Alkermes Beneish M-Score Historical Data
The historical data trend for Alkermes'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.
Alkermes Beneish M-Score Chart
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Alkermes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.23 |
-3.01 |
-2.55 |
-2.97 |
-2.50 |
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Alkermes 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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-2.97 |
-2.91 |
-2.53 |
-2.43 |
-2.50 |
Competitive Comparison of Alkermes's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Alkermes'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.
Alkermes's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Alkermes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alkermes's Beneish M-Score falls into.
Alkermes 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 Alkermes 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 * 0.7501 | + | 0.528 * 0.9481 | + | 0.404 * 0.5953 | + | 0.892 * 1.4961 | + | 0.115 * 1.0262 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7804 | + | 4.679 * -0.021145 | - | 0.327 * 0.94 |
| = | -2.50 |
* 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 $333 Mil.
Revenue was 377.475 + 380.938 + 617.397 + 287.595 = $1,663 Mil.
Gross Profit was 307.382 + 319.429 + 554.137 + 229.42 = $1,410 Mil.
Total Current Assets was $1,486 Mil.
Total Assets was $2,136 Mil.
Property, Plant and Equipment(Net PPE) was $318 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General, & Admin. Expense(SGA) was $690 Mil.
Total Current Liabilities was $520 Mil.
Long-Term Debt & Capital Lease Obligation was $363 Mil.
Net Income was 112.779 + 47.758 + 237.065 + -41.845 = $356 Mil.
Non Operating Income was -0.01 + 0.149 + -0.525 + -0.039 = $-0 Mil.
Cash Flow from Operations was 107.237 + 99.708 + 215.71 + -21.302 = $401 Mil.
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Total Receivables was $297 Mil.
Revenue was 304.674 + 252.357 + 276.219 + 278.545 = $1,112 Mil.
Gross Profit was 250.75 + 201.732 + 217.859 + 223.386 = $894 Mil.
Total Current Assets was $1,130 Mil.
Total Assets was $1,964 Mil.
Property, Plant and Equipment(Net PPE) was $320 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $591 Mil.
Total Current Liabilities was $498 Mil.
Long-Term Debt & Capital Lease Obligation was $367 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) |
| = | (333.183 / 1663.405) | / | (296.896 / 1111.795) |
| = | 0.200302 | / | 0.267042 |
| | = | 0.7501 |
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) |
| = | (893.727 / 1111.795) | / | (1410.368 / 1663.405) |
| = | 0.80386 | / | 0.84788 |
| | = | 0.9481 |
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 - (1485.506 + 318.403) / 2136.223) | / | (1 - (1130.306 + 320.458) / 1963.978) |
| = | 0.155561 | / | 0.261314 |
| | = | 0.5953 |
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 |
| = | 1663.405 | / | 1111.795 |
| | = | 1.4961 |
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)) |
| = | (77.862 / (77.862 + 320.458)) | / | (74.927 / (74.927 + 318.403)) |
| = | 0.195476 | / | 0.190494 |
| | = | 1.0262 |
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) |
| = | (689.751 / 1663.405) | / | (590.751 / 1111.795) |
| = | 0.414662 | / | 0.531349 |
| | = | 0.7804 |
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) |
| = | ((363.439 + 520.22) / 2136.223) | / | ((366.557 + 497.742) / 1963.978) |
| = | 0.413655 | / | 0.440076 |
| | = | 0.94 |
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 |
| = | (355.757 - -0.425 | - | 401.353) | / | 2136.223 |
| | = | -0.021145 |
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.
Alkermes has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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