Switch to:
CytRx Corp (NAS:CYTR)
Beneish M-Score
-4.49 (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.

CytRx Corp has a M-score of -4.49 suggests that the company is not a manipulator.

CYTR' s Beneish M-Score Range Over the Past 10 Years
Min: -85.55   Max: 238.34
Current: -4.49

-85.55
238.34

During the past 13 years, the highest Beneish M-Score of CytRx Corp was 238.34. The lowest was -85.55. And the median was -0.85.


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 CytRx Corp 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 * 0.1914+0.528 * 1+0.404 * 0.5694+0.892 * 1+0.115 * 1.2158
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5937+4.679 * -0.1569-0.327 * 1.8591
=-4.49

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $1.00 Mil.
Revenue was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Gross Profit was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Total Current Assets was $72.79 Mil.
Total Assets was $75.34 Mil.
Property, Plant and Equipment(Net PPE) was $1.68 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.33 Mil.
Selling, General & Admin. Expense(SGA) was $20.51 Mil.
Total Current Liabilities was $18.85 Mil.
Long-Term Debt was $22.91 Mil.
Net Income was -12.643 + -22.302 + -7.073 + -11.687 = $-53.71 Mil.
Non Operating Income was -0.178 + 0.36 + 3.517 + 2.467 = $6.17 Mil.
Cash Flow from Operations was -13.091 + -13.499 + -10.148 + -11.309 = $-48.05 Mil.
Accounts Receivable was $5.23 Mil.
Revenue was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Gross Profit was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Total Current Assets was $71.31 Mil.
Total Assets was $73.77 Mil.
Property, Plant and Equipment(Net PPE) was $0.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General & Admin. Expense(SGA) was $12.87 Mil.
Total Current Liabilities was $21.99 Mil.
Long-Term Debt was $0.00 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)
=(1.001 / 0.1) / (5.229 / 0.1)
=10.01 / 52.29
=0.1914

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)
=(0.1 / 0.1) / (0 / 0.1)
=1 / 1
=1

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 - (72.79 + 1.676) / 75.34) / (1 - (71.314 + 0.949) / 73.766)
=0.01160074 / 0.02037524
=0.5694

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
=0.1 / 0.1
=1

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))
=(0.238 / (0.238 + 0.949)) / (0.331 / (0.331 + 1.676))
=0.20050548 / 0.16492277
=1.2158

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)
=(20.511 / 0.1) / (12.87 / 0.1)
=205.11 / 128.7
=1.5937

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)
=((22.911 + 18.85) / 75.34) / ((0 + 21.994) / 73.766)
=0.5543005 / 0.29815904
=1.8591

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
=(-53.705 - 6.166 - -48.047) / 75.34
=-0.1569

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.

CytRx Corp has a M-score of -4.49 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.

CytRx Corp Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.05460.26394.04261.5191107.74680.09691.56680.308850.57142.1761
GMI 1111111111
AQI 0.48940.81281.0670.7920.7660.73670.87961.01672.42471.0724
SGI 11.22833.61040.84011.51610.01052.50.430.33331
DEPI 0.48553.21530.60480.33362.88920.95370.85370.76362.56520.8906
SGAI 0.13390.42510.87810.550785.71650.35542.8540.413.75071.5309
LVGI 1.33180.66540.81311.10320.85032.15110.69642.97010.27921.6499
TATA -0.8253-0.0231-0.14220.1513-0.0519-0.1552-0.0467-0.0893-0.1021-0.2307
M-score 1.69-0.55-0.43-0.9580.20-3.08-3.00-2.3142.57-2.76

CytRx Corp Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.30880.418.5261133.87550.5714261.453.13530.46922.17610.1914
GMI 1111111111
AQI 1.01670.29640.29710.26772.42478.29739.66257.25721.07240.5694
SGI 330.33330.33330.33330.33331111
DEPI 0.75990.77511.09192.87252.57782.20081.41740.56560.89291.2158
SGAI 0.40990.46794.61934.62143.76423.33191.12991.07851.52621.5937
LVGI 2.97010.46290.71570.35310.27922.03831.51870.89641.64991.8591
TATA -0.0893-0.0678-0.0852-0.0942-0.102-0.1168-0.1333-0.0982-0.2307-0.1569
M-score -2.31-1.6111.85118.2442.57238.342.22-0.93-2.76-4.49
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK