Novavax Beneish M-Score Historical Data
The historical data trend for Novavax'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.
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Novavax Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -3.18
[6] => 23.24
[7] => -0.30
[8] => 3.62
[9] => 4.47
)
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-3.18 |
23.24 |
-0.30 |
3.62 |
4.47 |
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Novavax Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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3.62 |
-0.26 |
0.53 |
-2.85 |
4.47 |
Competitive Comparison
For the Biotechnology subindustry, Novavax'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.
Novavax Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Novavax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novavax's Beneish M-Score falls into.
Novavax 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 Novavax 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 * 8.8808 | + | 0.528 * 0.9343 | + | 0.404 * 1.32 | + | 0.892 * 0.4063 | + | 0.115 * 0.8732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.3617 | + | 4.679 * 0.072884 | - | 0.327 * 0.879 |
| = | 4.47 |
* 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 $297.2 Mil.
Revenue was 253.399 + 22.064 + 424.426 + -6.428 = $693.5 Mil.
Gross Profit was 98.423 + -76.865 + 368.649 + -40.514 = $349.7 Mil.
Total Current Assets was $1,143.9 Mil.
Total Assets was $1,797.5 Mil.
Property, Plant and Equipment(Net PPE) was $491.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $41.2 Mil.
Selling, General, & Admin. Expense(SGA) was $468.9 Mil.
Total Current Liabilities was $1,635.1 Mil.
Long-Term Debt & Capital Lease Obligation was $223.9 Mil.
Net Income was -178.389 + -130.776 + 58.008 + -293.905 = $-545.1 Mil.
Non Operating Income was 10.984 + -2.982 + 5.532 + 24.362 = $37.9 Mil.
Cash Flow from Operations was -176.781 + -39.655 + -171.938 + -325.593 = $-714.0 Mil.
|
Total Receivables was $82.4 Mil.
Revenue was 287.826 + 628.304 + 185.925 + 604.67 = $1,706.7 Mil.
Gross Profit was 106.061 + 193.711 + -85.152 + 589.466 = $804.1 Mil.
Total Current Assets was $1,703.4 Mil.
Total Assets was $2,258.7 Mil.
Property, Plant and Equipment(Net PPE) was $400.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.1 Mil.
Selling, General, & Admin. Expense(SGA) was $488.7 Mil.
Total Current Liabilities was $2,459.9 Mil.
Long-Term Debt & Capital Lease Obligation was $197.7 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) |
| = | (297.24 / 693.461) | / | (82.375 / 1706.725) |
| = | 0.428633 | / | 0.048265 |
| | = | 8.8808 |
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) |
| = | (804.086 / 1706.725) | / | (349.693 / 693.461) |
| = | 0.471128 | / | 0.504272 |
| | = | 0.9343 |
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 - (1143.888 + 490.989) / 1797.49) | / | (1 - (1703.391 + 400.488) / 2258.679) |
| = | 0.090467 | / | 0.068536 |
| | = | 1.32 |
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 |
| = | 693.461 | / | 1706.725 |
| | = | 0.4063 |
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)) |
| = | (29.054 / (29.054 + 400.488)) | / | (41.225 / (41.225 + 490.989)) |
| = | 0.067639 | / | 0.077459 |
| | = | 0.8732 |
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) |
| = | (468.946 / 693.461) | / | (488.691 / 1706.725) |
| = | 0.67624 | / | 0.286333 |
| | = | 2.3617 |
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) |
| = | ((223.939 + 1635.138) / 1797.49) | / | ((197.704 + 2459.944) / 2258.679) |
| = | 1.034263 | / | 1.176638 |
| | = | 0.879 |
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 |
| = | (-545.062 - 37.896 | - | -713.967) | / | 1797.49 |
| | = | 0.072884 |
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.
Novavax has a M-score of 4.47 signals that the company is likely to be a manipulator.
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