Eisai Co Beneish M-Score Historical Data
The historical data trend for Eisai 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.
Eisai Co Beneish M-Score Chart
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Eisai Co Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.68 |
-2.23 |
-2.73 |
-2.61 |
-2.30 |
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Eisai Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.30 |
-2.35 |
-2.45 |
-2.58 |
Competitive Comparison of Eisai Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Eisai 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.
Eisai Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Eisai Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eisai Co's Beneish M-Score falls into.
Eisai 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 Eisai 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 * 0.9689 | + | 0.528 * 0.9402 | + | 0.404 * 0.9832 | + | 0.892 * 1.0168 | + | 0.115 * 0.9745 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9145 | + | 4.679 * -0.012587 | - | 0.327 * 0.9875 |
| = | -2.58 |
* 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186,182 Mil.
Revenue was 177703 + 176617 + 196935 + 198205 = 円749,460 Mil.
Gross Profit was 138822 + 140191 + 153015 + 159641 = 円591,669 Mil.
Total Current Assets was 円660,998 Mil.
Total Assets was 円1,311,234 Mil.
Property, Plant and Equipment(Net PPE) was 円159,943 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,550 Mil.
Selling, General, & Admin. Expense(SGA) was 円356,361 Mil.
Total Current Liabilities was 円277,781 Mil.
Long-Term Debt & Capital Lease Obligation was 円134,758 Mil.
Net Income was 5969 + 2789 + 20340 + 16323 = 円45,421 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 8673 + 16620 + 12641 + 23991 = 円61,925 Mil.
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Total Receivables was 円188,996 Mil.
Revenue was 187572 + 174364 + 184262 + 190901 = 円737,099 Mil.
Gross Profit was 140836 + 129232 + 136857 + 140164 = 円547,089 Mil.
Total Current Assets was 円610,118 Mil.
Total Assets was 円1,251,069 Mil.
Property, Plant and Equipment(Net PPE) was 円165,160 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,548 Mil.
Selling, General, & Admin. Expense(SGA) was 円383,238 Mil.
Total Current Liabilities was 円313,676 Mil.
Long-Term Debt & Capital Lease Obligation was 円84,920 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) |
| = | (186182 / 749460) | / | (188996 / 737099) |
| = | 0.248422 | / | 0.256405 |
| | = | 0.9689 |
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) |
| = | (547089 / 737099) | / | (591669 / 749460) |
| = | 0.742219 | / | 0.78946 |
| | = | 0.9402 |
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 - (660998 + 159943) / 1311234) | / | (1 - (610118 + 165160) / 1251069) |
| = | 0.373917 | / | 0.380308 |
| | = | 0.9832 |
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 |
| = | 749460 | / | 737099 |
| | = | 1.0168 |
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)) |
| = | (39548 / (39548 + 165160)) | / | (39550 / (39550 + 159943)) |
| = | 0.193192 | / | 0.198253 |
| | = | 0.9745 |
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) |
| = | (356361 / 749460) | / | (383238 / 737099) |
| = | 0.47549 | / | 0.519927 |
| | = | 0.9145 |
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) |
| = | ((134758 + 277781) / 1311234) | / | ((84920 + 313676) / 1251069) |
| = | 0.314619 | / | 0.318604 |
| | = | 0.9875 |
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 |
| = | (45421 - 0 | - | 61925) | / | 1311234 |
| | = | -0.012587 |
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.
Eisai Co has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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