Zhejiang Medicine Co Beneish M-Score Historical Data
The historical data trend for Zhejiang Medicine 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.
Zhejiang Medicine Co Beneish M-Score Chart
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Zhejiang Medicine Co Annual Data
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Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.83 |
-2.36 |
-2.35 |
-2.51 |
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Zhejiang Medicine Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.59 |
-2.51 |
-2.57 |
-2.48 |
-2.39 |
Competitive Comparison of Zhejiang Medicine Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Zhejiang Medicine 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.
Zhejiang Medicine Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Zhejiang Medicine Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhejiang Medicine Co's Beneish M-Score falls into.
Zhejiang Medicine 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 Zhejiang Medicine 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 * 1.1014 | + | 0.528 * 0.8708 | + | 0.404 * 0.8023 | + | 0.892 * 1.1477 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0925 | + | 4.679 * 0.004638 | - | 0.327 * 0.9708 |
| = | -2.39 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥2,040 Mil.
Revenue was 2707.337 + 2156.303 + 2249.164 + 1917.628 = ¥9,030 Mil.
Gross Profit was 1289.738 + 818.932 + 740.35 + 551.259 = ¥3,400 Mil.
Total Current Assets was ¥6,147 Mil.
Total Assets was ¥13,430 Mil.
Property, Plant and Equipment(Net PPE) was ¥6,183 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,267 Mil.
Total Current Liabilities was ¥2,358 Mil.
Long-Term Debt & Capital Lease Obligation was ¥373 Mil.
Net Income was 534.32 + 205.682 + 109.65 + 128.301 = ¥978 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 482.672 + 186.218 + 23.171 + 223.608 = ¥916 Mil.
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Total Receivables was ¥1,614 Mil.
Revenue was 1938.576 + 1930.008 + 2007.935 + 1991.932 = ¥7,868 Mil.
Gross Profit was 640.292 + 655.001 + 677.715 + 606.919 = ¥2,580 Mil.
Total Current Assets was ¥5,496 Mil.
Total Assets was ¥12,593 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,811 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,010 Mil.
Total Current Liabilities was ¥2,572 Mil.
Long-Term Debt & Capital Lease Obligation was ¥66 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) |
| = | (2039.789 / 9030.432) | / | (1613.7 / 7868.451) |
| = | 0.225879 | / | 0.205085 |
| | = | 1.1014 |
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) |
| = | (2579.927 / 7868.451) | / | (3400.279 / 9030.432) |
| = | 0.327882 | / | 0.376536 |
| | = | 0.8708 |
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 - (6146.702 + 6183.055) / 13429.512) | / | (1 - (5496.405 + 5811.04) / 12592.866) |
| = | 0.081891 | / | 0.102075 |
| | = | 0.8023 |
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 |
| = | 9030.432 | / | 7868.451 |
| | = | 1.1477 |
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 + 5811.04)) | / | (0 / (0 + 6183.055)) |
| = | 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) |
| = | (1266.54 / 9030.432) | / | (1010.097 / 7868.451) |
| = | 0.140252 | / | 0.128373 |
| | = | 1.0925 |
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) |
| = | ((372.842 + 2358.145) / 13429.512) | / | ((65.548 + 2572.419) / 12592.866) |
| = | 0.203357 | / | 0.209481 |
| | = | 0.9708 |
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 |
| = | (977.953 - 0 | - | 915.669) | / | 13429.512 |
| | = | 0.004638 |
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.
Zhejiang Medicine Co has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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