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 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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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 * 0.9732 | + | 0.528 * 0.9395 | + | 0.404 * 0.9832 | + | 0.892 * 0.9485 | + | 0.115 * 0.9769 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9081 | + | 4.679 * -0.012653 | - | 0.327 * 0.9875 |
| = | -2.63 |
* 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 $1,293 Mil.
Revenue was 1234.207 + 1194.609 + 1393.164 + 1482.857 = $5,305 Mil.
Gross Profit was 964.166 + 948.23 + 1082.464 + 1194.343 = $4,189 Mil.
Total Current Assets was $4,591 Mil.
Total Assets was $9,107 Mil.
Property, Plant and Equipment(Net PPE) was $1,111 Mil.
Depreciation, Depletion and Amortization(DDA) was $280 Mil.
Selling, General, & Admin. Expense(SGA) was $2,515 Mil.
Total Current Liabilities was $1,929 Mil.
Long-Term Debt & Capital Lease Obligation was $936 Mil.
Net Income was 41.457 + 18.864 + 143.89 + 122.119 = $326 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 60.237 + 112.415 + 89.425 + 179.487 = $442 Mil.
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Total Receivables was $1,401 Mil.
Revenue was 1390.3 + 1216.909 + 1375.481 + 1609.927 = $5,593 Mil.
Gross Profit was 1043.888 + 901.927 + 1021.611 + 1182.046 = $4,149 Mil.
Total Current Assets was $4,522 Mil.
Total Assets was $9,273 Mil.
Property, Plant and Equipment(Net PPE) was $1,224 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General, & Admin. Expense(SGA) was $2,920 Mil.
Total Current Liabilities was $2,325 Mil.
Long-Term Debt & Capital Lease Obligation was $629 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) |
| = | (1293.097 / 5304.837) | / | (1400.854 / 5592.617) |
| = | 0.243758 | / | 0.250483 |
| | = | 0.9732 |
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) |
| = | (4149.472 / 5592.617) | / | (4189.203 / 5304.837) |
| = | 0.741955 | / | 0.789695 |
| | = | 0.9395 |
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 - (4590.854 + 1110.858) / 9106.962) | / | (1 - (4522.247 + 1224.18) / 9273.03) |
| = | 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 |
| = | 5304.837 | / | 5592.617 |
| | = | 0.9485 |
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)) |
| = | (299.276 / (299.276 + 1224.18)) | / | (279.605 / (279.605 + 1110.858)) |
| = | 0.196445 | / | 0.201088 |
| | = | 0.9769 |
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) |
| = | (2515.044 / 5304.837) | / | (2919.932 / 5592.617) |
| = | 0.474104 | / | 0.522105 |
| | = | 0.9081 |
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) |
| = | ((935.94 + 1929.283) / 9106.962) | / | ((629.434 + 2324.993) / 9273.03) |
| = | 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 |
| = | (326.33 - 0 | - | 441.564) | / | 9106.962 |
| | = | -0.012653 |
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 -2.63 suggests that the company is unlikely to be a manipulator.
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