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Agenus Inc (NAS:AGEN)
Beneish M-Score
-3.47 (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 -3.47 suggests that the company is not a manipulator.

AGEN' s 10-Year Beneish M-Score Range
Min: -5.76   Max: 135.76
Current: -3.47

-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 -2.68.


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 * 0.8332+0.404 * 1.7325+0.892 * 0.7191+0.115 * 2.0223
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.029+4.679 * -0.0552-0.327 * 0.1088
=-3.47

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

This Year (Mar14) TTM:Last Year (Mar13) TTM:
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.
Net Income was -0.358 + -5.777 + -7.319 + -11.142 = $-24.60 Mil.
Non Operating Income was 9.822 + 0.804 + -0.157 + -3.323 = $7.15 Mil.
Cash Flow from Operations was -10.124 + -5.544 + -4.431 + -5.663 = $-25.76 Mil.
Accounts Receivable was $0.16 Mil.
Revenue was 1.109 + 1.09 + 0.869 + 0.627 = $3.70 Mil.
Gross Profit was 0.836 + 0.788 + 0.652 + 0.498 = $2.77 Mil.
Total Current Assets was $18.35 Mil.
Total Assets was $25.13 Mil.
Property, Plant and Equipment(Net PPE) was $2.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.22 Mil.
Selling, General & Admin. Expense(SGA) was $11.48 Mil.
Total Current Liabilities was $5.78 Mil.
Long-Term Debt was $36.15 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 / 2.657) / (0.164 / 3.695)
=0 / 0.0443843
=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)
=(0.386 / 3.695) / (0.721 / 2.657)
=0.75074425 / 0.90101618
=0.8332

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 - (75.26 + 4.136) / 108.304) / (1 - (18.346 + 2.915) / 25.133)
=0.26691535 / 0.1540604
=1.7325

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
=2.657 / 3.695
=0.7191

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))
=(1.219 / (1.219 + 2.915)) / (0.706 / (0.706 + 4.136))
=0.29487179 / 0.14580752
=2.0223

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)
=(16.755 / 2.657) / (11.484 / 3.695)
=6.30598419 / 3.10798376
=2.029

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)
=((5.278 + 14.373) / 108.304) / ((36.148 + 5.778) / 25.133)
=0.18144298 / 1.66816536
=0.1088

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
=(-24.596 - 7.146 - -25.762) / 108.304
=-0.0552

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 -3.47 suggests that the company will not 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

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 0111111.62948.66930.01120.00950
GMI 0.96340.96180.98881.02441.0441.32991.31971.25481.16250.8332
AQI 1.48270.75820.64110.75910.71891.3951.70210.90720.83581.7325
SGI 0.82054.99484.9744.99525.79140.2390.25330.24120.19080.7191
DEPI 1.01230.90180.83120.78930.91911.30251.84812.5372.20692.0223
SGAI 1.08890.18950.20440.20490.1834.44264.37964.94746.62142.029
LVGI 1.48180.89590.750.82490.73621.43460.54960.33510.32240.1088
TATA -0.3549-0.3106-0.3657-0.3764-0.4279-0.3891-0.3911-0.2387-0.2258-0.0552
M-score -5.22-0.33-0.60-0.59-0.084.432.20-5.37-5.76-3.47
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