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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.
Good Sign:
Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Exelixis's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Exelixis was -0.28. The lowest was -3.19. And the median was -2.60.
The historical data trend for Exelixis'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.
For the Biotechnology subindustry, Exelixis'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, Exelixis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Exelixis'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 Exelixis 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 * 0.973 | + | 0.528 * 1.0038 | + | 0.404 * 1.1452 | + | 0.892 * 1.136 | + | 0.115 * 0.955 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0388 | + | 4.679 * -0.042705 | - | 0.327 * 1.1853 | |||||||
= | -2.60 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $237 Mil. Revenue was 479.652 + 471.92 + 469.848 + 408.788 = $1,830 Mil. Gross Profit was 457.899 + 453.146 + 452.143 + 394.473 = $1,758 Mil. Total Current Assets was $1,318 Mil. Total Assets was $2,942 Mil. Property, Plant and Equipment(Net PPE) was $471 Mil. Depreciation, Depletion and Amortization(DDA) was $26 Mil. Selling, General, & Admin. Expense(SGA) was $543 Mil. Total Current Liabilities was $394 Mil. Long-Term Debt & Capital Lease Obligation was $190 Mil. Net Income was 85.518 + 1.041 + 81.178 + 40.028 = $208 Mil. Non Operating Income was -0.137 + 0.289 + -0.005 + -0.054 = $0 Mil. Cash Flow from Operations was 10.571 + 117.367 + 120.978 + 84.408 = $333 Mil. |
Total Receivables was $215 Mil. Revenue was 423.917 + 411.738 + 419.427 + 355.98 = $1,611 Mil. Gross Profit was 407.997 + 396.433 + 405.946 + 342.777 = $1,553 Mil. Total Current Assets was $1,619 Mil. Total Assets was $3,071 Mil. Property, Plant and Equipment(Net PPE) was $401 Mil. Depreciation, Depletion and Amortization(DDA) was $21 Mil. Selling, General, & Admin. Expense(SGA) was $460 Mil. Total Current Liabilities was $324 Mil. Long-Term Debt & Capital Lease Obligation was $190 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) |
= | (237.407 / 1830.208) | / | (214.784 / 1611.062) | |
= | 0.129716 | / | 0.133318 | |
= | 0.973 |
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) | |
= | (1553.153 / 1611.062) | / | (1757.661 / 1830.208) | |
= | 0.964055 | / | 0.960361 | |
= | 1.0038 |
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 - (1317.958 + 470.853) / 2942.357) | / | (1 - (1618.762 + 401.202) / 3071.489) | |
= | 0.392048 | / | 0.34235 | |
= | 1.1452 |
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 | |
= | 1830.208 | / | 1611.062 | |
= | 1.136 |
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)) |
= | (20.875 / (20.875 + 401.202)) | / | (25.717 / (25.717 + 470.853)) | |
= | 0.049458 | / | 0.051789 | |
= | 0.955 |
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) |
= | (542.705 / 1830.208) | / | (459.856 / 1611.062) | |
= | 0.296526 | / | 0.285437 | |
= | 1.0388 |
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) |
= | ((189.944 + 394.277) / 2942.357) | / | ((190.17 + 324.359) / 3071.489) | |
= | 0.198555 | / | 0.167518 | |
= | 1.1853 |
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 | |
= | (207.765 - 0.093 | - | 333.324) | / | 2942.357 | |
= | -0.042705 |
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.
Exelixis has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Exelixis's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Patrick J. Haley | officer: Sr. Vice President, Commercial | 210 EAST GRAND AVE., SOUTH SAN FRANCISCO CA 94080 |
Jeffrey Hessekiel | officer: EVP and General Counsel | 210 EAST GRAND AVE., SOUTH SAN FRANCISCO CA 94080 |
David Edward Johnson | director | 590 MADISON AVENUE, NEW YORK NY 10022 |
Dana Aftab | officer: CSO/EVP Disc & Trans Research | EXELIXIS, INC., 1851 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Amy C. Peterson | officer: EVP Prod Dev & Med Aff & CMO | C/O MOURANT OZANNES CORPORATE SERVICES, 94 SOLARIS AVENUE, CAMANA BAY, GRAND CAYMAN E9 KY1-1108 |
Christopher J. Senner | officer: EVP and CFO | 210 EAST GRAND AVE., SOUTH SAN FRANCISCO CA 94080 |
Tomas J. Heyman | director | C/O AKERO THERAPEUTICS, INC., 170 HARBOR WAY 3RD FLOOR, SOUTH SAN FRANCISCO CA 94080 |
Bob Oliver | director | C/O IMMUNOMEDICS, INC., 300 THE AMERICAN ROAD, MORRIS PLAINS NJ 07950 |
Caligan Partners Lp | director, other: See Remarks | 515 MADISON AVENUE, 8TH FLOOR, NEW YORK NY 10022 |
Jack L Wyszomierski | director | SCHERING PLOUGH CORP, ONE GIRALDA FARMS, MADISON NJ 07940-1000 |
Alan M Garber | director | 3355 MILTON COURT, MOUNTAIN VIEW CA 94040 |
Carl B Feldbaum | director | C/O EXELIXIS INC, 170 HARBOR WAY, PO BOX 511, SOUTH SAN FRISCISCO CA 94083-0511 |
Peter Lamb | officer: EVP, Discovery Research & CSO | PO BOX 511, 170 HARBOR WAY, SOUTH SAN FRANCISCO CA 94083-0511 |
George Poste | director | 515 GALVESTON DR, REDWOOD CITY CA 94063 |
Lance Willsey | director | C/O EXELIXIS INC, 170 HARBOR WAY, SAN FRANCISCO CA 94083 |
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