Sarepta Therapeutics Beneish M-Score Historical Data
The historical data trend for Sarepta Therapeutics'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.
Sarepta Therapeutics Beneish M-Score Chart
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Sarepta Therapeutics Annual Data
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Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-3.23 |
-2.20 |
-2.57 |
-1.47 |
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Sarepta Therapeutics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.57 |
-2.42 |
-2.34 |
-1.68 |
-1.47 |
Competitive Comparison of Sarepta Therapeutics's Beneish M-Score
For the Biotechnology subindustry, Sarepta Therapeutics'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.
Sarepta Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Sarepta Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sarepta Therapeutics's Beneish M-Score falls into.
Sarepta Therapeutics 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 Sarepta Therapeutics 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 * 1.2507 | + | 0.528 * 0.9669 | + | 0.404 * 0.966 | + | 0.892 * 1.3326 | + | 0.115 * 1.3198 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.801 | + | 4.679 * 0.082235 | - | 0.327 * 0.8313 |
| = | -1.47 |
* 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 $433 Mil.
Revenue was 396.781 + 331.817 + 261.238 + 253.5 = $1,243 Mil.
Gross Profit was 352.605 + 294.791 + 227.114 + 218.483 = $1,093 Mil.
Total Current Assets was $2,579 Mil.
Total Assets was $3,265 Mil.
Property, Plant and Equipment(Net PPE) was $357 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $482 Mil.
Total Current Liabilities was $654 Mil.
Long-Term Debt & Capital Lease Obligation was $1,273 Mil.
Net Income was 45.655 + -40.937 + -23.94 + -516.755 = $-536 Mil.
Non Operating Income was -1.648 + -29.925 + 115.74 + -387.614 = $-303 Mil.
Cash Flow from Operations was -54.657 + -114.706 + -122.234 + -209.396 = $-501 Mil.
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Total Receivables was $260 Mil.
Revenue was 258.427 + 230.269 + 233.487 + 210.83 = $933 Mil.
Gross Profit was 227.628 + 190.317 + 195.692 + 179.387 = $793 Mil.
Total Current Assets was $2,558 Mil.
Total Assets was $3,128 Mil.
Property, Plant and Equipment(Net PPE) was $245 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $451 Mil.
Total Current Liabilities was $620 Mil.
Long-Term Debt & Capital Lease Obligation was $1,602 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) |
| = | (432.844 / 1243.336) | / | (259.697 / 933.013) |
| = | 0.348131 | / | 0.278342 |
| | = | 1.2507 |
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) |
| = | (793.024 / 933.013) | / | (1092.993 / 1243.336) |
| = | 0.84996 | / | 0.879081 |
| | = | 0.9669 |
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 - (2579.331 + 357.106) / 3264.576) | / | (1 - (2557.861 + 244.991) / 3128.366) |
| = | 0.100515 | / | 0.104052 |
| | = | 0.966 |
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 |
| = | 1243.336 | / | 933.013 |
| | = | 1.3326 |
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)) |
| = | (41.864 / (41.864 + 244.991)) | / | (44.397 / (44.397 + 357.106)) |
| = | 0.145941 | / | 0.110577 |
| | = | 1.3198 |
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) |
| = | (481.871 / 1243.336) | / | (451.421 / 933.013) |
| = | 0.387563 | / | 0.483831 |
| | = | 0.801 |
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) |
| = | ((1273.48 + 653.659) / 3264.576) | / | ((1601.87 + 619.604) / 3128.366) |
| = | 0.590318 | / | 0.710107 |
| | = | 0.8313 |
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 |
| = | (-535.977 - -303.447 | - | -500.993) | / | 3264.576 |
| | = | 0.082235 |
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.
Sarepta Therapeutics has a M-score of -1.47 signals that the company is likely to be a manipulator.
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