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Agenus Inc (NAS:AGEN)
Beneish M-Score
-2.04 (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 -2.04 signals that the company is a manipulator.

AGEN' s 10-Year Beneish M-Score Range
Min: -5.76   Max: 135.76
Current: -2.04

-5.76
135.76

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 -2.65.


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+0.528 * 0.7789+0.404 * 2.991+0.892 * 1.5369+0.115 * 0.9265
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9129+4.679 * 0.0001-0.327 * 0.4269
=-2.04

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

This Year (Sep14) TTM:Last Year (Sep13) TTM:
Accounts Receivable was $0.00 Mil.
Revenue was 1.563 + 3.074 + 0.721 + 0.393 = $5.75 Mil.
Gross Profit was 1.563 + 3.074 + 0.721 + 0.386 = $5.74 Mil.
Total Current Assets was $55.22 Mil.
Total Assets was $87.63 Mil.
Property, Plant and Equipment(Net PPE) was $5.23 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.16 Mil.
Selling, General & Admin. Expense(SGA) was $19.30 Mil.
Total Current Liabilities was $15.61 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -8.109 + -7.762 + -0.358 + -5.777 = $-22.01 Mil.
Non Operating Income was -0.127 + 0.754 + 9.822 + 0.804 = $11.25 Mil.
Cash Flow from Operations was -8.106 + -9.496 + -10.124 + -5.544 = $-33.27 Mil.
Accounts Receivable was $0.00 Mil.
Revenue was 0.736 + 0.807 + 1.109 + 1.09 = $3.74 Mil.
Gross Profit was 0.656 + 0.631 + 0.836 + 0.788 = $2.91 Mil.
Total Current Assets was $30.88 Mil.
Total Assets was $37.67 Mil.
Property, Plant and Equipment(Net PPE) was $2.89 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.58 Mil.
Selling, General & Admin. Expense(SGA) was $13.76 Mil.
Total Current Liabilities was $9.65 Mil.
Long-Term Debt was $6.07 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 / 5.751) / (0.001 / 3.742)
=0 / 0.00026724
=0

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)
=(3.074 / 3.742) / (1.563 / 5.751)
=0.77792624 / 0.99878282
=0.7789

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 - (55.219 + 5.228) / 87.632) / (1 - (30.876 + 2.887) / 37.67)
=0.31021773 / 0.10371649
=2.991

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
=5.751 / 3.742
=1.5369

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))
=(0.583 / (0.583 + 2.887)) / (1.158 / (1.158 + 5.228))
=0.16801153 / 0.18133417
=0.9265

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)
=(19.302 / 5.751) / (13.758 / 3.742)
=3.35628586 / 3.67664351
=0.9129

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 + 15.61) / 87.632) / ((6.067 + 9.653) / 37.67)
=0.17813128 / 0.4173082
=0.4269

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
=(-22.006 - 11.253 - -33.27) / 87.632
=0.0001

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 -2.04 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

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

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
DSRI 11111.62948.66930.01120.0095000
GMI 0.98881.02441.0441.32991.31971.25481.16250.83320.76370.7789
AQI 0.64110.75910.71891.3951.70210.90720.83581.73251.51522.991
SGI 4.9744.99525.79140.2390.25330.24120.19080.71911.27071.5369
DEPI 0.83120.78930.91911.30251.84812.5372.20692.02231.4080.9265
SGAI 0.20440.20490.1834.44264.37964.94746.62142.0291.10710.9129
LVGI 0.750.82490.73621.43460.54960.33510.32240.10880.28350.4269
TATA -0.3657-0.3764-0.4279-0.3891-0.3911-0.2387-0.2258-0.0552-0.02840.0001
M-score -0.60-0.59-0.084.432.20-5.37-5.76-3.47-2.95-2.04
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