current Assets was $5,259 Mil.
Total Assets was $9,445 Mil.
Property, Plant and Equipment(Net PPE) was $825 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $699 Mil.
Total Current Liabilities was $801 Mil.
Long-Term Debt & Capital Lease Obligation was $46 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) |
| = | (936.233 / 2865.939) | / | (1071.11 / 2992.294) |
| = | 0.326676 | / | 0.357956 |
| | = | 0.9126 |
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) |
| = | (2566.517 / 2992.294) | / | (2459.841 / 2865.939) |
| = | 0.857709 | / | 0.858302 |
| | = | 0.9993 |
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 - (5387.574 + 851.936) / 9859.844) | / | (1 - (5259.162 + 824.724) / 9444.713) |
| = | 0.36718 | / | 0.355842 |
| | = | 1.0319 |
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 |
| = | 2865.939 | / | 2992.294 |
| | = | 0.9578 |
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)) |
| = | (124.63 / (124.63 + 824.724)) | / | (136.682 / (136.682 + 851.936)) |
| = | 0.131279 | / | 0.138256 |
| | = | 0.9495 |
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) |
| = | (670.331 / 2865.939) | / | (698.927 / 2992.294) |
| = | 0.233896 | / | 0.233576 |
| | = | 1.0014 |
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) |
| = | ((126.334 + 705.513) / 9859.844) | / | ((45.534 + 800.749) / 9444.713) |
| = | 0.084367 | / | 0.089604 |
| | = | 0.9416 |
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 |
| = | (1123.057 - 0 | - | 1376.536) | / | 9859.844 |
| | = | -0.025708 |
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.
Shionogi has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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