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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.
During the past 13 years, the highest Beneish M-Score of CytRx Corp was 80.21. The lowest was -7.14. And the median was -0.75.
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 * 0.0199||+||0.528 * 1||+||0.404 * 0.1968||+||0.892 * 2||+||0.115 * 0.8258|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.4066||+||4.679 * -0.0781||-||0.327 * 1.768|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $0.18 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 $60.58 Mil.
Total Assets was $62.77 Mil.
Property, Plant and Equipment(Net PPE) was $1.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.54 Mil.
Selling, General & Admin. Expense(SGA) was $15.99 Mil.
Total Current Liabilities was $19.51 Mil.
Long-Term Debt was $18.49 Mil.
Net Income was -7.672 + -12.175 + -18.28 + -12.643 = $-50.77 Mil.
Non Operating Income was 3.051 + 0.236 + 0.877 + -0.178 = $3.99 Mil.
Cash Flow from Operations was -9.364 + -15.047 + -12.349 + -13.091 = $-49.85 Mil.
|Accounts Receivable was $4.62 Mil.
Revenue was 0.1 + 0 + 0 + 0 = $0.10 Mil.
Gross Profit was 0.1 + 0 + 0 + 0 = $0.10 Mil.
Total Current Assets was $64.29 Mil.
Total Assets was $67.02 Mil.
Property, Plant and Equipment(Net PPE) was $1.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.32 Mil.
Selling, General & Admin. Expense(SGA) was $19.67 Mil.
Total Current Liabilities was $22.95 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.184 / 0.2)||/||(4.622 / 0.1)|
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)|
|=||(0.1 / 0.1)||/||(0.2 / 0.2)|
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 - (60.577 + 1.96) / 62.77)||/||(1 - (64.292 + 1.468) / 67.024)|
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))|
|=||(0.317 / (0.317 + 1.468))||/||(0.537 / (0.537 + 1.96))|
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)|
|=||(15.991 / 0.2)||/||(19.665 / 0.1)|
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)|
|=||((18.485 + 19.508) / 62.77)||/||((0 + 22.945) / 67.024)|
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|
|=||(-50.77 - 3.986||-||-49.851)||/||62.77|
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 -3.35 suggests that the company will not 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
CytRx Corp Annual Data
CytRx Corp Quarterly Data