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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.
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 -2.20.
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 * 0.901||+||0.404 * 0.8395||+||0.892 * 3.8423||+||0.115 * 0.6321|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3308||+||4.679 * -0.2386||-||0.327 * 1.5069|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|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 $21.29 Mil.
Total Current Liabilities was $21.00 Mil.
Long-Term Debt was $11.08 Mil.
Net Income was -18.741 + -25.978 + -8.109 + -7.762 = $-60.59 Mil.
Non Operating Income was -0.053 + -8.353 + -0.127 + 0.754 = $-7.78 Mil.
Cash Flow from Operations was 3.295 + -10.508 + -8.106 + -9.496 = $-24.82 Mil.
|Accounts Receivable was $0.00 Mil.
Revenue was 0.721 + 0.393 + 0.736 + 0.807 = $2.66 Mil.
Gross Profit was 0.721 + 0.386 + 0.656 + 0.631 = $2.39 Mil.
Total Current Assets was $75.26 Mil.
Total Assets was $108.30 Mil.
Property, Plant and Equipment(Net PPE) was $4.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.71 Mil.
Selling, General & Admin. Expense(SGA) was $16.76 Mil.
Total Current Liabilities was $14.37 Mil.
Long-Term Debt was $5.28 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(2.534 / 10.209)||/||(0 / 2.657)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1.619 / 2.657)||/||(3.953 / 10.209)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (85.154 + 5.88) / 117.324)||/||(1 - (75.26 + 4.136) / 108.304)|
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.
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))|
|=||(0.706 / (0.706 + 4.136))||/||(1.763 / (1.763 + 5.88))|
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)|
|=||(21.294 / 10.209)||/||(16.755 / 2.657)|
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)|
|=||((11.079 + 20.999) / 117.324)||/||((5.278 + 14.373) / 108.304)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-60.59 - -7.779||-||-24.815)||/||117.324|
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 -1.27 signals that the company is likely to be a manipulator.
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
Agenus Inc Annual Data
Agenus Inc Quarterly Data