Zeo ScientifiX Beneish M-Score Historical Data
The historical data trend for Zeo ScientifiX'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.
Zeo ScientifiX Beneish M-Score Chart
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Zeo ScientifiX Annual Data
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Oct14 |
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Oct23 |
| Beneish M-Score |
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-10.31 |
-39.97 |
-24.83 |
-6.48 |
-3,624.51 |
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Zeo ScientifiX Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-879.14 |
-2,997.22 |
-4,128.18 |
-3,624.51 |
316.61 |
Competitive Comparison of Zeo ScientifiX's Beneish M-Score
For the Biotechnology subindustry, Zeo ScientifiX'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.
Zeo ScientifiX's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Zeo ScientifiX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zeo ScientifiX's Beneish M-Score falls into.
Zeo ScientifiX 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 Zeo ScientifiX 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 * 352.711 | + | 0.528 * 1.0469 | + | 0.404 * 0.4009 | + | 0.892 * 1.0768 | + | 0.115 * -2.8743 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6375 | + | 4.679 * -0.781153 | - | 0.327 * 1.9213 |
| = | 316.61 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $89 Mil.
Revenue was 1154 + 1.422 + 1.221 + 0.846 = $1,157 Mil.
Gross Profit was 995 + 1.289 + 1.058 + 0.737 = $998 Mil.
Total Current Assets was $1,892 Mil.
Total Assets was $2,432 Mil.
Property, Plant and Equipment(Net PPE) was $533 Mil.
Depreciation, Depletion and Amortization(DDA) was $-137 Mil.
Selling, General, & Admin. Expense(SGA) was $2,165 Mil.
Total Current Liabilities was $3,923 Mil.
Long-Term Debt & Capital Lease Obligation was $17 Mil.
Net Income was -1040 + -1.091 + -1.618 + -1.991 = $-1,045 Mil.
Non Operating Income was 149 + 0.231 + 0 + 0.03 = $149 Mil.
Cash Flow from Operations was -575 + 0.22 + -0.464 + 1281.046 = $706 Mil.
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Total Receivables was $0 Mil.
Revenue was 1070 + 1.443 + 1.713 + 1.735 = $1,075 Mil.
Gross Profit was 966 + 1.174 + 1.504 + 1.609 = $970 Mil.
Total Current Assets was $3 Mil.
Total Assets was $4 Mil.
Property, Plant and Equipment(Net PPE) was $2 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $3,153 Mil.
Total Current Liabilities was $3 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (89 / 1157.489) | / | (0.234 / 1074.891) |
| = | 0.076891 | / | 0.000218 |
| | = | 352.711 |
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) |
| = | (970.287 / 1074.891) | / | (998.084 / 1157.489) |
| = | 0.902684 | / | 0.862284 |
| | = | 1.0469 |
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 - (1892 + 533) / 2432) | / | (1 - (2.652 + 1.635) / 4.318) |
| = | 0.002878 | / | 0.007179 |
| | = | 0.4009 |
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 |
| = | 1157.489 | / | 1074.891 |
| | = | 1.0768 |
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)) |
| = | (156.319 / (156.319 + 1.635)) | / | (-136.514 / (-136.514 + 533)) |
| = | 0.989649 | / | -0.34431 |
| | = | -2.8743 |
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) |
| = | (2164.676 / 1157.489) | / | (3153.489 / 1074.891) |
| = | 1.870148 | / | 2.933776 |
| | = | 0.6375 |
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) |
| = | ((17 + 3923) / 2432) | / | ((0.215 + 3.426) / 4.318) |
| = | 1.620066 | / | 0.843214 |
| | = | 1.9213 |
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 |
| = | (-1044.7 - 149.261 | - | 705.802) | / | 2432 |
| | = | -0.781153 |
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.
Zeo ScientifiX has a M-score of 316.61 signals that the company is likely to be a manipulator.
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