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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.
Synageva BioPharma Corp has a M-score of -2.88 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Synageva BioPharma Corp was 1439.46. The lowest was -6.46. And the median was -2.35.
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 Synageva BioPharma 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 * 1.5749||+||0.528 * 1||+||0.404 * 0.538||+||0.892 * 0.5568||+||0.115 * 2.0504|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.829||+||4.679 * -0.0412||-||0.327 * 0.8836|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $2.27 Mil.|
Revenue was 1.586 + 3.474 + 1.369 + 3.413 = $9.84 Mil.
Gross Profit was 1.586 + 3.474 + 1.369 + 3.413 = $9.84 Mil.
Total Current Assets was $585.59 Mil.
Total Assets was $623.10 Mil.
Property, Plant and Equipment(Net PPE) was $23.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.66 Mil.
Selling, General & Admin. Expense(SGA) was $31.71 Mil.
Total Current Liabilities was $17.19 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -36.424 + -30.736 + -28.123 + -22.107 = $-117.39 Mil.
Non Operating Income was -0.005 + 0.159 + 0 + 0 = $0.15 Mil.
Cash Flow from Operations was -34.037 + -26.395 + -15.453 + -16.003 = $-91.89 Mil.
|Accounts Receivable was $2.59 Mil.
Revenue was 5.118 + 4.88 + 5.428 + 2.249 = $17.68 Mil.
Gross Profit was 5.118 + 4.88 + 5.428 + 2.249 = $17.68 Mil.
Total Current Assets was $319.76 Mil.
Total Assets was $341.15 Mil.
Property, Plant and Equipment(Net PPE) was $7.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.77 Mil.
Selling, General & Admin. Expense(SGA) was $20.13 Mil.
Total Current Liabilities was $10.65 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)|
|=||(2.274 / 9.842)||/||(2.593 / 17.675)|
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)|
|=||(3.474 / 17.675)||/||(1.586 / 9.842)|
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 - (585.589 + 23.647) / 623.104)||/||(1 - (319.764 + 7.276) / 341.153)|
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))|
|=||(4.769 / (4.769 + 7.276))||/||(5.659 / (5.659 + 23.647))|
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)|
|=||(31.71 / 9.842)||/||(20.13 / 17.675)|
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 + 17.187) / 623.104)||/||((0 + 10.649) / 341.153)|
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|
|=||(-117.39 - 0.154||-||-91.888)||/||623.104|
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.
Synageva BioPharma Corp has a M-score of -2.88 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
Synageva BioPharma Corp Annual Data
Synageva BioPharma Corp Quarterly Data