AstraZeneca Beneish M-Score Historical Data
The historical data trend for AstraZeneca'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.
AstraZeneca Beneish M-Score Chart
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AstraZeneca Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.54 |
-2.07 |
-2.63 |
-2.67 |
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AstraZeneca Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.60 |
-2.72 |
-2.67 |
-2.66 |
-2.71 |
Competitive Comparison of AstraZeneca's Beneish M-Score
For the Drug Manufacturers - General subindustry, AstraZeneca'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.
AstraZeneca's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, AstraZeneca's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AstraZeneca's Beneish M-Score falls into.
AstraZeneca 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 AstraZeneca 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 * 0.9017 | + | 0.528 * 0.9514 | + | 0.404 * 0.9835 | + | 0.892 * 1.1045 | + | 0.115 * 1.1848 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9614 | + | 4.679 * -0.044326 | - | 0.327 * 1.0209 |
| = | -2.70 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $11,047 Mil.
Revenue was 12938 + 12679 + 12024 + 11492 = $49,133 Mil.
Gross Profit was 10755 + 10461 + 9716 + 9397 = $40,329 Mil.
Total Current Assets was $25,393 Mil.
Total Assets was $104,340 Mil.
Property, Plant and Equipment(Net PPE) was $10,833 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,690 Mil.
Selling, General, & Admin. Expense(SGA) was $18,603 Mil.
Total Current Liabilities was $28,566 Mil.
Long-Term Debt & Capital Lease Obligation was $28,174 Mil.
Net Income was 1927 + 2179 + 960 + 1374 = $6,440 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3085 + 2486 + 2380 + 3114 = $11,065 Mil.
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Total Receivables was $11,092 Mil.
Revenue was 11416 + 10879 + 11207 + 10982 = $44,484 Mil.
Gross Profit was 9456 + 8974 + 8307 + 8000 = $34,737 Mil.
Total Current Assets was $22,839 Mil.
Total Assets was $96,543 Mil.
Property, Plant and Equipment(Net PPE) was $9,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,366 Mil.
Selling, General, & Admin. Expense(SGA) was $17,519 Mil.
Total Current Liabilities was $26,375 Mil.
Long-Term Debt & Capital Lease Obligation was $25,051 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) |
| = | (11047 / 49133) | / | (11092 / 44484) |
| = | 0.224839 | / | 0.249348 |
| | = | 0.9017 |
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) |
| = | (34737 / 44484) | / | (40329 / 49133) |
| = | 0.780888 | / | 0.820813 |
| | = | 0.9514 |
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 - (25393 + 10833) / 104340) | / | (1 - (22839 + 9624) / 96543) |
| = | 0.652808 | / | 0.663746 |
| | = | 0.9835 |
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 |
| = | 49133 | / | 44484 |
| | = | 1.1045 |
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)) |
| = | (5366 / (5366 + 9624)) | / | (4690 / (4690 + 10833)) |
| = | 0.357972 | / | 0.302132 |
| | = | 1.1848 |
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) |
| = | (18603 / 49133) | / | (17519 / 44484) |
| = | 0.378625 | / | 0.393827 |
| | = | 0.9614 |
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) |
| = | ((28174 + 28566) / 104340) | / | ((25051 + 26375) / 96543) |
| = | 0.543799 | / | 0.532675 |
| | = | 1.0209 |
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 |
| = | (6440 - 0 | - | 11065) | / | 104340 |
| | = | -0.044326 |
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.
AstraZeneca has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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