Alnylam Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Alnylam Pharmaceuticals'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.
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Alnylam Pharmaceuticals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
3.41 |
-2.90 |
-2.82 |
-2.46 |
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Alnylam Pharmaceuticals Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.70 |
-2.64 |
-2.21 |
-2.46 |
Competitive Comparison
For the Biotechnology subindustry, Alnylam Pharmaceuticals'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.
Alnylam Pharmaceuticals Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Alnylam Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alnylam Pharmaceuticals's Beneish M-Score falls into.
Alnylam Pharmaceuticals 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 Alnylam Pharmaceuticals 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 * 0.7816 | + | 0.528 * 1.0085 | + | 0.404 * 0.9734 | + | 0.892 * 1.7623 | + | 0.115 * 0.8802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5858 | + | 4.679 * -0.109329 | - | 0.327 * 1.0099 |
| = | -2.46 |
* 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 $328 Mil.
Revenue was 439.718 + 750.53 + 318.754 + 319.29 = $1,828 Mil.
Gross Profit was 353.86 + 666.221 + 233.384 + 264.421 = $1,518 Mil.
Total Current Assets was $2,983 Mil.
Total Assets was $3,830 Mil.
Property, Plant and Equipment(Net PPE) was $726 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $796 Mil.
Total Current Liabilities was $968 Mil.
Long-Term Debt & Capital Lease Obligation was $1,264 Mil.
Net Income was -137.87 + 147.753 + -276.024 + -174.101 = $-440 Mil.
Non Operating Income was -20.351 + -57.658 + -35.418 + -12.255 = $-126 Mil.
Cash Flow from Operations was -29.795 + 359.412 + -58.986 + -166.475 = $104 Mil.
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Total Receivables was $238 Mil.
Revenue was 335.035 + 264.306 + 224.818 + 213.259 = $1,037 Mil.
Gross Profit was 283.769 + 223.19 + 184.01 + 177.632 = $869 Mil.
Total Current Assets was $2,692 Mil.
Total Assets was $3,546 Mil.
Property, Plant and Equipment(Net PPE) was $739 Mil.
Depreciation, Depletion and Amortization(DDA) was $86 Mil.
Selling, General, & Admin. Expense(SGA) was $771 Mil.
Total Current Liabilities was $768 Mil.
Long-Term Debt & Capital Lease Obligation was $1,278 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) |
| = | (327.787 / 1828.292) | / | (237.963 / 1037.418) |
| = | 0.179286 | / | 0.22938 |
| | = | 0.7816 |
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) |
| = | (868.601 / 1037.418) | / | (1517.886 / 1828.292) |
| = | 0.837272 | / | 0.830221 |
| | = | 1.0085 |
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 - (2982.697 + 725.789) / 3829.88) | / | (1 - (2692.247 + 738.63) / 3546.359) |
| = | 0.031697 | / | 0.032564 |
| | = | 0.9734 |
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 |
| = | 1828.292 | / | 1037.418 |
| | = | 1.7623 |
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)) |
| = | (85.55 / (85.55 + 738.63)) | / | (97.031 / (97.031 + 725.789)) |
| = | 0.1038 | / | 0.117925 |
| | = | 0.8802 |
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) |
| = | (795.646 / 1828.292) | / | (770.658 / 1037.418) |
| = | 0.435185 | / | 0.742862 |
| | = | 0.5858 |
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) |
| = | ((1263.877 + 967.786) / 3829.88) | / | ((1278.281 + 767.915) / 3546.359) |
| = | 0.582698 | / | 0.576985 |
| | = | 1.0099 |
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 |
| = | (-440.242 - -125.682 | - | 104.156) | / | 3829.88 |
| | = | -0.109329 |
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.
Alnylam Pharmaceuticals has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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