RP Bio lnc Beneish M-Score Historical Data
The historical data trend for RP Bio lnc'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.
RP Bio lnc Beneish M-Score Chart
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RP Bio lnc Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
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RP Bio lnc Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
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-2.43 |
-2.71 |
Competitive Comparison of RP Bio lnc's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, RP Bio lnc'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.
RP Bio lnc's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, RP Bio lnc's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RP Bio lnc's Beneish M-Score falls into.
RP Bio lnc 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 RP Bio lnc 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 * 0.8572 | + | 0.528 * 1.2489 | + | 0.404 * 0.4701 | + | 0.892 * 1.0937 | + | 0.115 * 0.9777 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1078 | + | 4.679 * -0.03094 | - | 0.327 * 0.7983 |
| = | -2.71 |
* 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 ₩20,349 Mil.
Revenue was 35571.748 + 41488.8 + 38481.356 + 35504.579 = ₩151,046 Mil.
Gross Profit was 2124.563 + 5585.419 + 5253.877 + 2605.407 = ₩15,569 Mil.
Total Current Assets was ₩67,714 Mil.
Total Assets was ₩166,218 Mil.
Property, Plant and Equipment(Net PPE) was ₩96,975 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,048 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,781 Mil.
Total Current Liabilities was ₩57,496 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,774 Mil.
Net Income was -465.584 + 3250.689 + 2101.998 + 550.15 = ₩5,437 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4700.187 + 6443.25 + 1096.961 + -1660.388 = ₩10,580 Mil.
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Total Receivables was ₩21,705 Mil.
Revenue was 33774.961 + 36263.694 + 35670.785 + 32399.879 = ₩138,109 Mil.
Gross Profit was 3028.646 + 4254.654 + 5458.688 + 5037.315 = ₩17,779 Mil.
Total Current Assets was ₩81,043 Mil.
Total Assets was ₩173,158 Mil.
Property, Plant and Equipment(Net PPE) was ₩88,727 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,403 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,470 Mil.
Total Current Liabilities was ₩78,630 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,635 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) |
| = | (20349.107 / 151046.483) | / | (21705.452 / 138109.319) |
| = | 0.134721 | / | 0.157161 |
| | = | 0.8572 |
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) |
| = | (17779.303 / 138109.319) | / | (15569.266 / 151046.483) |
| = | 0.128734 | / | 0.103076 |
| | = | 1.2489 |
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 - (67713.989 + 96975.022) / 166217.714) | / | (1 - (81043.298 + 88727.03) / 173157.918) |
| = | 0.009197 | / | 0.019564 |
| | = | 0.4701 |
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 |
| = | 151046.483 | / | 138109.319 |
| | = | 1.0937 |
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)) |
| = | (5402.765 / (5402.765 + 88727.03)) | / | (6048.426 / (6048.426 + 96975.022)) |
| = | 0.057397 | / | 0.058709 |
| | = | 0.9777 |
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) |
| = | (1780.521 / 151046.483) | / | (1469.667 / 138109.319) |
| = | 0.011788 | / | 0.010641 |
| | = | 1.1078 |
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) |
| = | ((4774.218 + 57496.318) / 166217.714) | / | ((2634.805 + 78630.257) / 173157.918) |
| = | 0.374632 | / | 0.469312 |
| | = | 0.7983 |
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 |
| = | (5437.253 - 0 | - | 10580.01) | / | 166217.714 |
| | = | -0.03094 |
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.
RP Bio lnc has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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