Viatris Beneish M-Score Historical Data
The historical data trend for Viatris'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.
Viatris Beneish M-Score Chart
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Viatris Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.06 |
-2.76 |
-2.82 |
-2.84 |
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Viatris Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.90 |
-2.77 |
-2.62 |
-2.84 |
Competitive Comparison of Viatris's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Viatris'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.
Viatris's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Viatris's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Viatris's Beneish M-Score falls into.
Viatris 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 Viatris 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 * 1.0281 | + | 0.528 * 0.9572 | + | 0.404 * 0.9212 | + | 0.892 * 0.9486 | + | 0.115 * 1.0057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.173 | + | 4.679 * -0.053215 | - | 0.327 * 1.0149 |
| = | -2.84 |
* 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 $4,041 Mil.
Revenue was 3837.3 + 3941.9 + 3918.6 + 3729.1 = $15,427 Mil.
Gross Profit was 1596.5 + 1691.3 + 1608.6 + 1542.2 = $6,439 Mil.
Total Current Assets was $12,976 Mil.
Total Assets was $47,686 Mil.
Property, Plant and Equipment(Net PPE) was $3,005 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,741 Mil.
Selling, General, & Admin. Expense(SGA) was $4,650 Mil.
Total Current Liabilities was $7,777 Mil.
Long-Term Debt & Capital Lease Obligation was $16,354 Mil.
Net Income was -765.6 + 331.6 + 264 + 224.7 = $55 Mil.
Non Operating Income was -502 + 117.1 + 108.3 + 69.3 = $-207 Mil.
Cash Flow from Operations was 479.4 + 834.1 + 514.9 + 971.2 = $2,800 Mil.
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Total Receivables was $4,143 Mil.
Revenue was 3876 + 4078.2 + 4116.8 + 4191.7 = $16,263 Mil.
Gross Profit was 1274.1 + 1748.4 + 1703.3 + 1771.2 = $6,497 Mil.
Total Current Assets was $10,635 Mil.
Total Assets was $50,022 Mil.
Property, Plant and Equipment(Net PPE) was $3,284 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,028 Mil.
Selling, General, & Admin. Expense(SGA) was $4,179 Mil.
Total Current Liabilities was $6,746 Mil.
Long-Term Debt & Capital Lease Obligation was $18,197 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) |
| = | (4040.6 / 15426.9) | / | (4142.9 / 16262.7) |
| = | 0.261919 | / | 0.254749 |
| | = | 1.0281 |
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) |
| = | (6497 / 16262.7) | / | (6438.6 / 15426.9) |
| = | 0.399503 | / | 0.417362 |
| | = | 0.9572 |
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 - (12976.1 + 3005.2) / 47685.5) | / | (1 - (10635.4 + 3283.8) / 50022.2) |
| = | 0.66486 | / | 0.72174 |
| | = | 0.9212 |
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 |
| = | 15426.9 | / | 16262.7 |
| | = | 0.9486 |
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)) |
| = | (3027.6 / (3027.6 + 3283.8)) | / | (2740.5 / (2740.5 + 3005.2)) |
| = | 0.479703 | / | 0.476965 |
| | = | 1.0057 |
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) |
| = | (4650.1 / 15426.9) | / | (4179.1 / 16262.7) |
| = | 0.301428 | / | 0.256975 |
| | = | 1.173 |
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) |
| = | ((16353.5 + 7777.4) / 47685.5) | / | ((18196.6 + 6746.2) / 50022.2) |
| = | 0.506043 | / | 0.498635 |
| | = | 1.0149 |
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 |
| = | (54.7 - -207.3 | - | 2799.6) | / | 47685.5 |
| | = | -0.053215 |
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.
Viatris has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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