Icure Pharmaceutical Beneish M-Score Historical Data
The historical data trend for Icure Pharmaceutical'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.
Icure Pharmaceutical Beneish M-Score Chart
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Icure Pharmaceutical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.40 |
-1.94 |
-4.48 |
-3.46 |
-6.23 |
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Icure Pharmaceutical 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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-3.01 |
-3.06 |
-2.35 |
-6.23 |
-4.87 |
Competitive Comparison of Icure Pharmaceutical's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Icure Pharmaceutical'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.
Icure Pharmaceutical's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Icure Pharmaceutical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Icure Pharmaceutical's Beneish M-Score falls into.
Icure Pharmaceutical 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 Icure Pharmaceutical 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 * 0.6892 | + | 0.528 * -1.4983 | + | 0.404 * 1.0728 | + | 0.892 * 0.9306 | + | 0.115 * 0.9119 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0363 | + | 4.679 * -0.096406 | - | 0.327 * 1.3392 |
| = | -4.87 |
* 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 ₩10,030 Mil.
Revenue was 15937.952 + 12105.96 + 14964.22 + 14100.295 = ₩57,108 Mil.
Gross Profit was 2279.374 + -2065.871 + 2830.832 + -575.885 = ₩2,468 Mil.
Total Current Assets was ₩30,536 Mil.
Total Assets was ₩162,618 Mil.
Property, Plant and Equipment(Net PPE) was ₩91,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,022 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,745 Mil.
Total Current Liabilities was ₩96,517 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,262 Mil.
Net Income was -4666.599 + -16479.563 + -2255.263 + -5537.778 = ₩-28,939 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4844.257 + -2177.802 + -4194.145 + -2045.714 = ₩-13,262 Mil.
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Total Receivables was ₩15,640 Mil.
Revenue was 15635.861 + 14871.795 + 16748.101 + 14113.679 = ₩61,369 Mil.
Gross Profit was 1108.808 + -5989.361 + 640.023 + 266.171 = ₩-3,974 Mil.
Total Current Assets was ₩47,306 Mil.
Total Assets was ₩187,211 Mil.
Property, Plant and Equipment(Net PPE) was ₩96,885 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,591 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,143 Mil.
Total Current Liabilities was ₩80,287 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,206 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) |
| = | (10030.291 / 57108.427) | / | (15640.445 / 61369.436) |
| = | 0.175636 | / | 0.254857 |
| | = | 0.6892 |
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) |
| = | (-3974.359 / 61369.436) | / | (2468.45 / 57108.427) |
| = | -0.064761 | / | 0.043224 |
| | = | -1.4983 |
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 - (30536.414 + 91992.387) / 162618.092) | / | (1 - (47305.767 + 96885.046) / 187210.876) |
| = | 0.246524 | / | 0.229795 |
| | = | 1.0728 |
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 |
| = | 57108.427 | / | 61369.436 |
| | = | 0.9306 |
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)) |
| = | (8590.65 / (8590.65 + 96885.046)) | / | (9022.3 / (9022.3 + 91992.387)) |
| = | 0.081447 | / | 0.089317 |
| | = | 0.9119 |
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) |
| = | (9745.111 / 57108.427) | / | (5142.793 / 61369.436) |
| = | 0.170642 | / | 0.083801 |
| | = | 2.0363 |
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) |
| = | ((5261.65 + 96516.947) / 162618.092) | / | ((7206.065 + 80286.678) / 187210.876) |
| = | 0.625875 | / | 0.467349 |
| | = | 1.3392 |
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 |
| = | (-28939.203 - 0 | - | -13261.918) | / | 162618.092 |
| | = | -0.096406 |
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.
Icure Pharmaceutical has a M-score of -4.87 suggests that the company is unlikely to be a manipulator.
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