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Agenus Inc (NAS:AGEN)
Beneish M-Score
-2.21 (As of Today)

The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Agenus Inc has a M-score of -2.21 signals that the company is a manipulator.

AGEN' s Beneish M-Score Range Over the Past 10 Years
Min: -5.76   Max: 135.76
Current: -2.21

-5.76
135.76

During the past 13 years, the highest Beneish M-Score of Agenus Inc was 135.76. The lowest was -5.76. And the median was -2.21.


Definition

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Agenus Inc 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+0.528 * 0.9988+0.404 * 0.3433+0.892 * 3.2685+0.115 * 0.9028
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3898+4.679 * -0.1832-0.327 * 3.2127
=-2.21

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Sep15) TTM:Last Year (Sep14) TTM:
Accounts Receivable was $7.33 Mil.
Revenue was 6.848 + 6.377 + 3.953 + 1.619 = $18.80 Mil.
Gross Profit was 6.848 + 6.377 + 3.953 + 1.619 = $18.80 Mil.
Total Current Assets was $208.94 Mil.
Total Assets was $242.61 Mil.
Property, Plant and Equipment(Net PPE) was $7.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.97 Mil.
Selling, General & Admin. Expense(SGA) was $24.95 Mil.
Total Current Liabilities was $28.29 Mil.
Long-Term Debt was $110.55 Mil.
Net Income was -13.122 + -40.41 + -18.741 + -25.978 = $-98.25 Mil.
Non Operating Income was -0.653 + -6.65 + -0.053 + -8.353 = $-15.71 Mil.
Cash Flow from Operations was -18.01 + -12.869 + 3.295 + -10.508 = $-38.09 Mil.
Accounts Receivable was $0.00 Mil.
Revenue was 1.563 + 3.074 + 0.721 + 0.393 = $5.75 Mil.
Gross Profit was 1.563 + 3.074 + 0.721 + 0.386 = $5.74 Mil.
Total Current Assets was $55.22 Mil.
Total Assets was $87.63 Mil.
Property, Plant and Equipment(Net PPE) was $5.23 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.16 Mil.
Selling, General & Admin. Expense(SGA) was $19.58 Mil.
Total Current Liabilities was $15.61 Mil.
Long-Term Debt was $0.00 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(7.332 / 18.797) / (0 / 5.751)
=0.39006224 / 0
=1

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)
=(6.377 / 5.751) / (6.848 / 18.797)
=0.99878282 / 1
=0.9988

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (208.943 + 7.83) / 242.608) / (1 - (55.219 + 5.228) / 87.632)
=0.10648866 / 0.31021773
=0.3433

4. SGI = Sales Growth Index

Ratio of sales 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
=18.797 / 5.751
=3.2685

5. DEPI = Depreciation Index

Measured as the ratio of the rate of depreciation 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))
=(1.158 / (1.158 + 5.228)) / (1.968 / (1.968 + 7.83))
=0.18133417 / 0.20085732
=0.9028

6. SGAI = Sales, General and Administrative expenses Index

The ratio of SGA expenses 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)
=(24.951 / 18.797) / (19.582 / 5.751)
=1.32739267 / 3.40497305
=0.3898

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((110.553 + 28.286) / 242.608) / ((0 + 15.61) / 87.632)
=0.57227709 / 0.17813128
=3.2127

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
=(-98.251 - -15.709 - -38.092) / 242.608
=-0.1832

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Agenus Inc has a M-score of -2.21 signals that the company is likely to be a manipulator.


Related Terms

Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Agenus Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 0.67923.6020.2185011010.00950
GMI 0.992911111.0380.96341.0441.16250.824
AQI 1.14321.24161.24550.83950.68881.0511.48270.71890.83583.1193
SGI 0.89111.09848.02310.47751.25761.00780.82025.79140.19082.2913
DEPI 0.83520.82950.86080.94440.90670.88551.01260.91842.20770.832
SGAI 1.19530.70570.09982.43730.56580.85171.08910.1836.6220.6403
LVGI 1.03376.28021.66470.64980.95521.0681.48180.73620.32240.4182
TATA -0.0747-0.0971-0.2598-0.2507-0.1895-0.3827-0.3549-0.4279-0.2258-0.0852
M-score -3.23-2.051.87-5.24-3.18-4.23-5.22-0.08-5.76-1.65

Agenus Inc Quarterly Data

Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15
DSRI 8.66930.01120.00950000111
GMI 1.31971.25481.16250.83320.76370.77890.8240.9010.98230.9988
AQI 1.70210.90720.83581.73251.51522.9913.11930.83950.52250.3433
SGI 0.25330.24120.19080.71911.27071.53692.29133.84232.74413.2685
DEPI 1.84812.5372.20692.02231.4080.92650.83160.63210.75070.9028
SGAI 4.37964.94746.62142.0291.12430.92610.64030.33510.46880.3898
LVGI 0.54960.33510.32240.10880.28350.42690.41821.50691.09653.2127
TATA -0.3911-0.2387-0.2258-0.0552-0.0312-0.0031-0.0852-0.241-0.2769-0.1832
M-score 2.20-5.37-5.76-3.47-2.96-2.06-1.65-1.28-2.39-2.21
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