Shionogi Beneish M-Score Historical Data
The historical data trend for Shionogi'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.
Shionogi Beneish M-Score Chart
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Shionogi Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.64 |
-2.76 |
-2.46 |
-1.97 |
-2.53 |
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Shionogi 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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-1.57 |
-2.53 |
-2.17 |
-1.80 |
-2.32 |
Competitive Comparison of Shionogi's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Shionogi'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.
Shionogi's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Shionogi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shionogi's Beneish M-Score falls into.
Shionogi 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 Shionogi 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 * 1.0018 | + | 0.528 * 1.0103 | + | 0.404 * 1.1334 | + | 0.892 * 0.9368 | + | 0.115 * 1.0014 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0991 | + | 4.679 * 0.019062 | - | 0.327 * 0.7477 |
| = | -2.32 |
* 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 円154,220 Mil.
Revenue was 106278 + 121230 + 109311 + 88337 = 円425,156 Mil.
Gross Profit was 91762 + 106464 + 96192 + 70656 = 円365,074 Mil.
Total Current Assets was 円757,222 Mil.
Total Assets was 円1,359,864 Mil.
Property, Plant and Equipment(Net PPE) was 円118,745 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,655 Mil.
Selling, General, & Admin. Expense(SGA) was 円98,747 Mil.
Total Current Liabilities was 円115,293 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,556 Mil.
Net Income was 36629 + 48031 + 42562 + 27236 = 円154,458 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 21523 + 14149 + 31384 + 61480 = 円128,536 Mil.
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Total Receivables was 円164,334 Mil.
Revenue was 187568 + 78939 + 71839 + 115512 = 円453,858 Mil.
Gross Profit was 170369 + 64518 + 58893 + 99950 = 円393,730 Mil.
Total Current Assets was 円749,552 Mil.
Total Assets was 円1,261,616 Mil.
Property, Plant and Equipment(Net PPE) was 円115,980 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,272 Mil.
Selling, General, & Admin. Expense(SGA) was 円95,913 Mil.
Total Current Liabilities was 円145,322 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,879 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) |
| = | (154220 / 425156) | / | (164334 / 453858) |
| = | 0.362737 | / | 0.362082 |
| | = | 1.0018 |
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) |
| = | (393730 / 453858) | / | (365074 / 425156) |
| = | 0.867518 | / | 0.858682 |
| | = | 1.0103 |
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 - (757222 + 118745) / 1359864) | / | (1 - (749552 + 115980) / 1261616) |
| = | 0.355842 | / | 0.31395 |
| | = | 1.1334 |
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 |
| = | 425156 | / | 453858 |
| | = | 0.9368 |
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)) |
| = | (17272 / (17272 + 115980)) | / | (17655 / (17655 + 118745)) |
| = | 0.129619 | / | 0.129435 |
| | = | 1.0014 |
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) |
| = | (98747 / 425156) | / | (95913 / 453858) |
| = | 0.232261 | / | 0.211328 |
| | = | 1.0991 |
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) |
| = | ((6556 + 115293) / 1359864) | / | ((5879 + 145322) / 1261616) |
| = | 0.089604 | / | 0.119847 |
| | = | 0.7477 |
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 |
| = | (154458 - 0 | - | 128536) | / | 1359864 |
| | = | 0.019062 |
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.
Shionogi has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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