Pharmaresearch Bio Co Beneish M-Score Historical Data
The historical data trend for Pharmaresearch Bio 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.
Pharmaresearch Bio Co Beneish M-Score Chart
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Pharmaresearch Bio Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
3,640.36 |
-3.24 |
-1.19 |
-2.67 |
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Pharmaresearch Bio Co Semi-Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
- |
3,640.36 |
-3.24 |
-1.19 |
-2.67 |
Competitive Comparison of Pharmaresearch Bio Co's Beneish M-Score
For the Biotechnology subindustry, Pharmaresearch Bio 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.
Pharmaresearch Bio Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Pharmaresearch Bio Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pharmaresearch Bio Co's Beneish M-Score falls into.
Pharmaresearch Bio 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 Pharmaresearch Bio 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 * 0.8692 | + | 0.528 * 0.8837 | + | 0.404 * 0.5872 | + | 0.892 * 1.6017 | + | 0.115 * 1.2357 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0827 | + | 4.679 * -0.102592 | - | 0.327 * 0.7297 |
| = | -2.67 |
* 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 ₩1,043 Mil.
Revenue was ₩20,031 Mil.
Gross Profit was ₩12,355 Mil.
Total Current Assets was ₩45,185 Mil.
Total Assets was ₩63,925 Mil.
Property, Plant and Equipment(Net PPE) was ₩15,188 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,003 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,874 Mil.
Total Current Liabilities was ₩28,398 Mil.
Long-Term Debt & Capital Lease Obligation was ₩490 Mil.
Net Income was ₩2,308 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩8,867 Mil.
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Total Receivables was ₩749 Mil.
Revenue was ₩12,506 Mil.
Gross Profit was ₩6,817 Mil.
Total Current Assets was ₩42,911 Mil.
Total Assets was ₩58,905 Mil.
Property, Plant and Equipment(Net PPE) was ₩10,419 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩863 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,081 Mil.
Total Current Liabilities was ₩19,577 Mil.
Long-Term Debt & Capital Lease Obligation was ₩16,904 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) |
| = | (1043.205 / 20030.641) | / | (749.348 / 12505.985) |
| = | 0.05208 | / | 0.059919 |
| | = | 0.8692 |
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) |
| = | (6816.502 / 12505.985) | / | (12354.549 / 20030.641) |
| = | 0.545059 | / | 0.616783 |
| | = | 0.8837 |
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 - (45184.553 + 15187.685) / 63924.953) | / | (1 - (42911.103 + 10418.763) / 58905.474) |
| = | 0.055576 | / | 0.094653 |
| | = | 0.5872 |
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 |
| = | 20030.641 | / | 12505.985 |
| | = | 1.6017 |
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)) |
| = | (863.495 / (863.495 + 10418.763)) | / | (1002.761 / (1002.761 + 15187.685)) |
| = | 0.076536 | / | 0.061935 |
| | = | 1.2357 |
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) |
| = | (1874.25 / 20030.641) | / | (1080.822 / 12505.985) |
| = | 0.093569 | / | 0.086424 |
| | = | 1.0827 |
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) |
| = | ((489.972 + 28398.467) / 63924.953) | / | ((16904.049 + 19576.908) / 58905.474) |
| = | 0.451912 | / | 0.619314 |
| | = | 0.7297 |
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 |
| = | (2308.349 - 0 | - | 8866.515) | / | 63924.953 |
| | = | -0.102592 |
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.
Pharmaresearch Bio Co has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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