Enzychem Lifesciences Beneish M-Score Historical Data
The historical data trend for Enzychem Lifesciences'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.
Enzychem Lifesciences Beneish M-Score Chart
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Enzychem Lifesciences Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.60 |
-4.36 |
0.33 |
-2.58 |
0.37 |
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Enzychem Lifesciences Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.57 |
-1.92 |
-0.99 |
0.37 |
Competitive Comparison of Enzychem Lifesciences's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Enzychem Lifesciences'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.
Enzychem Lifesciences's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Enzychem Lifesciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enzychem Lifesciences's Beneish M-Score falls into.
Enzychem Lifesciences 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 Enzychem Lifesciences 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 * 0.6864 | + | 0.528 * 1.5863 | + | 0.404 * 3.2321 | + | 0.892 * 2.8546 | + | 0.115 * 0.786 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4804 | + | 4.679 * 0.004403 | - | 0.327 * 0.4243 |
| = | 0.37 |
* 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 ₩20,207 Mil.
Revenue was 23211.004 + 19766.237 + 17428.2 + 15633.453 = ₩76,039 Mil.
Gross Profit was 1155.353 + 810.871 + 997.95 + 1383.976 = ₩4,348 Mil.
Total Current Assets was ₩174,475 Mil.
Total Assets was ₩211,546 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,164 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,512 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,198 Mil.
Total Current Liabilities was ₩14,154 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,609 Mil.
Net Income was -1832.398 + -2634.579 + -2454.419 + -2405.016 = ₩-9,326 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2037.636 + -2563.122 + -3874.333 + -1782.847 = ₩-10,258 Mil.
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Total Receivables was ₩10,312 Mil.
Revenue was 6647.489 + 5629.835 + 7581.289 + 6779.018 = ₩26,638 Mil.
Gross Profit was 912.623 + 439.136 + 593.429 + 471.129 = ₩2,416 Mil.
Total Current Assets was ₩220,313 Mil.
Total Assets was ₩247,555 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,294 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,389 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,520 Mil.
Total Current Liabilities was ₩42,284 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,192 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) |
| = | (20207.417 / 76038.894) | / | (10312.483 / 26637.631) |
| = | 0.265751 | / | 0.38714 |
| | = | 0.6864 |
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) |
| = | (2416.317 / 26637.631) | / | (4348.15 / 76038.894) |
| = | 0.090711 | / | 0.057183 |
| | = | 1.5863 |
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 - (174475.031 + 26164.189) / 211545.507) | / | (1 - (220312.758 + 23293.603) / 247554.987) |
| = | 0.051555 | / | 0.015951 |
| | = | 3.2321 |
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 |
| = | 76038.894 | / | 26637.631 |
| | = | 2.8546 |
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)) |
| = | (2389.005 / (2389.005 + 23293.603)) | / | (3512.018 / (3512.018 + 26164.189)) |
| = | 0.09302 | / | 0.118345 |
| | = | 0.786 |
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) |
| = | (6197.89 / 76038.894) | / | (4519.94 / 26637.631) |
| = | 0.081509 | / | 0.169683 |
| | = | 0.4804 |
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) |
| = | ((1609.453 + 14154.097) / 211545.507) | / | ((1192.408 + 42284.411) / 247554.987) |
| = | 0.074516 | / | 0.175625 |
| | = | 0.4243 |
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 |
| = | (-9326.412 - 0 | - | -10257.938) | / | 211545.507 |
| | = | 0.004403 |
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.
Enzychem Lifesciences has a M-score of 0.37 signals that the company is likely to be a manipulator.
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