Alkermes Beneish M-Score Historical Data
The historical data trend for Alkermes'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.
Alkermes Beneish M-Score Chart
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Alkermes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.23 |
-3.01 |
-2.55 |
-2.97 |
-2.50 |
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Alkermes 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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-2.91 |
-2.53 |
-2.43 |
-2.50 |
-2.28 |
Competitive Comparison of Alkermes's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Alkermes'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.
Alkermes's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Alkermes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alkermes's Beneish M-Score falls into.
Alkermes 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 Alkermes 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 * 0.7563 | + | 0.528 * 0.9409 | + | 0.404 * 0.8119 | + | 0.892 * 1.4876 | + | 0.115 * 0.9095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7347 | + | 4.679 * -0.004726 | - | 0.327 * 0.8548 |
| = | -2.32 |
* 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 €292 Mil.
Revenue was 322.342 + 346.145 + 356.939 + 569.857 = €1,595 Mil.
Gross Profit was 268.39 + 281.869 + 299.305 + 511.468 = €1,361 Mil.
Total Current Assets was €1,351 Mil.
Total Assets was €1,954 Mil.
Property, Plant and Equipment(Net PPE) was €289 Mil.
Depreciation, Depletion and Amortization(DDA) was €59 Mil.
Selling, General, & Admin. Expense(SGA) was €642 Mil.
Total Current Liabilities was €422 Mil.
Long-Term Debt & Capital Lease Obligation was €332 Mil.
Net Income was 33.882 + 103.418 + 44.749 + 218.811 = €401 Mil.
Non Operating Income was 0.167 + -0.009 + 0.14 + -0.485 = €-0 Mil.
Cash Flow from Operations was 19.419 + 98.336 + 93.426 + 199.1 = €410 Mil.
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Total Receivables was €259 Mil.
Revenue was 268.614 + 287.612 + 254.881 + 261.303 = €1,072 Mil.
Gross Profit was 214.289 + 236.708 + 203.749 + 206.095 = €861 Mil.
Total Current Assets was €1,037 Mil.
Total Assets was €1,796 Mil.
Property, Plant and Equipment(Net PPE) was €404 Mil.
Depreciation, Depletion and Amortization(DDA) was €74 Mil.
Selling, General, & Admin. Expense(SGA) was €588 Mil.
Total Current Liabilities was €460 Mil.
Long-Term Debt & Capital Lease Obligation was €351 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) |
| = | (291.711 / 1595.283) | / | (259.285 / 1072.41) |
| = | 0.182858 | / | 0.241778 |
| | = | 0.7563 |
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) |
| = | (860.841 / 1072.41) | / | (1361.032 / 1595.283) |
| = | 0.802716 | / | 0.85316 |
| | = | 0.9409 |
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 - (1351.319 + 289.131) / 1953.984) | / | (1 - (1036.794 + 404.137) / 1795.827) |
| = | 0.160459 | / | 0.197623 |
| | = | 0.8119 |
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 |
| = | 1595.283 | / | 1072.41 |
| | = | 1.4876 |
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)) |
| = | (74.191 / (74.191 + 404.137)) | / | (59.446 / (59.446 + 289.131)) |
| = | 0.155105 | / | 0.170539 |
| | = | 0.9095 |
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) |
| = | (642.496 / 1595.283) | / | (587.88 / 1072.41) |
| = | 0.402747 | / | 0.548186 |
| | = | 0.7347 |
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) |
| = | ((332.301 + 422.259) / 1953.984) | / | ((350.948 + 460.378) / 1795.827) |
| = | 0.386165 | / | 0.451784 |
| | = | 0.8548 |
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 |
| = | (400.86 - -0.187 | - | 410.281) | / | 1953.984 |
| | = | -0.004726 |
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.
Alkermes has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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