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CytRx Corp (NAS:CYTR)
Beneish M-Score
-4.10 (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 -4.10 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: -4.1

-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 -0.86.


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 * 0.0217+0.528 * 1+0.404 * 0.5143+0.892 * 2+0.115 * 1.5677
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7932+4.679 * -0.2617-0.327 * 1.8936
=-4.10

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

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Accounts Receivable was $0.23 Mil.
Revenue was 0.1 + 0 + 0.1 + 0 = $0.20 Mil.
Gross Profit was 0.1 + 0 + 0.1 + 0 = $0.20 Mil.
Total Current Assets was $57.48 Mil.
Total Assets was $60.33 Mil.
Property, Plant and Equipment(Net PPE) was $1.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.37 Mil.
Selling, General & Admin. Expense(SGA) was $22.44 Mil.
Total Current Liabilities was $15.11 Mil.
Long-Term Debt was $21.87 Mil.
Net Income was -18.28 + -12.643 + -22.302 + -7.073 = $-60.30 Mil.
Non Operating Income was 0.877 + -0.178 + 0.36 + 3.517 = $4.58 Mil.
Cash Flow from Operations was -12.349 + -13.091 + -13.499 + -10.148 = $-49.09 Mil.
Accounts Receivable was $5.19 Mil.
Revenue was 0 + 0 + 0.1 + 0 = $0.10 Mil.
Gross Profit was 0 + 0 + 0.1 + 0 = $0.10 Mil.
Total Current Assets was $60.00 Mil.
Total Assets was $62.63 Mil.
Property, Plant and Equipment(Net PPE) was $0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.28 Mil.
Selling, General & Admin. Expense(SGA) was $14.14 Mil.
Total Current Liabilities was $20.27 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)
=(0.225 / 0.2) / (5.189 / 0.1)
=1.125 / 51.89
=0.0217

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) / (0.2 / 0.2)
=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 - (57.475 + 1.99) / 60.334) / (1 - (60.001 + 0.879) / 62.634)
=0.01440316 / 0.02800396
=0.5143

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
=0.2 / 0.1
=2

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))
=(0.283 / (0.283 + 0.879)) / (0.366 / (0.366 + 1.99))
=0.24354561 / 0.15534805
=1.5677

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)
=(22.437 / 0.2) / (14.144 / 0.1)
=112.185 / 141.44
=0.7932

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)
=((21.87 + 15.105) / 60.334) / ((0 + 20.271) / 62.634)
=0.61283853 / 0.32364211
=1.8936

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
=(-60.298 - 4.576 - -49.087) / 60.334
=-0.2617

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 -4.10 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

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 0.418.5261133.87550.5714261.453.13530.46922.17610.19140.0217
GMI 1111111111
AQI 0.29640.29710.26772.42478.29739.66257.25721.07240.56940.5143
SGI 30.33330.33330.33330.333311112
DEPI 0.77511.09192.87252.57782.20081.41740.56560.89291.21581.5677
SGAI 0.46794.61934.62143.76423.33191.12921.07781.52551.5930.7932
LVGI 0.46290.71570.35310.27922.03831.51870.89641.64991.85911.8936
TATA -0.0678-0.0852-0.0942-0.102-0.1168-0.1333-0.0982-0.2307-0.1569-0.2617
M-score -1.6111.85118.2442.57238.342.22-0.93-2.76-4.49-4.10
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