Raphas Co Beneish M-Score Historical Data
The historical data trend for Raphas 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.
Raphas Co Beneish M-Score Chart
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Raphas Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.03 |
-2.92 |
-2.27 |
-2.77 |
-2.45 |
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Raphas Co 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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-2.77 |
-2.60 |
-2.63 |
-3.09 |
-2.45 |
Competitive Comparison of Raphas Co's Beneish M-Score
For the Biotechnology subindustry, Raphas 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.
Raphas Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Raphas Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Raphas Co's Beneish M-Score falls into.
Raphas 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 Raphas 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 * 1.2815 | + | 0.528 * 1.034 | + | 0.404 * 0.9828 | + | 0.892 * 1.1818 | + | 0.115 * 0.8783 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8688 | + | 4.679 * -0.06968 | - | 0.327 * 1.2559 |
| = | -2.45 |
* 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 ₩6,445 Mil.
Revenue was 8554.525 + 5351.959 + 6613.728 + 7415.676 = ₩27,936 Mil.
Gross Profit was 3399.447 + 2359.217 + 3119.118 + 3738.045 = ₩12,616 Mil.
Total Current Assets was ₩52,257 Mil.
Total Assets was ₩100,405 Mil.
Property, Plant and Equipment(Net PPE) was ₩32,580 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,997 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,283 Mil.
Total Current Liabilities was ₩62,169 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,121 Mil.
Net Income was -3258.828 + -2565.328 + -2581.264 + -398.665 = ₩-8,804 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1804.019 + -1281.795 + -108.821 + -2221.259 = ₩-1,808 Mil.
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Total Receivables was ₩4,256 Mil.
Revenue was 6151.208 + 5783.936 + 5689.887 + 6013.716 = ₩23,639 Mil.
Gross Profit was 3304.457 + 2379.147 + 2670.83 + 2683.421 = ₩11,038 Mil.
Total Current Assets was ₩49,050 Mil.
Total Assets was ₩96,060 Mil.
Property, Plant and Equipment(Net PPE) was ₩31,855 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,383 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,094 Mil.
Total Current Liabilities was ₩44,378 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,884 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) |
| = | (6444.766 / 27935.888) | / | (4255.567 / 23638.747) |
| = | 0.230698 | / | 0.180025 |
| | = | 1.2815 |
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) |
| = | (11037.855 / 23638.747) | / | (12615.827 / 27935.888) |
| = | 0.466939 | / | 0.451599 |
| | = | 1.034 |
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 - (52257.404 + 32579.601) / 100404.607) | / | (1 - (49050.397 + 31855.324) / 96060.186) |
| = | 0.155049 | / | 0.15776 |
| | = | 0.9828 |
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 |
| = | 27935.888 | / | 23638.747 |
| | = | 1.1818 |
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)) |
| = | (3382.552 / (3382.552 + 31855.324)) | / | (3997.498 / (3997.498 + 32579.601)) |
| = | 0.095992 | / | 0.10929 |
| | = | 0.8783 |
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) |
| = | (7283.376 / 27935.888) | / | (7093.646 / 23638.747) |
| = | 0.260718 | / | 0.300086 |
| | = | 0.8688 |
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) |
| = | ((5120.606 + 62169.091) / 100404.607) | / | ((6884.282 + 44377.904) / 96060.186) |
| = | 0.670185 | / | 0.533647 |
| | = | 1.2559 |
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 |
| = | (-8804.085 - 0 | - | -1807.856) | / | 100404.607 |
| | = | -0.06968 |
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.
Raphas Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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