Teva Pharmaceutical Industries Beneish M-Score Historical Data
The historical data trend for Teva Pharmaceutical Industries'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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Teva Pharmaceutical Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.59 |
-2.38 |
-2.58 |
-2.47 |
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Teva Pharmaceutical Industries 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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-2.58 |
-2.56 |
-2.70 |
-2.51 |
-2.47 |
Competitive Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Teva Pharmaceutical Industries'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.
Teva Pharmaceutical Industries Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Teva Pharmaceutical Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teva Pharmaceutical Industries's Beneish M-Score falls into.
Teva Pharmaceutical Industries 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 Teva Pharmaceutical Industries 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 * 0.8684 | + | 0.528 * 0.9686 | + | 0.404 * 0.9748 | + | 0.892 * 1.0618 | + | 0.115 * 1.1092 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.956 | + | 4.679 * 0.018262 | - | 0.327 * 1.0059 |
| = | -2.47 |
* 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 $3,408 Mil.
Revenue was 4457 + 3850 + 3877 + 3662 = $15,846 Mil.
Gross Profit was 2415 + 1851 + 1796 + 1582 = $7,644 Mil.
Total Current Assets was $12,485 Mil.
Total Assets was $43,479 Mil.
Property, Plant and Equipment(Net PPE) was $6,147 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,153 Mil.
Selling, General, & Admin. Expense(SGA) was $3,498 Mil.
Total Current Liabilities was $12,247 Mil.
Long-Term Debt & Capital Lease Obligation was $18,481 Mil.
Net Income was 429 + 80 + -863 + -205 = $-559 Mil.
Non Operating Income was -527 + -398 + -1292 + -504 = $-2,721 Mil.
Cash Flow from Operations was 1184 + 5 + 324 + -145 = $1,368 Mil.
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Total Receivables was $3,696 Mil.
Revenue was 3883 + 3595 + 3785 + 3661 = $14,924 Mil.
Gross Profit was 1770 + 1669 + 1794 + 1740 = $6,973 Mil.
Total Current Assets was $12,051 Mil.
Total Assets was $44,011 Mil.
Property, Plant and Equipment(Net PPE) was $6,158 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,308 Mil.
Selling, General, & Admin. Expense(SGA) was $3,446 Mil.
Total Current Liabilities was $11,469 Mil.
Long-Term Debt & Capital Lease Obligation was $19,452 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) |
| = | (3408 / 15846) | / | (3696 / 14924) |
| = | 0.21507 | / | 0.247655 |
| | = | 0.8684 |
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) |
| = | (6973 / 14924) | / | (7644 / 15846) |
| = | 0.467234 | / | 0.482393 |
| | = | 0.9686 |
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 - (12485 + 6147) / 43479) | / | (1 - (12051 + 6158) / 44011) |
| = | 0.571471 | / | 0.586263 |
| | = | 0.9748 |
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 |
| = | 15846 | / | 14924 |
| | = | 1.0618 |
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)) |
| = | (1308 / (1308 + 6158)) | / | (1153 / (1153 + 6147)) |
| = | 0.175194 | / | 0.157945 |
| | = | 1.1092 |
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) |
| = | (3498 / 15846) | / | (3446 / 14924) |
| = | 0.22075 | / | 0.230903 |
| | = | 0.956 |
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) |
| = | ((18481 + 12247) / 43479) | / | ((19452 + 11469) / 44011) |
| = | 0.706732 | / | 0.702574 |
| | = | 1.0059 |
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 |
| = | (-559 - -2721 | - | 1368) | / | 43479 |
| | = | 0.018262 |
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.
Teva Pharmaceutical Industries has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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