Pfizer Beneish M-Score Historical Data
The historical data trend for Pfizer'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.
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Pfizer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.42 |
-2.06 |
-2.33 |
-2.35 |
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Pfizer 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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-2.33 |
-2.40 |
-2.71 |
-2.74 |
-2.35 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Pfizer'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.
Pfizer Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Pfizer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pfizer's Beneish M-Score falls into.
Pfizer 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 Pfizer 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 * 1.7793 | + | 0.528 * 1.1502 | + | 0.404 * 1.1027 | + | 0.892 * 0.5695 | + | 0.115 * 0.9495 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8424 | + | 4.679 * -0.021617 | - | 0.327 * 1.2731 |
| = | -2.37 |
* 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 €13,897 Mil.
Revenue was 13066.333 + 12398.384 + 11753.482 + 17075.388 = €54,294 Mil.
Gross Profit was 6131.062 + 3713.331 + 8765.731 + 12511.864 = €31,122 Mil.
Total Current Assets was €39,736 Mil.
Total Assets was €207,701 Mil.
Property, Plant and Equipment(Net PPE) was €17,368 Mil.
Depreciation, Depletion and Amortization(DDA) was €5,834 Mil.
Selling, General, & Admin. Expense(SGA) was €13,690 Mil.
Total Current Liabilities was €43,827 Mil.
Long-Term Debt & Capital Lease Obligation was €55,478 Mil.
Net Income was -3089.373 + -2231.934 + 2147.821 + 5177.162 = €2,004 Mil.
Non Operating Income was -1904.609 + 28.11 + 269.516 + 40.162 = €-1,567 Mil.
Cash Flow from Operations was 4805.08 + 3238.272 + -1114.984 + 1132.008 = €8,060 Mil.
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Total Receivables was €13,715 Mil.
Revenue was 22929.76 + 22864.38 + 26243.932 + 23300.188 = €95,338 Mil.
Gross Profit was 13822.048 + 16740.75 + 18062.924 + 14234.716 = €62,860 Mil.
Total Current Assets was €48,388 Mil.
Total Assets was €186,162 Mil.
Property, Plant and Equipment(Net PPE) was €15,363 Mil.
Depreciation, Depletion and Amortization(DDA) was €4,818 Mil.
Selling, General, & Admin. Expense(SGA) was €13,048 Mil.
Total Current Liabilities was €39,778 Mil.
Long-Term Debt & Capital Lease Obligation was €30,137 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) |
| = | (13897.135 / 54293.587) | / | (13715.376 / 95338.26) |
| = | 0.255963 | / | 0.14386 |
| | = | 1.7793 |
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) |
| = | (62860.438 / 95338.26) | / | (31121.988 / 54293.587) |
| = | 0.659341 | / | 0.573217 |
| | = | 1.1502 |
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 - (39736.361 + 17367.98) / 207701.417) | / | (1 - (48388.496 + 15362.656) / 186161.52) |
| = | 0.725065 | / | 0.657549 |
| | = | 1.1027 |
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 |
| = | 54293.587 | / | 95338.26 |
| | = | 0.5695 |
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)) |
| = | (4818.112 / (4818.112 + 15362.656)) | / | (5833.847 / (5833.847 + 17367.98)) |
| = | 0.238748 | / | 0.251439 |
| | = | 0.9495 |
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) |
| = | (13689.715 / 54293.587) | / | (13047.642 / 95338.26) |
| = | 0.252142 | / | 0.136856 |
| | = | 1.8424 |
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) |
| = | ((55477.583 + 43827.098) / 207701.417) | / | ((30137.2 + 39778.272) / 186161.52) |
| = | 0.478113 | / | 0.375563 |
| | = | 1.2731 |
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 |
| = | (2003.676 - -1566.821 | - | 8060.376) | / | 207701.417 |
| | = | -0.021617 |
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.
Pfizer has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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