AbbVie Beneish M-Score Historical Data
The historical data trend for AbbVie'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.
AbbVie Beneish M-Score Chart
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AbbVie Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-1.68 |
-2.61 |
-2.73 |
-2.87 |
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AbbVie Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.82 |
-2.81 |
-2.84 |
-2.87 |
Competitive Comparison of AbbVie's Beneish M-Score
For the Drug Manufacturers - General subindustry, AbbVie'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.
AbbVie's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, AbbVie's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AbbVie's Beneish M-Score falls into.
AbbVie 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 AbbVie 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 * 1.0594 | + | 0.528 * 1.1216 | + | 0.404 * 0.9455 | + | 0.892 * 0.9356 | + | 0.115 * 0.9941 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9015 | + | 4.679 * -0.091863 | - | 0.327 * 1.0462 |
| = | -2.87 |
* 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 USD11,155 Mil.
Revenue was 14301 + 13927 + 13865 + 12225 = USD54,318 Mil.
Gross Profit was 8597 + 7442 + 9625 + 8239 = USD33,903 Mil.
Total Current Assets was USD33,002 Mil.
Total Assets was USD134,711 Mil.
Property, Plant and Equipment(Net PPE) was USD4,989 Mil.
Depreciation, Depletion and Amortization(DDA) was USD8,698 Mil.
Selling, General, & Admin. Expense(SGA) was USD12,872 Mil.
Total Current Liabilities was USD37,841 Mil.
Long-Term Debt & Capital Lease Obligation was USD52,194 Mil.
Net Income was 822 + 1778 + 2024 + 239 = USD4,863 Mil.
Non Operating Income was -1887 + 4 + -1729 + -1989 = USD-5,601 Mil.
Cash Flow from Operations was 4753 + 7574 + 6319 + 4193 = USD22,839 Mil.
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Total Receivables was USD11,254 Mil.
Revenue was 15121 + 14812 + 14583 + 13538 = USD58,054 Mil.
Gross Profit was 10951 + 9790 + 10413 + 9486 = USD40,640 Mil.
Total Current Assets was USD28,463 Mil.
Total Assets was USD138,805 Mil.
Property, Plant and Equipment(Net PPE) was USD4,935 Mil.
Depreciation, Depletion and Amortization(DDA) was USD8,467 Mil.
Selling, General, & Admin. Expense(SGA) was USD15,260 Mil.
Total Current Liabilities was USD29,538 Mil.
Long-Term Debt & Capital Lease Obligation was USD59,135 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) |
| = | (11155 / 54318) | / | (11254 / 58054) |
| = | 0.205365 | / | 0.193854 |
| | = | 1.0594 |
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) |
| = | (40640 / 58054) | / | (33903 / 54318) |
| = | 0.700038 | / | 0.624158 |
| | = | 1.1216 |
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 - (33002 + 4989) / 134711) | / | (1 - (28463 + 4935) / 138805) |
| = | 0.717981 | / | 0.759389 |
| | = | 0.9455 |
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 |
| = | 54318 | / | 58054 |
| | = | 0.9356 |
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)) |
| = | (8467 / (8467 + 4935)) | / | (8698 / (8698 + 4989)) |
| = | 0.631771 | / | 0.635494 |
| | = | 0.9941 |
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) |
| = | (12872 / 54318) | / | (15260 / 58054) |
| = | 0.236975 | / | 0.262859 |
| | = | 0.9015 |
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) |
| = | ((52194 + 37841) / 134711) | / | ((59135 + 29538) / 138805) |
| = | 0.668357 | / | 0.638831 |
| | = | 1.0462 |
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 |
| = | (4863 - -5601 | - | 22839) | / | 134711 |
| | = | -0.091863 |
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.
AbbVie has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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