Pfizer Beneish M-Score Historical Data
The historical data trend for Pfizer'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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Pfizer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.42 |
-2.06 |
-2.33 |
-2.35 |
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Pfizer 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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-2.33 |
-2.40 |
-2.71 |
-2.74 |
-2.35 |
Competitive Comparison
For the Drug Manufacturers - General subindustry, Pfizer'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.
Pfizer Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Pfizer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pfizer's Beneish M-Score falls into.
Pfizer 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 Pfizer 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 * 1.789 | + | 0.528 * 1.147 | + | 0.404 * 1.1027 | + | 0.892 * 0.583 | + | 0.115 * 0.9519 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8523 | + | 4.679 * -0.021497 | - | 0.327 * 1.2731 |
| = | -2.35 |
* 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 $15,155 Mil.
Revenue was 14249 + 13232 + 12734 + 18282 = $58,497 Mil.
Gross Profit was 6686 + 3963 + 9497 + 13396 = $33,542 Mil.
Total Current Assets was $43,333 Mil.
Total Assets was $226,501 Mil.
Property, Plant and Equipment(Net PPE) was $18,940 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,290 Mil.
Selling, General, & Admin. Expense(SGA) was $14,771 Mil.
Total Current Liabilities was $47,794 Mil.
Long-Term Debt & Capital Lease Obligation was $60,499 Mil.
Net Income was -3369 + -2382 + 2327 + 5543 = $2,119 Mil.
Non Operating Income was -2077 + 30 + 292 + 43 = $-1,712 Mil.
Cash Flow from Operations was 5240 + 3456 + -1208 + 1212 = $8,700 Mil.
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Total Receivables was $14,529 Mil.
Revenue was 24290 + 22638 + 27742 + 25661 = $100,331 Mil.
Gross Profit was 14642 + 16575 + 19094 + 15677 = $65,988 Mil.
Total Current Assets was $51,259 Mil.
Total Assets was $197,205 Mil.
Property, Plant and Equipment(Net PPE) was $16,274 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,064 Mil.
Selling, General, & Admin. Expense(SGA) was $13,677 Mil.
Total Current Liabilities was $42,138 Mil.
Long-Term Debt & Capital Lease Obligation was $31,925 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) |
| = | (15155 / 58497) | / | (14529 / 100331) |
| = | 0.259073 | / | 0.144811 |
| | = | 1.789 |
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) |
| = | (65988 / 100331) | / | (33542 / 58497) |
| = | 0.657703 | / | 0.573397 |
| | = | 1.147 |
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 - (43333 + 18940) / 226501) | / | (1 - (51259 + 16274) / 197205) |
| = | 0.725065 | / | 0.657549 |
| | = | 1.1027 |
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 |
| = | 58497 | / | 100331 |
| | = | 0.583 |
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)) |
| = | (5064 / (5064 + 16274)) | / | (6290 / (6290 + 18940)) |
| = | 0.237323 | / | 0.249306 |
| | = | 0.9519 |
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) |
| = | (14771 / 58497) | / | (13677 / 100331) |
| = | 0.252509 | / | 0.136319 |
| | = | 1.8523 |
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) |
| = | ((60499 + 47794) / 226501) | / | ((31925 + 42138) / 197205) |
| = | 0.478113 | / | 0.375563 |
| | = | 1.2731 |
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 |
| = | (2119 - -1712 | - | 8700) | / | 226501 |
| | = | -0.021497 |
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.
Pfizer has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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