Evotec SE Beneish M-Score Historical Data
The historical data trend for Evotec SE'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.
Evotec SE Beneish M-Score Chart
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Evotec SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.49 |
-2.32 |
-2.56 |
-2.86 |
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Evotec SE Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.49 |
-2.86 |
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-2.51 |
-2.04 |
Competitive Comparison of Evotec SE's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Evotec SE'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.
Evotec SE's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Evotec SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evotec SE's Beneish M-Score falls into.
Evotec SE 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 Evotec SE 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 * 1.0967 | + | 0.528 * 1.9551 | + | 0.404 * 0.9835 | + | 0.892 * 0.9467 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0965 | + | 4.679 * -0.019316 | - | 0.327 * 0.967 |
| = | -2.04 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €227.8 Mil.
Revenue was 184.89 + 182.123 + 208.726 + 201.313 = €777.1 Mil.
Gross Profit was 18.283 + 15.742 + 34.76 + 37.667 = €106.5 Mil.
Total Current Assets was €698.1 Mil.
Total Assets was €1,990.8 Mil.
Property, Plant and Equipment(Net PPE) was €813.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.0 Mil.
Selling, General, & Admin. Expense(SGA) was €180.4 Mil.
Total Current Liabilities was €333.6 Mil.
Long-Term Debt & Capital Lease Obligation was €416.5 Mil.
Net Income was -39.634 + -94.932 + -20.673 + -16.131 = €-171.4 Mil.
Non Operating Income was -13.234 + -66.029 + -7.319 + -10.279 = €-96.9 Mil.
Cash Flow from Operations was 42.599 + -50.421 + -48.177 + 19.944 = €-36.1 Mil.
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Total Receivables was €219.4 Mil.
Revenue was 196.278 + 170.279 + 213.556 + 240.689 = €820.8 Mil.
Gross Profit was 37.823 + 46.324 + 53.236 + 82.456 = €219.8 Mil.
Total Current Assets was €939.2 Mil.
Total Assets was €2,254.5 Mil.
Property, Plant and Equipment(Net PPE) was €763.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.0 Mil.
Selling, General, & Admin. Expense(SGA) was €173.8 Mil.
Total Current Liabilities was €434.0 Mil.
Long-Term Debt & Capital Lease Obligation was €444.5 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) |
| = | (227.753 / 777.052) | / | (219.371 / 820.802) |
| = | 0.293099 | / | 0.267264 |
| | = | 1.0967 |
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) |
| = | (219.839 / 820.802) | / | (106.452 / 777.052) |
| = | 0.267834 | / | 0.136995 |
| | = | 1.9551 |
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 - (698.099 + 813.805) / 1990.809) | / | (1 - (939.198 + 763.899) / 2254.509) |
| = | 0.240558 | / | 0.244582 |
| | = | 0.9835 |
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 |
| = | 777.052 | / | 820.802 |
| | = | 0.9467 |
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)) |
| = | (0 / (0 + 763.899)) | / | (0 / (0 + 813.805)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (180.425 / 777.052) | / | (173.814 / 820.802) |
| = | 0.232192 | / | 0.211761 |
| | = | 1.0965 |
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) |
| = | ((416.514 + 333.618) / 1990.809) | / | ((444.455 + 434.045) / 2254.509) |
| = | 0.376798 | / | 0.389664 |
| | = | 0.967 |
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 |
| = | (-171.37 - -96.861 | - | -36.055) | / | 1990.809 |
| | = | -0.019316 |
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.
Evotec SE has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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