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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 -2.04 signals that the company is 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 -2.65.
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|
|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
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)|
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)|
|=||(3.074 / 3.742)||/||(1.563 / 5.751)|
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 - (55.219 + 5.228) / 87.632)||/||(1 - (30.876 + 2.887) / 37.67)|
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))|
|=||(0.583 / (0.583 + 2.887))||/||(1.158 / (1.158 + 5.228))|
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)|
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)|
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|
|=||(-22.006 - 11.253||-||-33.27)||/||87.632|
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.
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