Dechra Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Dechra Pharmaceuticals'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.
Dechra Pharmaceuticals Beneish M-Score Chart
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Dechra Pharmaceuticals Annual Data
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| Beneish M-Score |
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-2.59 |
-2.85 |
-2.53 |
-2.55 |
-2.63 |
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Dechra Pharmaceuticals Semi-Annual Data
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Jun23 |
| Beneish M-Score |
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-2.53 |
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-2.55 |
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-2.63 |
Competitive Comparison of Dechra Pharmaceuticals's Beneish M-Score
For the Drug Manufacturers - General subindustry, Dechra Pharmaceuticals'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.
Dechra Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Dechra Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dechra Pharmaceuticals's Beneish M-Score falls into.
Dechra Pharmaceuticals 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 Dechra Pharmaceuticals 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 * 1.0596 | + | 0.528 * 1.0082 | + | 0.404 * 1.0372 | + | 0.892 * 1.1169 | + | 0.115 * 1.3059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2702 | + | 4.679 * -0.058303 | - | 0.327 * 1.1304 |
| = | -2.63 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was £161.9 Mil.
Revenue was £761.5 Mil.
Gross Profit was £426.3 Mil.
Total Current Assets was £467.9 Mil.
Total Assets was £1,569.4 Mil.
Property, Plant and Equipment(Net PPE) was £159.3 Mil.
Depreciation, Depletion and Amortization(DDA) was £89.7 Mil.
Selling, General, & Admin. Expense(SGA) was £359.2 Mil.
Total Current Liabilities was £164.0 Mil.
Long-Term Debt & Capital Lease Obligation was £500.6 Mil.
Net Income was £-27.9 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £63.6 Mil.
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Total Receivables was £136.8 Mil.
Revenue was £681.8 Mil.
Gross Profit was £384.8 Mil.
Total Current Assets was £444.4 Mil.
Total Assets was £1,293.3 Mil.
Property, Plant and Equipment(Net PPE) was £100.3 Mil.
Depreciation, Depletion and Amortization(DDA) was £89.1 Mil.
Selling, General, & Admin. Expense(SGA) was £253.2 Mil.
Total Current Liabilities was £158.7 Mil.
Long-Term Debt & Capital Lease Obligation was £325.8 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) |
| = | (161.9 / 761.5) | / | (136.8 / 681.8) |
| = | 0.212607 | / | 0.200645 |
| | = | 1.0596 |
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) |
| = | (384.8 / 681.8) | / | (426.3 / 761.5) |
| = | 0.564388 | / | 0.559816 |
| | = | 1.0082 |
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 - (467.9 + 159.3) / 1569.4) | / | (1 - (444.4 + 100.3) / 1293.3) |
| = | 0.600357 | / | 0.578829 |
| | = | 1.0372 |
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 |
| = | 761.5 | / | 681.8 |
| | = | 1.1169 |
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)) |
| = | (89.1 / (89.1 + 100.3)) | / | (89.7 / (89.7 + 159.3)) |
| = | 0.470433 | / | 0.360241 |
| | = | 1.3059 |
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) |
| = | (359.2 / 761.5) | / | (253.2 / 681.8) |
| = | 0.471701 | / | 0.37137 |
| | = | 1.2702 |
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) |
| = | ((500.6 + 164) / 1569.4) | / | ((325.8 + 158.7) / 1293.3) |
| = | 0.423474 | / | 0.374623 |
| | = | 1.1304 |
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 |
| = | (-27.9 - 0 | - | 63.6) | / | 1569.4 |
| | = | -0.058303 |
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.
Dechra Pharmaceuticals has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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