Arena Pharmaceuticals Beneish M-Score Historical Data
The historical data trend for Arena Pharmaceuticals's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Arena Pharmaceuticals Beneish M-Score Chart
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Arena Pharmaceuticals Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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11.66 |
0.63 |
35.39 |
-582.03 |
-1.42 |
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Arena Pharmaceuticals Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-582.03 |
-25.41 |
-21.41 |
-24.57 |
-1.42 |
Competitive Comparison of Arena Pharmaceuticals's Beneish M-Score
For the Biotechnology subindustry, Arena Pharmaceuticals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Arena Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Arena Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arena Pharmaceuticals's Beneish M-Score falls into.
Arena Pharmaceuticals Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Arena Pharmaceuticals 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 | + | 0.528 * 1 | + | 0.404 * 10.1487 | + | 0.892 * 0.1693 | + | 0.115 * 0.8831 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 7.224 | + | 4.679 * -0.133826 | - | 0.327 * 1.5661 |
| = | -1.42 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $0.00 Mil.
Revenue was 0.054 + 0 + 0 + 0 = $0.05 Mil.
Gross Profit was 0.054 + 0 + 0 + 0 = $0.05 Mil.
Total Current Assets was $569.47 Mil.
Total Assets was $784.71 Mil.
Property, Plant and Equipment(Net PPE) was $19.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.87 Mil.
Selling, General, & Admin. Expense(SGA) was $126.20 Mil.
Total Current Liabilities was $66.32 Mil.
Long-Term Debt & Capital Lease Obligation was $36.16 Mil.
Net Income was -155.609 + -196.312 + -146.095 + -118.417 = $-616.43 Mil.
Non Operating Income was -1.38 + -71.001 + -0.981 + 13.959 = $-59.40 Mil.
Cash Flow from Operations was -120.496 + -117.693 + -93.838 + -119.989 = $-452.02 Mil.
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Total Receivables was $0.00 Mil.
Revenue was 0.037 + 0.02 + 0 + 0.262 = $0.32 Mil.
Gross Profit was 0.037 + 0.02 + 0 + 0.262 = $0.32 Mil.
Total Current Assets was $1,139.31 Mil.
Total Assets was $1,190.72 Mil.
Property, Plant and Equipment(Net PPE) was $22.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.86 Mil.
Selling, General, & Admin. Expense(SGA) was $103.20 Mil.
Total Current Liabilities was $58.08 Mil.
Long-Term Debt & Capital Lease Obligation was $41.21 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total 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 / 0.054) | / | (0 / 0.319) |
| = | 0 | / | 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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (0.319 / 0.319) | / | (0.054 / 0.054) |
| = | 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 Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (569.465 + 19.125) / 784.705) | / | (1 - (1139.307 + 22.09) / 1190.72) |
| = | 0.249922 | / | 0.024626 |
| | = | 10.1487 |
4. SGI = Sales Growth Index
Ratio of Revenue 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 |
| = | 0.054 | / | 0.319 |
| | = | 0.1693 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (3.858 / (3.858 + 22.09)) | / | (3.872 / (3.872 + 19.125)) |
| = | 0.148682 | / | 0.16837 |
| | = | 0.8831 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (126.2 / 0.054) | / | (103.2 / 0.319) |
| = | 2337.037037 | / | 323.510972 |
| | = | 7.224 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((36.159 + 66.316) / 784.705) | / | ((41.211 + 58.077) / 1190.72) |
| = | 0.13059 | / | 0.083385 |
| | = | 1.5661 |
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 |
| = | (-616.433 - -59.403 | - | -452.016) | / | 784.705 |
| | = | -0.133826 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Arena Pharmaceuticals has a M-score of -1.42 signals that the company is likely to be a manipulator.
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