Incyte Beneish M-Score Historical Data
The historical data trend for Incyte'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.
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Incyte Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-2.21 |
-1.94 |
-3.03 |
-2.21 |
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Incyte Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.03 |
-2.68 |
-2.88 |
-2.51 |
-2.21 |
Competitive Comparison
For the Biotechnology subindustry, Incyte'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.
Incyte Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Incyte's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Incyte's Beneish M-Score falls into.
Incyte 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 Incyte 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 * 1.0085 | + | 0.404 * 1.1918 | + | 0.892 * 1.0595 | + | 0.115 * 0.8445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0629 | + | 4.679 * 0.01315 | - | 0.327 * 0.921 |
| = | -2.23 |
* 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 €682 Mil.
Revenue was 929.234 + 861.126 + 881.105 + 755.301 = €3,427 Mil.
Gross Profit was 865.227 + 804.813 + 818.064 + 702.249 = €3,190 Mil.
Total Current Assets was €4,260 Mil.
Total Assets was €6,219 Mil.
Property, Plant and Equipment(Net PPE) was €713 Mil.
Depreciation, Depletion and Amortization(DDA) was €77 Mil.
Selling, General, & Admin. Expense(SGA) was €1,077 Mil.
Total Current Liabilities was €1,137 Mil.
Long-Term Debt & Capital Lease Obligation was €27 Mil.
Net Income was 184.389 + 160.479 + 187.875 + 20.271 = €553 Mil.
Non Operating Income was 17.419 + -24.576 + 30.862 + -10.754 = €13 Mil.
Cash Flow from Operations was 135.467 + 138.521 + 282.923 + -98.633 = €458 Mil.
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Total Receivables was €609 Mil.
Revenue was 874.805 + 831.536 + 862.182 + 665.777 = €3,234 Mil.
Gross Profit was 818.92 + 776.39 + 814.314 + 627.097 = €3,037 Mil.
Total Current Assets was €3,864 Mil.
Total Assets was €5,514 Mil.
Property, Plant and Equipment(Net PPE) was €723 Mil.
Depreciation, Depletion and Amortization(DDA) was €65 Mil.
Selling, General, & Admin. Expense(SGA) was €957 Mil.
Total Current Liabilities was €1,092 Mil.
Long-Term Debt & Capital Lease Obligation was €28 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) |
| = | (681.842 / 3426.766) | / | (608.766 / 3234.3) |
| = | 0.198975 | / | 0.188222 |
| | = | 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) |
| = | (3036.721 / 3234.3) | / | (3190.353 / 3426.766) |
| = | 0.938911 | / | 0.93101 |
| | = | 1.0085 |
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 - (4259.834 + 712.553) / 6219.192) | / | (1 - (3863.65 + 722.734) / 5513.889) |
| = | 0.200477 | / | 0.168212 |
| | = | 1.1918 |
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 |
| = | 3426.766 | / | 3234.3 |
| | = | 1.0595 |
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)) |
| = | (64.599 / (64.599 + 722.734)) | / | (76.675 / (76.675 + 712.553)) |
| = | 0.082048 | / | 0.097152 |
| | = | 0.8445 |
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) |
| = | (1077.338 / 3426.766) | / | (956.627 / 3234.3) |
| = | 0.314389 | / | 0.295776 |
| | = | 1.0629 |
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) |
| = | ((26.742 + 1137.428) / 6219.192) | / | ((28.398 + 1092.281) / 5513.889) |
| = | 0.18719 | / | 0.203247 |
| | = | 0.921 |
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 |
| = | (553.014 - 12.951 | - | 458.278) | / | 6219.192 |
| | = | 0.01315 |
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.
Incyte has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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