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Agenus Inc (NAS:AGEN)
Beneish M-Score
-1.42 (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 -1.42 signals that the company is a manipulator.

AGEN' s Beneish M-Score Range Over the Past 10 Years
Min: -5.76   Max: 184.25
Current: -1.42

-5.76
184.25

During the past 13 years, the highest Beneish M-Score of Agenus Inc was 184.25. The lowest was -5.76. And the median was -2.05.


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 * 1.5356+0.528 * 1+0.404 * 0.8665+0.892 * 2.6274+0.115 * 1.619
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5666+4.679 * -0.1055-0.327 * 2.4713
=-1.42

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $10.22 Mil.
Revenue was 5.959 + 7.639 + 6.848 + 6.377 = $26.82 Mil.
Gross Profit was 5.959 + 7.639 + 6.848 + 6.377 = $26.82 Mil.
Total Current Assets was $161.61 Mil.
Total Assets was $221.14 Mil.
Property, Plant and Equipment(Net PPE) was $16.59 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.76 Mil.
Selling, General & Admin. Expense(SGA) was $32.12 Mil.
Total Current Liabilities was $31.26 Mil.
Long-Term Debt was $118.16 Mil.
Net Income was -31.779 + -15.607 + -13.122 + -40.41 = $-100.92 Mil.
Non Operating Income was 0.323 + 1.388 + -0.653 + -6.65 = $-5.59 Mil.
Cash Flow from Operations was -21.533 + -19.591 + -18.01 + -12.869 = $-72.00 Mil.
Accounts Receivable was $2.53 Mil.
Revenue was 3.953 + 1.619 + 1.563 + 3.074 = $10.21 Mil.
Gross Profit was 3.953 + 1.619 + 1.563 + 3.074 = $10.21 Mil.
Total Current Assets was $85.15 Mil.
Total Assets was $117.32 Mil.
Property, Plant and Equipment(Net PPE) was $5.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.76 Mil.
Selling, General & Admin. Expense(SGA) was $21.57 Mil.
Total Current Liabilities was $21.00 Mil.
Long-Term Debt was $11.08 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)
=(10.224 / 26.823) / (2.534 / 10.209)
=0.38116542 / 0.24821236
=1.5356

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)
=(7.639 / 10.209) / (5.959 / 26.823)
=1 / 1
=1

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 - (161.613 + 16.588) / 221.139) / (1 - (85.154 + 5.88) / 117.324)
=0.19416747 / 0.22408032
=0.8665

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
=26.823 / 10.209
=2.6274

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))
=(1.763 / (1.763 + 5.88)) / (2.756 / (2.756 + 16.588))
=0.23066859 / 0.14247312
=1.619

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)
=(32.115 / 26.823) / (21.574 / 10.209)
=1.19729337 / 2.11323342
=0.5666

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)
=((118.162 + 31.258) / 221.139) / ((11.079 + 20.999) / 117.324)
=0.67568362 / 0.27341379
=2.4713

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
=(-100.918 - -5.592 - -72.003) / 221.139
=-0.1055

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 -1.42 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

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 3.6020.2185011010.0095202.06895.9507
GMI 11111.0380.96341.0441.16250.8241
AQI 1.24161.24550.83950.68881.0511.48270.71890.83583.11930.5095
SGI 1.09848.02310.47751.25761.00780.82025.79140.19082.29133.557
DEPI 0.82950.86080.93870.91230.88551.01260.91842.20770.8321.8428
SGAI 0.70570.09982.43730.56580.85171.08910.1836.6220.64030.3753
LVGI 6.28021.66470.64980.95521.0681.48180.73620.32240.41823.1488
TATA -0.0971-0.2269-0.2466-0.1895-0.3827-0.3549-0.4279-0.2258-0.0852-0.1434
M-score -2.052.02-5.22-3.18-4.23-5.22-0.08-5.76184.252.99

Agenus Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.0095000202.06891115.95071.5356
GMI 1.16250.83320.76370.77890.8240.9010.98230.998811
AQI 0.83581.73251.51522.9913.11930.83950.52250.34330.50950.8665
SGI 0.19080.71911.27071.53692.29133.84232.74413.26853.5572.6274
DEPI 2.20692.02231.4080.92650.83160.63210.75070.90281.84461.619
SGAI 6.62142.0291.12430.92610.64030.33510.46880.38980.37530.5666
LVGI 0.32240.10880.28350.42690.41821.50691.09653.21273.14882.4713
TATA -0.2258-0.0552-0.0312-0.0031-0.0852-0.241-0.2769-0.1832-0.1434-0.1055
M-score -5.76-3.47-2.96-2.06184.25-1.28-2.39-2.212.99-1.42
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