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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Onyx Pharmaceuticals, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Onyx Pharmaceuticals, Inc. 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 * 1.8836||+||0.528 * 1.0105||+||0.404 * 0.7565||+||0.892 * 1.1295||+||0.115 * 0.3932|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3161||+||4.679 * 0.0887||-||0.327 * 0.7685|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun13) TTM:||Last Year (Jun12) TTM:|
|Accounts Receivable was $131.3 Mil.|
Revenue was 153.026 + 145.492 + 127.919 + 89.511 = $515.9 Mil.
Gross Profit was 150.983 + 143.524 + 127.087 + 89.015 = $510.6 Mil.
Total Current Assets was $1,021.7 Mil.
Total Assets was $1,679.2 Mil.
Property, Plant and Equipment(Net PPE) was $32.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.8 Mil.
Selling, General & Admin. Expense(SGA) was $240.0 Mil.
Total Current Liabilities was $122.4 Mil.
Long-Term Debt was $180.7 Mil.
Net Income was -53.168 + -33.671 + -42.921 + 17.396 = $-112.4 Mil.
Non Operating Income was 0.094 + -0.156 + -2.729 + -0.569 = $-3.4 Mil.
Cash Flow from Operations was -3.351 + -111.173 + -100.993 + -42.509 = $-258.0 Mil.
|Accounts Receivable was $61.7 Mil.
Revenue was 72.704 + 72.031 + 237.032 + 75.041 = $456.8 Mil.
Gross Profit was 72.704 + 72.031 + 237.032 + 75.041 = $456.8 Mil.
Total Current Assets was $660.1 Mil.
Total Assets was $1,365.2 Mil.
Property, Plant and Equipment(Net PPE) was $33.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.2 Mil.
Selling, General & Admin. Expense(SGA) was $161.4 Mil.
Total Current Liabilities was $152.1 Mil.
Long-Term Debt was $168.5 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(131.311 / 515.948)||/||(61.721 / 456.808)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(143.524 / 456.808)||/||(150.983 / 515.948)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1021.725 + 32.331) / 1679.242)||/||(1 - (660.062 + 33.305) / 1365.197)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(7.214 / (7.214 + 33.305))||/||(26.753 / (26.753 + 32.331))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(239.978 / 515.948)||/||(161.443 / 456.808)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((180.7 + 122.351) / 1679.242)||/||((168.474 + 152.138) / 1365.197)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-112.364 - -3.36||-||-258.026)||/||1679.242|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Onyx Pharmaceuticals, Inc. has a M-score of -1.28 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Onyx Pharmaceuticals, Inc. Annual Data
Onyx Pharmaceuticals, Inc. Quarterly Data