Moderna Beneish M-Score Historical Data
The historical data trend for Moderna'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.
Moderna Beneish M-Score Chart
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Moderna Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.21 |
12.20 |
54.44 |
-2.05 |
-2.62 |
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Moderna 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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-2.05 |
-2.15 |
-3.10 |
-2.55 |
-2.62 |
Competitive Comparison of Moderna's Beneish M-Score
For the Biotechnology subindustry, Moderna'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.
Moderna's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Moderna's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Moderna's Beneish M-Score falls into.
Moderna 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 Moderna 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 * 1.7929 | + | 0.528 * 2.3367 | + | 0.404 * 0.7425 | + | 0.892 * 0.3578 | + | 0.115 * 0.7388 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.8241 | + | 4.679 * -0.081949 | - | 0.327 * 1.0023 |
| = | -2.62 |
* 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 $1,081 Mil.
Revenue was 2813 + 1787 + 316 + 1838 = $6,754 Mil.
Gross Profit was 1884 + -454 + -415 + 1046 = $2,061 Mil.
Total Current Assets was $10,325 Mil.
Total Assets was $18,426 Mil.
Property, Plant and Equipment(Net PPE) was $2,658 Mil.
Depreciation, Depletion and Amortization(DDA) was $621 Mil.
Selling, General, & Admin. Expense(SGA) was $1,549 Mil.
Total Current Liabilities was $3,015 Mil.
Long-Term Debt & Capital Lease Obligation was $1,218 Mil.
Net Income was 217 + -3630 + -1380 + 79 = $-4,714 Mil.
Non Operating Income was -33 + -41 + 27 + -39 = $-86 Mil.
Cash Flow from Operations was 622 + -1600 + -915 + -1225 = $-3,118 Mil.
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Total Receivables was $1,685 Mil.
Revenue was 5149 + 3220 + 4566 + 5940 = $18,875 Mil.
Gross Profit was 3231 + 2120 + 3185 + 4923 = $13,459 Mil.
Total Current Assets was $13,431 Mil.
Total Assets was $25,858 Mil.
Property, Plant and Equipment(Net PPE) was $2,139 Mil.
Depreciation, Depletion and Amortization(DDA) was $348 Mil.
Selling, General, & Admin. Expense(SGA) was $1,132 Mil.
Total Current Liabilities was $4,923 Mil.
Long-Term Debt & Capital Lease Obligation was $1,004 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) |
| = | (1081 / 6754) | / | (1685 / 18875) |
| = | 0.160053 | / | 0.089272 |
| | = | 1.7929 |
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) |
| = | (13459 / 18875) | / | (2061 / 6754) |
| = | 0.71306 | / | 0.305153 |
| | = | 2.3367 |
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 - (10325 + 2658) / 18426) | / | (1 - (13431 + 2139) / 25858) |
| = | 0.295398 | / | 0.397865 |
| | = | 0.7425 |
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 |
| = | 6754 | / | 18875 |
| | = | 0.3578 |
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)) |
| = | (348 / (348 + 2139)) | / | (621 / (621 + 2658)) |
| = | 0.139928 | / | 0.189387 |
| | = | 0.7388 |
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) |
| = | (1549 / 6754) | / | (1132 / 18875) |
| = | 0.229346 | / | 0.059974 |
| | = | 3.8241 |
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) |
| = | ((1218 + 3015) / 18426) | / | ((1004 + 4923) / 25858) |
| = | 0.22973 | / | 0.229213 |
| | = | 1.0023 |
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 |
| = | (-4714 - -86 | - | -3118) | / | 18426 |
| | = | -0.081949 |
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.
Moderna has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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