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 |
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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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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.82 |
-2.81 |
-2.84 |
-2.87 |
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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 * 1.0863 | + | 0.528 * 1.1148 | + | 0.404 * 0.9204 | + | 0.892 * 0.9588 | + | 0.115 * 0.9992 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9038 | + | 4.679 * -0.082802 | - | 0.327 * 1.0956 |
| = | -2.81 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $11,949 Mil.
Revenue was 12310 + 14301 + 13927 + 13865 = $54,403 Mil.
Gross Profit was 8216 + 8597 + 7442 + 9625 = $33,880 Mil.
Total Current Assets was $38,871 Mil.
Total Assets was $148,874 Mil.
Property, Plant and Equipment(Net PPE) was $4,980 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,645 Mil.
Selling, General, & Admin. Expense(SGA) was $13,148 Mil.
Total Current Liabilities was $41,522 Mil.
Long-Term Debt & Capital Lease Obligation was $63,805 Mil.
Net Income was 1369 + 822 + 1778 + 2024 = $5,993 Mil.
Non Operating Income was -754 + -1887 + 4 + -1729 = $-4,366 Mil.
Cash Flow from Operations was 4040 + 4753 + 7574 + 6319 = $22,686 Mil.
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Total Receivables was $11,473 Mil.
Revenue was 12225 + 15121 + 14812 + 14583 = $56,741 Mil.
Gross Profit was 8239 + 10951 + 9790 + 10413 = $39,393 Mil.
Total Current Assets was $26,488 Mil.
Total Assets was $134,544 Mil.
Property, Plant and Equipment(Net PPE) was $4,931 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,541 Mil.
Selling, General, & Admin. Expense(SGA) was $15,172 Mil.
Total Current Liabilities was $27,590 Mil.
Long-Term Debt & Capital Lease Obligation was $59,292 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) |
| = | (11949 / 54403) | / | (11473 / 56741) |
| = | 0.219639 | / | 0.202199 |
| | = | 1.0863 |
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) |
| = | (39393 / 56741) | / | (33880 / 54403) |
| = | 0.69426 | / | 0.62276 |
| | = | 1.1148 |
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 - (38871 + 4980) / 148874) | / | (1 - (26488 + 4931) / 134544) |
| = | 0.705449 | / | 0.766478 |
| | = | 0.9204 |
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 |
| = | 54403 | / | 56741 |
| | = | 0.9588 |
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)) |
| = | (8541 / (8541 + 4931)) | / | (8645 / (8645 + 4980)) |
| = | 0.633982 | / | 0.634495 |
| | = | 0.9992 |
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) |
| = | (13148 / 54403) | / | (15172 / 56741) |
| = | 0.241678 | / | 0.26739 |
| | = | 0.9038 |
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) |
| = | ((63805 + 41522) / 148874) | / | ((59292 + 27590) / 134544) |
| = | 0.707491 | / | 0.645752 |
| | = | 1.0956 |
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 |
| = | (5993 - -4366 | - | 22686) | / | 148874 |
| | = | -0.082802 |
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 -2.81 suggests that the company is unlikely to be a manipulator.
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