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The zones of discrimination for M-Score is as such:
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.
The historical rank and industry rank for Clovis Oncology's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Clovis Oncology was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Clovis Oncology'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.
Clovis Oncology Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 630.90 | -1.17 | -2.02 | -3.11 | -2.93 |
Clovis Oncology Quarterly Data | ||||||||||||||||||||
Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.92 | -2.93 | -2.75 | -3.54 | -3.72 |
For the Biotechnology subindustry, Clovis Oncology'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.
For the Biotechnology industry and Healthcare sector, Clovis Oncology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clovis Oncology's Beneish M-Score falls into.
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 Clovis Oncology 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 * 0.8491 | + | 0.528 * 1.0307 | + | 0.404 * 1.3062 | + | 0.892 * 0.8522 | + | 0.115 * 0.9068 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0845 | + | 4.679 * -0.195672 | - | 0.327 * 1.5285 | |||||||
= | -3.72 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $22.6 Mil. Revenue was 30.663 + 32.143 + 34.247 + 35.968 = $133.0 Mil. Gross Profit was 22.055 + 22.928 + 24.834 + 26.238 = $96.1 Mil. Total Current Assets was $102.2 Mil. Total Assets was $346.8 Mil. Property, Plant and Equipment(Net PPE) was $21.5 Mil. Depreciation, Depletion and Amortization(DDA) was $7.7 Mil. Selling, General, & Admin. Expense(SGA) was $125.5 Mil. Total Current Liabilities was $747.9 Mil. Long-Term Debt & Capital Lease Obligation was $16.8 Mil. Net Income was -56.014 + -71.332 + -60.169 + -64.391 = $-251.9 Mil. Non Operating Income was -1.881 + -2.318 + -0.83 + -3.448 = $-8.5 Mil. Cash Flow from Operations was -40.61 + -35.127 + -58.495 + -41.343 = $-175.6 Mil. |
Total Receivables was $31.3 Mil. Revenue was 37.916 + 36.82 + 38.053 + 43.299 = $156.1 Mil. Gross Profit was 28.067 + 27.183 + 28.442 + 32.482 = $116.2 Mil. Total Current Assets was $230.7 Mil. Total Assets was $508.0 Mil. Property, Plant and Equipment(Net PPE) was $27.2 Mil. Depreciation, Depletion and Amortization(DDA) was $8.5 Mil. Selling, General, & Admin. Expense(SGA) was $135.8 Mil. Total Current Liabilities was $112.7 Mil. Long-Term Debt & Capital Lease Obligation was $620.1 Mil. |
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) |
= | (22.619 / 133.021) | / | (31.257 / 156.088) | |
= | 0.170041 | / | 0.200252 | |
= | 0.8491 |
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) | |
= | (116.174 / 156.088) | / | (96.055 / 133.021) | |
= | 0.744285 | / | 0.722104 | |
= | 1.0307 |
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 - (102.209 + 21.515) / 346.775) | / | (1 - (230.666 + 27.181) / 507.997) | |
= | 0.643215 | / | 0.492424 | |
= | 1.3062 |
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 | |
= | 133.021 | / | 156.088 | |
= | 0.8522 |
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)) |
= | (8.549 / (8.549 + 27.181)) | / | (7.712 / (7.712 + 21.515)) | |
= | 0.239267 | / | 0.263866 | |
= | 0.9068 |
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) |
= | (125.528 / 133.021) | / | (135.813 / 156.088) | |
= | 0.943671 | / | 0.870105 | |
= | 1.0845 |
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) |
= | ((16.791 + 747.87) / 346.775) | / | ((620.14 + 112.693) / 507.997) | |
= | 2.205064 | / | 1.442593 | |
= | 1.5285 |
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 | |
= | (-251.906 - -8.477 | - | -175.575) | / | 346.775 | |
= | -0.195672 |
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.
Clovis Oncology has a M-score of -3.72 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Clovis Oncology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Thomas C. Harding | officer: See Remarks | 5500 FLATIRON PARKWAY, SUITE 100, BOULDER CO 80301 |
Gillian C Ivers-read | officer: See Remarks | C/O PHARMION CORPORATION, 2525 28TH STREET, BOULDER CO 80301 |
Lindsey Rolfe | officer: See remarks | C/O CLOVIS ONCOLOGY, INC., 499 ILLINOIS STREET, SUITE 200, SAN FRANCISCO CA 94158 |
Daniel W Muehl | officer: See remarks | 5 BILLERICA PARK, 101 BILLERICA AVE, NORTH BILLERCA MA 01862 |
Paul Edward Gross | officer: See Remarks | 5500 FLATIRON PARKWAY, SUITE 100, BOULDER CO 80302 |
Ronit Simantov | director | 1988 CHAPEL STREET, NEW HAVEN CT 06515 |
James C Blair | director | 5880 PACIFIC CENTER BLVD, SAN DIEGO CA 92121-4204 |
Patrick J Mahaffy | director, officer: President and CEO | C/O CLOVIS ONCOLOGY, INC., 5500 FLATIRON PARKWAY, SUITE 100, BOULDER CO 80301 |
Thorlef Spickschen | director | TRAUBENWEG 25, 64342 SEEHEIN-JUGENHEIM 2M 00000 |
Richard A. Fair | director | C/O BELLICUM PHARMACEUTICALS, INC., 2130 W. HOLCOMBE BLVD., STE. 800, HOUSTON TX 77030 |
Robert Azelby | director | 307 WESTLAKE AVE. NORTH, STE 300, SEATTLE WA 98109 |
Hooks Corwin Dale | officer: See remarks | C/O CLOVIS ONCOLOGY, INC., 5500 FLATIRON PARKWAY, BOULDER CO 80301 |
Paul H Klingenstein | director | 428 UNIVERSITY AVE, C/O ACCEL PARTNERS, PALO ALTO CA 94301 |
Ginger L Graham | director | AMYLIN PHARMACEUTICALS, INC., 885 ARAPAHOE AVENUE, BOULDER CO 80302 |
Brian G Atwood | director | ONE SANSOME STREET, SUITE 1650, SAN FRANCISCO CA 94104 |
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