Supernus Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Supernus 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.
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Supernus Pharmaceuticals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-1.99 |
-2.69 |
-2.61 |
-2.76 |
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Supernus Pharmaceuticals 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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-2.61 |
-2.87 |
-2.51 |
-2.67 |
-2.76 |
Competitive Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Supernus 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.
Supernus Pharmaceuticals Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Supernus Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Supernus Pharmaceuticals's Beneish M-Score falls into.
Supernus 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 Supernus 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 * 0.9567 | + | 0.528 * 1.0083 | + | 0.404 * 1.0779 | + | 0.892 * 0.9105 | + | 0.115 * 0.9848 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9793 | + | 4.679 * -0.071299 | - | 0.327 * 0.5952 |
| = | -2.76 |
* 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 $144.2 Mil.
Revenue was 164.314 + 153.88 + 135.563 + 153.764 = $607.5 Mil.
Gross Profit was 144.687 + 134.279 + 114.472 + 130.304 = $523.7 Mil.
Total Current Assets was $493.1 Mil.
Total Assets was $1,277.7 Mil.
Property, Plant and Equipment(Net PPE) was $13.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.9 Mil.
Selling, General, & Admin. Expense(SGA) was $336.4 Mil.
Total Current Liabilities was $290.2 Mil.
Long-Term Debt & Capital Lease Obligation was $33.2 Mil.
Net Income was 1.175 + -15.976 + -0.831 + 16.948 = $1.3 Mil.
Non Operating Income was -19.985 + 0.456 + -0.79 + 1.647 = $-18.7 Mil.
Cash Flow from Operations was 44.958 + 35.875 + -18.874 + 49.126 = $111.1 Mil.
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Total Receivables was $165.5 Mil.
Revenue was 167.328 + 177.353 + 170.051 + 152.506 = $667.2 Mil.
Gross Profit was 144.374 + 151.475 + 149.594 + 134.574 = $580.0 Mil.
Total Current Assets was $734.2 Mil.
Total Assets was $1,702.5 Mil.
Property, Plant and Equipment(Net PPE) was $15.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $85.5 Mil.
Selling, General, & Admin. Expense(SGA) was $377.2 Mil.
Total Current Liabilities was $688.0 Mil.
Long-Term Debt & Capital Lease Obligation was $36.0 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) |
| = | (144.155 / 607.521) | / | (165.497 / 667.238) |
| = | 0.237284 | / | 0.248033 |
| | = | 0.9567 |
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) |
| = | (580.017 / 667.238) | / | (523.742 / 607.521) |
| = | 0.869281 | / | 0.862097 |
| | = | 1.0083 |
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 - (493.113 + 13.53) / 1277.673) | / | (1 - (734.151 + 15.173) / 1702.508) |
| = | 0.603464 | / | 0.55987 |
| | = | 1.0779 |
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 |
| = | 607.521 | / | 667.238 |
| | = | 0.9105 |
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)) |
| = | (85.543 / (85.543 + 15.173)) | / | (84.859 / (84.859 + 13.53)) |
| = | 0.849349 | / | 0.862485 |
| | = | 0.9848 |
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) |
| = | (336.361 / 607.521) | / | (377.221 / 667.238) |
| = | 0.553662 | / | 0.565347 |
| | = | 0.9793 |
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) |
| = | ((33.196 + 290.196) / 1277.673) | / | ((35.998 + 687.958) / 1702.508) |
| = | 0.25311 | / | 0.425229 |
| | = | 0.5952 |
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 |
| = | (1.316 - -18.672 | - | 111.085) | / | 1277.673 |
| | = | -0.071299 |
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.
Supernus Pharmaceuticals has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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