Wuxi AppTec Co Beneish M-Score Historical Data
The historical data trend for Wuxi AppTec 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.
Wuxi AppTec Co Beneish M-Score Chart
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Wuxi AppTec Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.21 |
-2.28 |
-2.21 |
-2.53 |
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Wuxi AppTec Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.60 |
-2.46 |
-2.54 |
-2.53 |
-2.63 |
Competitive Comparison of Wuxi AppTec Co's Beneish M-Score
For the Diagnostics & Research subindustry, Wuxi AppTec 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.
Wuxi AppTec Co's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Wuxi AppTec Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wuxi AppTec Co's Beneish M-Score falls into.
Wuxi AppTec 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 Wuxi AppTec 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 * 1.0708 | + | 0.528 * 0.9349 | + | 0.404 * 0.9687 | + | 0.892 * 0.9456 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8978 | + | 4.679 * -0.042942 | - | 0.327 * 0.9237 |
| = | -2.67 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$9,152 Mil.
Revenue was 8670.787 + 11812.244 + 11445.815 + 10836.679 = HK$42,766 Mil.
Gross Profit was 3306.215 + 4825.739 + 4885.329 + 4451.63 = HK$17,469 Mil.
Total Current Assets was HK$33,842 Mil.
Total Assets was HK$81,407 Mil.
Property, Plant and Equipment(Net PPE) was HK$27,854 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,634 Mil.
Total Current Liabilities was HK$14,543 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,261 Mil.
Net Income was 2109.827 + 1673.856 + 2964.194 + 3439.93 = HK$10,188 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 2451.911 + 3358.037 + 5061.677 + 2811.947 = HK$13,684 Mil.
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Total Receivables was HK$9,039 Mil.
Revenue was 10209.656 + 12239.435 + 11896.047 + 10880.153 = HK$45,225 Mil.
Gross Profit was 4072.886 + 4619.575 + 4589.047 + 3989.993 = HK$17,272 Mil.
Total Current Assets was HK$31,325 Mil.
Total Assets was HK$77,666 Mil.
Property, Plant and Equipment(Net PPE) was HK$26,928 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,925 Mil.
Total Current Liabilities was HK$17,980 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,440 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) |
| = | (9152.44 / 42765.525) | / | (9039.095 / 45225.291) |
| = | 0.214014 | / | 0.199868 |
| | = | 1.0708 |
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) |
| = | (17271.501 / 45225.291) | / | (17468.913 / 42765.525) |
| = | 0.381899 | / | 0.408481 |
| | = | 0.9349 |
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 - (33841.965 + 27854.407) / 81407.267) | / | (1 - (31325.082 + 26928.208) / 77665.886) |
| = | 0.242127 | / | 0.24995 |
| | = | 0.9687 |
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 |
| = | 42765.525 | / | 45225.291 |
| | = | 0.9456 |
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)) |
| = | (0 / (0 + 26928.208)) | / | (0 / (0 + 27854.407)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1634.452 / 42765.525) | / | (1925.174 / 45225.291) |
| = | 0.038219 | / | 0.042569 |
| | = | 0.8978 |
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) |
| = | ((4260.964 + 14542.788) / 81407.267) | / | ((1440.419 + 17980.42) / 77665.886) |
| = | 0.230984 | / | 0.250056 |
| | = | 0.9237 |
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 |
| = | (10187.807 - 0 | - | 13683.572) | / | 81407.267 |
| | = | -0.042942 |
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.
Wuxi AppTec Co has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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