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Agenus, Inc. (NAS:AGEN)
Beneish M-Score
-5.76 (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 -5.76 suggests that the company is not a manipulator.

AGEN' s 10-Year Beneish M-Score Range
Min: -5.76   Max: 10.73
Current: -5.76

-5.76
10.73

During the past 13 years, the highest Beneish M-Score of Agenus, Inc. was 10.73. The lowest was -5.76. And the median was -2.62.


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 * 0.0095+0.528 * 1.1625+0.404 * 0.8358+0.892 * 0.1908+0.115 * 2.2069
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 6.6214+4.679 * -0.2258-0.327 * 0.3224
=-5.76

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

This Year (Dec13) TTM:Last Year (Dec12) TTM:
Accounts Receivable was $0.00 Mil.
Revenue was 0.393 + 0.736 + 0.807 + 1.109 = $3.05 Mil.
Gross Profit was 0.386 + 0.656 + 0.631 + 0.836 = $2.51 Mil.
Total Current Assets was $28.18 Mil.
Total Assets was $34.84 Mil.
Property, Plant and Equipment(Net PPE) was $2.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.59 Mil.
Selling, General & Admin. Expense(SGA) was $14.48 Mil.
Total Current Liabilities was $10.30 Mil.
Long-Term Debt was $5.35 Mil.
Net Income was -5.777 + -7.319 + -11.142 + -5.835 = $-30.07 Mil.
Non Operating Income was 0.804 + -0.157 + -3.323 + 0.003 = $-2.67 Mil.
Cash Flow from Operations was -5.544 + -4.431 + -5.663 + -3.895 = $-19.53 Mil.
Accounts Receivable was $0.55 Mil.
Revenue was 1.09 + 0.869 + 0.627 + 13.375 = $15.96 Mil.
Gross Profit was 0.788 + 0.652 + 0.498 + 13.351 = $15.29 Mil.
Total Current Assets was $22.62 Mil.
Total Assets was $29.09 Mil.
Property, Plant and Equipment(Net PPE) was $2.61 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.62 Mil.
Selling, General & Admin. Expense(SGA) was $11.47 Mil.
Total Current Liabilities was $4.81 Mil.
Long-Term Debt was $35.71 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)
=(0.001 / 3.045) / (0.552 / 15.961)
=0.00032841 / 0.0345843
=0.0095

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)
=(0.656 / 15.961) / (0.386 / 3.045)
=0.95789737 / 0.82397373
=1.1625

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 - (28.175 + 2.785) / 34.835) / (1 - (22.615 + 2.606) / 29.093)
=0.1112387 / 0.13309043
=0.8358

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
=3.045 / 15.961
=0.1908

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))
=(1.622 / (1.622 + 2.606)) / (0.586 / (0.586 + 2.785))
=0.38363292 / 0.17383566
=2.2069

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)
=(14.484 / 3.045) / (11.466 / 15.961)
=4.75665025 / 0.71837604
=6.6214

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)
=((5.348 + 10.296) / 34.835) / ((35.714 + 4.813) / 29.093)
=0.44908856 / 1.3930155
=0.3224

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
=(-30.073 - -2.673 - -19.533) / 34.835
=-0.2258

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 -5.76 suggests that the company will not 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

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 0.17950.67923.6020.2185011010.0095
GMI 1.00710.992911111.0380.96341.0441.1625
AQI 0.74951.14321.24161.24550.83950.68881.0511.48270.71890.8358
SGI 0.71780.89111.09848.02310.47751.25761.00780.82025.79140.1908
DEPI 1.27470.83520.82950.86080.94440.90670.88551.01260.91842.2077
SGAI 1.65681.19530.70570.09982.43730.56580.85171.08910.1836.622
LVGI 0.77181.03376.28021.66470.64980.95521.0681.48180.73620.3224
TATA 0.0305-0.0747-0.0971-0.2598-0.2507-0.1895-0.3827-0.3549-0.4279-0.2258
M-score -3.45-3.23-2.051.87-5.24-3.18-4.23-5.22-0.08-5.76

Agenus, Inc. Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
DSRI 00111111.62948.66930.01120.0095
GMI 0.95780.96340.96180.98881.02441.0441.32991.31971.25481.1625
AQI 1.3441.48270.75820.64110.75910.71891.3951.70210.90720.8358
SGI 1.06660.82054.99484.9744.99525.79140.2390.25330.24120.1908
DEPI 1.04821.01230.90180.83120.78930.91911.30251.84812.5372.2069
SGAI 0.92011.08890.18950.20440.20490.1834.44264.37964.94746.6214
LVGI 0.96521.48180.89590.750.82490.73621.43460.54960.33510.3224
TATA -0.405-0.3549-0.3106-0.3657-0.3764-0.4279-0.3891-0.3911-0.2387-0.2258
M-score -5.09-5.22-0.33-0.60-0.59-0.084.432.20-5.37-5.76
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