Santen Pharmaceutical Co Beneish M-Score Historical Data
The historical data trend for Santen Pharmaceutical 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.
Santen Pharmaceutical Co Beneish M-Score Chart
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Santen Pharmaceutical Co Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-2.43 |
-2.72 |
-2.77 |
-2.62 |
-3.05 |
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Santen Pharmaceutical Co Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-3.03 |
-3.05 |
-3.04 |
-2.74 |
-3.11 |
Competitive Comparison of Santen Pharmaceutical Co's Beneish M-Score
For the Drug Manufacturers - General subindustry, Santen Pharmaceutical 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.
Santen Pharmaceutical Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Santen Pharmaceutical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Santen Pharmaceutical Co's Beneish M-Score falls into.
Santen Pharmaceutical 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 Santen Pharmaceutical 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 * 0.811 | + | 0.528 * 0.965 | + | 0.404 * 0.8835 | + | 0.892 * 1.0417 | + | 0.115 * 1.0373 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9571 | + | 4.679 * -0.094408 | - | 0.327 * 1.1982 |
| = | -3.18 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $590 Mil.
Revenue was 534.978 + 496.581 + 512.097 + 592.911 = $2,137 Mil.
Gross Profit was 311.714 + 297.514 + 299.7 + 387.164 = $1,296 Mil.
Total Current Assets was $1,560 Mil.
Total Assets was $2,971 Mil.
Property, Plant and Equipment(Net PPE) was $475 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $678 Mil.
Total Current Liabilities was $635 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 50.923 + 59.968 + 73.671 + 8.349 = $193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 220.223 + 170.368 + 17.997 + 64.842 = $473 Mil.
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Total Receivables was $698 Mil.
Revenue was 525.302 + 442.351 + 489.191 + 594.177 = $2,051 Mil.
Gross Profit was 306.29 + 250.453 + 277.146 + 366.756 = $1,201 Mil.
Total Current Assets was $1,518 Mil.
Total Assets was $3,114 Mil.
Property, Plant and Equipment(Net PPE) was $486 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $681 Mil.
Total Current Liabilities was $555 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (589.902 / 2136.567) | / | (698.226 / 2051.021) |
| = | 0.276098 | / | 0.340428 |
| | = | 0.811 |
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) |
| = | (1200.645 / 2051.021) | / | (1296.092 / 2136.567) |
| = | 0.585389 | / | 0.606624 |
| | = | 0.965 |
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 - (1559.964 + 475.415) / 2971.354) | / | (1 - (1517.921 + 485.921) / 3114.121) |
| = | 0.314999 | / | 0.35653 |
| | = | 0.8835 |
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 |
| = | 2136.567 | / | 2051.021 |
| | = | 1.0417 |
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)) |
| = | (133.748 / (133.748 + 485.921)) | / | (124.915 / (124.915 + 475.415)) |
| = | 0.215838 | / | 0.208077 |
| | = | 1.0373 |
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) |
| = | (678.498 / 2136.567) | / | (680.507 / 2051.021) |
| = | 0.317565 | / | 0.331789 |
| | = | 0.9571 |
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 + 635.068) / 2971.354) | / | ((0 + 555.469) / 3114.121) |
| = | 0.21373 | / | 0.178371 |
| | = | 1.1982 |
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 |
| = | (192.911 - 0 | - | 473.43) | / | 2971.354 |
| | = | -0.094408 |
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.
Santen Pharmaceutical Co has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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