GemPharmatech Co Beneish M-Score Historical Data
The historical data trend for GemPharmatech Co'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.
GemPharmatech Co Beneish M-Score Chart
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GemPharmatech Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.71 |
-2.34 |
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GemPharmatech Co Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.86 |
-2.31 |
-2.20 |
-2.34 |
-2.21 |
Competitive Comparison of GemPharmatech Co's Beneish M-Score
For the Biotechnology subindustry, GemPharmatech Co'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.
GemPharmatech Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, GemPharmatech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GemPharmatech Co's Beneish M-Score falls into.
GemPharmatech Co 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 GemPharmatech Co 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 * 1.2089 | + | 0.528 * 1.0428 | + | 0.404 * 0.6451 | + | 0.892 * 1.1817 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9728 | + | 4.679 * 0.030953 | - | 0.327 * 1.3305 |
| = | -2.21 |
* 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 ¥324.6 Mil.
Revenue was 157.087 + 167.623 + 158.7 + 155.56 = ¥639.0 Mil.
Gross Profit was 103.666 + 106.397 + 111.643 + 105.395 = ¥427.1 Mil.
Total Current Assets was ¥1,648.1 Mil.
Total Assets was ¥2,559.4 Mil.
Property, Plant and Equipment(Net PPE) was ¥636.7 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥152.7 Mil.
Total Current Liabilities was ¥340.8 Mil.
Long-Term Debt & Capital Lease Obligation was ¥38.3 Mil.
Net Income was 29.479 + 41.2 + 40.146 + 46.518 = ¥157.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -52.605 + 79.419 + 10.939 + 40.367 = ¥78.1 Mil.
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Total Receivables was ¥227.3 Mil.
Revenue was 140.305 + 130.266 + 135.914 + 134.243 = ¥540.7 Mil.
Gross Profit was 97.233 + 85.707 + 94.449 + 99.503 = ¥376.9 Mil.
Total Current Assets was ¥1,510.2 Mil.
Total Assets was ¥2,323.9 Mil.
Property, Plant and Equipment(Net PPE) was ¥427.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥132.9 Mil.
Total Current Liabilities was ¥221.2 Mil.
Long-Term Debt & Capital Lease Obligation was ¥37.5 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) |
| = | (324.635 / 638.97) | / | (227.25 / 540.728) |
| = | 0.50806 | / | 0.420267 |
| | = | 1.2089 |
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) |
| = | (376.892 / 540.728) | / | (427.101 / 638.97) |
| = | 0.697008 | / | 0.668421 |
| | = | 1.0428 |
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 - (1648.108 + 636.728) / 2559.431) | / | (1 - (1510.222 + 427.195) / 2323.892) |
| = | 0.107288 | / | 0.166305 |
| | = | 0.6451 |
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 |
| = | 638.97 | / | 540.728 |
| | = | 1.1817 |
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)) |
| = | (0 / (0 + 427.195)) | / | (0 / (0 + 636.728)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (152.722 / 638.97) | / | (132.857 / 540.728) |
| = | 0.239013 | / | 0.2457 |
| | = | 0.9728 |
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) |
| = | ((38.341 + 340.773) / 2559.431) | / | ((37.482 + 221.243) / 2323.892) |
| = | 0.148124 | / | 0.111333 |
| | = | 1.3305 |
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 |
| = | (157.343 - 0 | - | 78.12) | / | 2559.431 |
| | = | 0.030953 |
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.
GemPharmatech Co has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.
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