Teva Pharmaceutical Industries Beneish M-Score Historical Data
The historical data trend for Teva Pharmaceutical Industries'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.
Teva Pharmaceutical Industries Beneish M-Score Chart
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Teva Pharmaceutical Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.59 |
-2.38 |
-2.58 |
-2.47 |
-2.53 |
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Teva Pharmaceutical Industries Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Dec24 |
| Beneish M-Score |
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-2.47 |
-2.38 |
-2.34 |
-2.46 |
-2.53 |
Competitive Comparison of Teva Pharmaceutical Industries's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Teva Pharmaceutical Industries'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.
Teva Pharmaceutical Industries's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Teva Pharmaceutical Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teva Pharmaceutical Industries's Beneish M-Score falls into.
Teva Pharmaceutical Industries 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 Teva Pharmaceutical Industries 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 * 0.8598 | + | 0.528 * 0.9896 | + | 0.404 * 0.9712 | + | 0.892 * 1.044 | + | 0.115 * 0.8959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0135 | + | 4.679 * 0.018054 | - | 0.327 * 1.0468 |
| = | -2.53 |
* 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 $3,059 Mil.
Revenue was 4229 + 4331 + 4164 + 3819 = $16,543 Mil.
Gross Profit was 2121 + 2148 + 2024 + 1771 = $8,064 Mil.
Total Current Assets was $12,552 Mil.
Total Assets was $39,326 Mil.
Property, Plant and Equipment(Net PPE) was $4,948 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,059 Mil.
Selling, General, & Admin. Expense(SGA) was $3,701 Mil.
Total Current Liabilities was $12,796 Mil.
Long-Term Debt & Capital Lease Obligation was $16,298 Mil.
Net Income was -217 + -437 + -846 + -139 = $-1,639 Mil.
Non Operating Income was -882 + -1033 + -822 + -859 = $-3,596 Mil.
Cash Flow from Operations was 575 + 693 + 103 + -124 = $1,247 Mil.
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Total Receivables was $3,408 Mil.
Revenue was 4457 + 3850 + 3877 + 3662 = $15,846 Mil.
Gross Profit was 2415 + 1851 + 1796 + 1582 = $7,644 Mil.
Total Current Assets was $12,485 Mil.
Total Assets was $43,479 Mil.
Property, Plant and Equipment(Net PPE) was $6,147 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,153 Mil.
Selling, General, & Admin. Expense(SGA) was $3,498 Mil.
Total Current Liabilities was $12,247 Mil.
Long-Term Debt & Capital Lease Obligation was $18,481 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) |
| = | (3059 / 16543) | / | (3408 / 15846) |
| = | 0.184912 | / | 0.21507 |
| | = | 0.8598 |
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) |
| = | (7644 / 15846) | / | (8064 / 16543) |
| = | 0.482393 | / | 0.487457 |
| | = | 0.9896 |
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 - (12552 + 4948) / 39326) | / | (1 - (12485 + 6147) / 43479) |
| = | 0.555002 | / | 0.571471 |
| | = | 0.9712 |
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 |
| = | 16543 | / | 15846 |
| | = | 1.044 |
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)) |
| = | (1153 / (1153 + 6147)) | / | (1059 / (1059 + 4948)) |
| = | 0.157945 | / | 0.176294 |
| | = | 0.8959 |
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) |
| = | (3701 / 16543) | / | (3498 / 15846) |
| = | 0.22372 | / | 0.22075 |
| | = | 1.0135 |
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) |
| = | ((16298 + 12796) / 39326) | / | ((18481 + 12247) / 43479) |
| = | 0.739816 | / | 0.706732 |
| | = | 1.0468 |
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 |
| = | (-1639 - -3596 | - | 1247) | / | 39326 |
| | = | 0.018054 |
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.
Teva Pharmaceutical Industries has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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