BeiGene Beneish M-Score Historical Data
The historical data trend for BeiGene'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.
BeiGene Beneish M-Score Chart
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BeiGene Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.95 |
0.52 |
-3.12 |
-1.71 |
-2.19 |
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BeiGene 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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-1.71 |
-2.20 |
-1.97 |
-2.36 |
-2.19 |
Competitive Comparison of BeiGene's Beneish M-Score
For the Biotechnology subindustry, BeiGene'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.
BeiGene's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, BeiGene's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BeiGene's Beneish M-Score falls into.
BeiGene 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 BeiGene 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 * 1.2042 | + | 0.528 * 1.0015 | + | 0.404 * 1.2586 | + | 0.892 * 1.5491 | + | 0.115 * 0.6582 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.784 | + | 4.679 * -0.080233 | - | 0.327 * 1.1716 |
| = | -2.13 |
* 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 €677 Mil.
Revenue was 1077.072 + 902.441 + 863.195 + 691.52 = €3,534 Mil.
Gross Profit was 923.737 + 748.854 + 734.871 + 576.58 = €2,984 Mil.
Total Current Assets was €3,812 Mil.
Total Assets was €5,654 Mil.
Property, Plant and Equipment(Net PPE) was €1,583 Mil.
Depreciation, Depletion and Amortization(DDA) was €159 Mil.
Selling, General, & Admin. Expense(SGA) was €1,698 Mil.
Total Current Liabilities was €2,115 Mil.
Long-Term Debt & Capital Lease Obligation was €201 Mil.
Net Income was -145.046 + -109.336 + -111.856 + -231.058 = €-597 Mil.
Non Operating Income was -13.116 + 10.198 + -11.133 + 1.621 = €-12 Mil.
Cash Flow from Operations was 71.778 + 169.72 + -88.801 + -283.886 = €-131 Mil.
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Total Receivables was €363 Mil.
Revenue was 581.753 + 732.086 + 549.426 + 418.246 = €2,282 Mil.
Gross Profit was 484.705 + 641.844 + 460.827 + 341.855 = €1,929 Mil.
Total Current Assets was €3,855 Mil.
Total Assets was €5,323 Mil.
Property, Plant and Equipment(Net PPE) was €1,275 Mil.
Depreciation, Depletion and Amortization(DDA) was €81 Mil.
Selling, General, & Admin. Expense(SGA) was €1,398 Mil.
Total Current Liabilities was €1,660 Mil.
Long-Term Debt & Capital Lease Obligation was €202 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) |
| = | (677.196 / 3534.228) | / | (363.027 / 2281.511) |
| = | 0.191611 | / | 0.159117 |
| | = | 1.2042 |
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) |
| = | (1929.231 / 2281.511) | / | (2984.042 / 3534.228) |
| = | 0.845594 | / | 0.844326 |
| | = | 1.0015 |
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 - (3811.971 + 1582.662) / 5654.469) | / | (1 - (3854.531 + 1274.547) / 5323.437) |
| = | 0.045952 | / | 0.03651 |
| | = | 1.2586 |
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 |
| = | 3534.228 | / | 2281.511 |
| | = | 1.5491 |
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)) |
| = | (81.302 / (81.302 + 1274.547)) | / | (158.65 / (158.65 + 1582.662)) |
| = | 0.059964 | / | 0.091109 |
| | = | 0.6582 |
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) |
| = | (1697.58 / 3534.228) | / | (1397.761 / 2281.511) |
| = | 0.480326 | / | 0.612647 |
| | = | 0.784 |
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) |
| = | ((201.277 + 2115.229) / 5654.469) | / | ((201.62 + 1659.874) / 5323.437) |
| = | 0.409677 | / | 0.349679 |
| | = | 1.1716 |
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 |
| = | (-597.296 - -12.43 | - | -131.189) | / | 5654.469 |
| | = | -0.080233 |
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.
BeiGene has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
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