United Therapeutics Beneish M-Score Historical Data
The historical data trend for United Therapeutics'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.
United Therapeutics Beneish M-Score Chart
|
United Therapeutics Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.79 |
-2.70 |
-2.32 |
-2.44 |
-2.03 |
|
United Therapeutics Quarterly Data
|
|
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.27 |
-2.03 |
-1.39 |
-2.42 |
-2.18 |
Competitive Comparison of United Therapeutics's Beneish M-Score
For the Biotechnology subindustry, United Therapeutics'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.
United Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, United Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Therapeutics's Beneish M-Score falls into.
United Therapeutics 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 United Therapeutics 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 * 1.0571 | + | 0.528 * 0.9992 | + | 0.404 * 0.7536 | + | 0.892 * 1.2504 | + | 0.115 * 0.9277 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9575 | + | 4.679 * 0.004436 | - | 0.327 * 0.6922 |
| = | -2.18 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $342 Mil.
Revenue was 748.9 + 714.9 + 677.7 + 614.7 = $2,756 Mil.
Gross Profit was 665.8 + 637.1 + 604.8 + 543.7 = $2,451 Mil.
Total Current Assets was $4,000 Mil.
Total Assets was $7,123 Mil.
Property, Plant and Equipment(Net PPE) was $1,157 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $608 Mil.
Total Current Liabilities was $873 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 309.1 + 278.1 + 306.6 + 217.1 = $1,111 Mil.
Non Operating Income was -59.3 + 0.8 + 1.8 + -0.6 = $-57 Mil.
Cash Flow from Operations was 377.2 + 232.2 + 376.5 + 150.7 = $1,137 Mil.
|
Total Receivables was $259 Mil.
Revenue was 609.4 + 596.5 + 506.9 + 491.5 = $2,204 Mil.
Gross Profit was 539.3 + 532.4 + 454.6 + 432.7 = $1,959 Mil.
Total Current Assets was $3,459 Mil.
Total Assets was $7,024 Mil.
Property, Plant and Equipment(Net PPE) was $992 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $508 Mil.
Total Current Liabilities was $744 Mil.
Long-Term Debt & Capital Lease Obligation was $500 Mil.
|
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) |
| = | (341.8 / 2756.2) | / | (258.6 / 2204.3) |
| = | 0.124011 | / | 0.117316 |
| | = | 1.0571 |
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) |
| = | (1959 / 2204.3) | / | (2451.4 / 2756.2) |
| = | 0.888718 | / | 0.889413 |
| | = | 0.9992 |
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 - (4000.4 + 1156.7) / 7123.1) | / | (1 - (3458.9 + 992.2) / 7023.6) |
| = | 0.276003 | / | 0.366265 |
| | = | 0.7536 |
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 |
| = | 2756.2 | / | 2204.3 |
| | = | 1.2504 |
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)) |
| = | (52.7 / (52.7 + 992.2)) | / | (66.5 / (66.5 + 1156.7)) |
| = | 0.050435 | / | 0.054366 |
| | = | 0.9277 |
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) |
| = | (608.3 / 2756.2) | / | (508.1 / 2204.3) |
| = | 0.220702 | / | 0.230504 |
| | = | 0.9575 |
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 + 873.4) / 7123.1) | / | ((500 + 744.1) / 7023.6) |
| = | 0.122615 | / | 0.177131 |
| | = | 0.6922 |
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 |
| = | (1110.9 - -57.3 | - | 1136.6) | / | 7123.1 |
| | = | 0.004436 |
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.
United Therapeutics has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
UTHR has been successfully added to your