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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.
Agenus Inc has a M-score of -2.95 suggests that the company is not a 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 -2.95.
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||+||0.528 * 0.7637||+||0.404 * 1.5152||+||0.892 * 1.2707||+||0.115 * 1.408|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1071||+||4.679 * -0.0284||-||0.327 * 0.2835|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $0.00 Mil.|
Revenue was 3.074 + 0.721 + 0.393 + 0.736 = $4.92 Mil.
Gross Profit was 3.074 + 0.721 + 0.386 + 0.656 = $4.84 Mil.
Total Current Assets was $67.03 Mil.
Total Assets was $100.19 Mil.
Property, Plant and Equipment(Net PPE) was $4.54 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.86 Mil.
Selling, General & Admin. Expense(SGA) was $17.96 Mil.
Total Current Liabilities was $18.57 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -7.762 + -0.358 + -5.777 + -7.319 = $-21.22 Mil.
Non Operating Income was 0.754 + 9.822 + 0.804 + -0.157 = $11.22 Mil.
Cash Flow from Operations was -9.496 + -10.124 + -5.544 + -4.431 = $-29.60 Mil.
|Accounts Receivable was $0.20 Mil.
Revenue was 0.807 + 1.109 + 1.09 + 0.869 = $3.88 Mil.
Gross Profit was 0.631 + 0.836 + 0.788 + 0.652 = $2.91 Mil.
Total Current Assets was $14.45 Mil.
Total Assets was $21.37 Mil.
Property, Plant and Equipment(Net PPE) was $2.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.84 Mil.
Selling, General & Admin. Expense(SGA) was $12.77 Mil.
Total Current Liabilities was $7.18 Mil.
Long-Term Debt was $6.80 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)|
|=||(0 / 4.924)||/||(0.202 / 3.875)|
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)|
|=||(0.721 / 3.875)||/||(3.074 / 4.924)|
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 - (67.032 + 4.543) / 100.188)||/||(1 - (14.446 + 2.897) / 21.371)|
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))|
|=||(0.841 / (0.841 + 2.897))||/||(0.864 / (0.864 + 4.543))|
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)|
|=||(17.96 / 4.924)||/||(12.767 / 3.875)|
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)|
|=||((0 + 18.569) / 100.188)||/||((6.797 + 7.176) / 21.371)|
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|
|=||(-21.216 - 11.223||-||-29.595)||/||100.188|
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 -2.95 suggests that the company will not 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