Bioinfra Co Beneish M-Score Historical Data
The historical data trend for Bioinfra Co'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.
Bioinfra Co Beneish M-Score Chart
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Bioinfra Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-1.27 |
-3.42 |
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Bioinfra Co Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.27 |
-2.24 |
-1.96 |
-2.78 |
-3.42 |
Competitive Comparison of Bioinfra Co's Beneish M-Score
For the Biotechnology subindustry, Bioinfra Co'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.
Bioinfra Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Bioinfra Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bioinfra Co's Beneish M-Score falls into.
Bioinfra Co 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 Bioinfra Co 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 * 0.677 | + | 0.528 * 1.3267 | + | 0.404 * 1.2783 | + | 0.892 * 0.791 | + | 0.115 * 0.7504 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0202 | + | 4.679 * -0.138741 | - | 0.327 * 1.1884 |
| = | -3.42 |
* 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 ₩3,539 Mil.
Revenue was 5336.263 + 7617.616 + 5857.104 + 5022.225 = ₩23,833 Mil.
Gross Profit was 1629.928 + 1686.698 + 1277.368 + 1102.133 = ₩5,696 Mil.
Total Current Assets was ₩14,764 Mil.
Total Assets was ₩41,121 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,833 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,316 Mil.
Selling, General, & Admin. Expense(SGA) was ₩925 Mil.
Total Current Liabilities was ₩9,219 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,256 Mil.
Net Income was -82.301 + -1183.958 + -1229.737 + -1480.031 = ₩-3,976 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1425.979 + -1187.378 + -1085.397 + 2575.937 = ₩1,729 Mil.
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Total Receivables was ₩6,608 Mil.
Revenue was 7649.861 + 7827.415 + 8527.026 + 6124.434 = ₩30,129 Mil.
Gross Profit was 2802.086 + 2294.916 + 2968.042 + 1488.228 = ₩9,553 Mil.
Total Current Assets was ₩21,408 Mil.
Total Assets was ₩47,004 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,868 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,388 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,146 Mil.
Total Current Liabilities was ₩8,485 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,475 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) |
| = | (3538.809 / 23833.208) | / | (6607.596 / 30128.736) |
| = | 0.148482 | / | 0.219312 |
| | = | 0.677 |
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) |
| = | (9553.272 / 30128.736) | / | (5696.127 / 23833.208) |
| = | 0.317082 | / | 0.239 |
| | = | 1.3267 |
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 - (14764.292 + 18832.722) / 41121.041) | / | (1 - (21408.01 + 18868.018) / 47003.822) |
| = | 0.182973 | / | 0.143133 |
| | = | 1.2783 |
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 |
| = | 23833.208 | / | 30128.736 |
| | = | 0.791 |
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)) |
| = | (2387.965 / (2387.965 + 18868.018)) | / | (3316.106 / (3316.106 + 18832.722)) |
| = | 0.112343 | / | 0.149719 |
| | = | 0.7504 |
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) |
| = | (925.032 / 23833.208) | / | (1146.264 / 30128.736) |
| = | 0.038813 | / | 0.038046 |
| | = | 1.0202 |
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) |
| = | ((4256.184 + 9218.559) / 41121.041) | / | ((4474.798 + 8485.458) / 47003.822) |
| = | 0.327685 | / | 0.275728 |
| | = | 1.1884 |
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 |
| = | (-3976.027 - 0 | - | 1729.141) | / | 41121.041 |
| | = | -0.138741 |
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.
Bioinfra Co has a M-score of -3.42 suggests that the company is unlikely to be a manipulator.
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