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Beneish M-Score 2.99 higher than -2.22, which implies that it might have manipulated its financial results.
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 184.25. The lowest was -5.76. And the median was -1.45.
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 * 5.9507||+||0.528 * 1||+||0.404 * 0.5095||+||0.892 * 3.557||+||0.115 * 1.8446|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3753||+||4.679 * -0.1434||-||0.327 * 3.1488|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $9.80 Mil.|
Revenue was 7.639 + 6.848 + 6.377 + 3.953 = $24.82 Mil.
Gross Profit was 7.639 + 6.848 + 6.377 + 3.953 = $24.82 Mil.
Total Current Assets was $184.10 Mil.
Total Assets was $242.23 Mil.
Property, Plant and Equipment(Net PPE) was $15.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.96 Mil.
Selling, General & Admin. Expense(SGA) was $28.37 Mil.
Total Current Liabilities was $28.93 Mil.
Long-Term Debt was $114.33 Mil.
Net Income was -15.607 + -13.122 + -40.41 + -18.741 = $-87.88 Mil.
Non Operating Income was 1.388 + -0.653 + -6.65 + -0.053 = $-5.97 Mil.
Cash Flow from Operations was -19.591 + -18.01 + -12.869 + 3.295 = $-47.18 Mil.
|Accounts Receivable was $0.46 Mil.
Revenue was 1.619 + 1.563 + 3.074 + 0.721 = $6.98 Mil.
Gross Profit was 1.619 + 1.563 + 3.074 + 0.721 = $6.98 Mil.
Total Current Assets was $42.67 Mil.
Total Assets was $74.53 Mil.
Property, Plant and Equipment(Net PPE) was $6.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.59 Mil.
Selling, General & Admin. Expense(SGA) was $21.25 Mil.
Total Current Liabilities was $9.23 Mil.
Long-Term Debt was $4.77 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)|
|=||(9.8 / 24.817)||/||(0.463 / 6.977)|
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)|
|=||(6.848 / 6.977)||/||(7.639 / 24.817)|
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 - (184.095 + 15.311) / 242.228)||/||(1 - (42.67 + 5.997) / 74.527)|
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))|
|=||(1.585 / (1.585 + 5.997))||/||(1.957 / (1.957 + 15.311))|
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)|
|=||(28.37 / 24.817)||/||(21.25 / 6.977)|
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)|
|=||((114.326 + 28.934) / 242.228)||/||((4.769 + 9.229) / 74.527)|
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|
|=||(-87.88 - -5.968||-||-47.175)||/||242.228|
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 2.99 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