Innoviva Beneish M-Score Historical Data
The historical data trend for Innoviva'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.
Innoviva Beneish M-Score Chart
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Innoviva Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.17 |
-2.56 |
-3.29 |
-3.85 |
-2.28 |
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Innoviva 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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-4.97 |
-3.16 |
-2.59 |
-2.28 |
-2.74 |
Competitive Comparison of Innoviva's Beneish M-Score
For the Biotechnology subindustry, Innoviva'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.
Innoviva's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Innoviva's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innoviva's Beneish M-Score falls into.
Innoviva 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 Innoviva 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 * 1.0222 | + | 0.528 * 1.073 | + | 0.404 * 1.0239 | + | 0.892 * 0.9809 | + | 0.115 * 0.6049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4459 | + | 4.679 * -0.049742 | - | 0.327 * 0.8784 |
| = | -2.74 |
* 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 $76.0 Mil.
Revenue was 77.499 + 85.84 + 67.259 + 80.992 = $311.6 Mil.
Gross Profit was 66.528 + 72.71 + 57.077 + 72.013 = $268.3 Mil.
Total Current Assets was $311.3 Mil.
Total Assets was $1,267.6 Mil.
Property, Plant and Equipment(Net PPE) was $2.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.4 Mil.
Selling, General, & Admin. Expense(SGA) was $108.9 Mil.
Total Current Liabilities was $29.9 Mil.
Long-Term Debt & Capital Lease Obligation was $448.1 Mil.
Net Income was 36.532 + 61.531 + 82.046 + 1.28 = $181.4 Mil.
Non Operating Income was 20.771 + 24.842 + 68.293 + -21.89 = $92.0 Mil.
Cash Flow from Operations was 37.047 + 33.256 + 43.942 + 38.182 = $152.4 Mil.
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Total Receivables was $75.8 Mil.
Revenue was 76.372 + 65.803 + 67.257 + 108.22 = $317.7 Mil.
Gross Profit was 66.023 + 55.69 + 63.577 + 108.22 = $293.5 Mil.
Total Current Assets was $296.4 Mil.
Total Assets was $1,129.8 Mil.
Property, Plant and Equipment(Net PPE) was $3.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General, & Admin. Expense(SGA) was $76.8 Mil.
Total Current Liabilities was $38.1 Mil.
Long-Term Debt & Capital Lease Obligation was $446.8 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) |
| = | (76.01 / 311.59) | / | (75.804 / 317.652) |
| = | 0.243942 | / | 0.238639 |
| | = | 1.0222 |
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) |
| = | (293.51 / 317.652) | / | (268.328 / 311.59) |
| = | 0.923999 | / | 0.861157 |
| | = | 1.073 |
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 - (311.342 + 2.593) / 1267.612) | / | (1 - (296.446 + 3.153) / 1129.768) |
| = | 0.752341 | / | 0.734814 |
| | = | 1.0239 |
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 |
| = | 311.59 | / | 317.652 |
| | = | 0.9809 |
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)) |
| = | (3.805 / (3.805 + 3.153)) | / | (24.419 / (24.419 + 2.593)) |
| = | 0.546853 | / | 0.904006 |
| | = | 0.6049 |
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) |
| = | (108.902 / 311.59) | / | (76.781 / 317.652) |
| = | 0.349504 | / | 0.241714 |
| | = | 1.4459 |
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) |
| = | ((448.063 + 29.879) / 1267.612) | / | ((446.793 + 38.137) / 1129.768) |
| = | 0.377041 | / | 0.42923 |
| | = | 0.8784 |
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 |
| = | (181.389 - 92.016 | - | 152.427) | / | 1267.612 |
| | = | -0.049742 |
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.
Innoviva has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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