PDLI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
Beneish M-Score 1.35 higher than -2.22, which implies that it might have manipulated its financial results.
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 PDL BioPharma Inc was 10000000.00. The lowest was -4.58. And the median was -2.20.
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 PDL BioPharma 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 * 6.2619||+||0.528 * 1.0169||+||0.404 * 0.9331||+||0.892 * 0.4138||+||0.115 * 0|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 2.7007||+||4.679 * -0.0044||-||0.327 * 1.1375|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $151.3 Mil.|
Revenue was 66.492 + 53.638 + 21.047 + 103.124 = $244.3 Mil.
Gross Profit was 62.427 + 53.638 + 21.047 + 103.124 = $240.2 Mil.
Total Current Assets was $398.0 Mil.
Total Assets was $1,215.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.0 Mil.
Selling, General & Admin. Expense(SGA) was $40.3 Mil.
Total Current Liabilities was $130.3 Mil.
Long-Term Debt was $232.4 Mil.
Net Income was -10.336 + 13.907 + 4.148 + 55.887 = $63.6 Mil.
Non Operating Income was -7.856 + -8.594 + -7.343 + -8.964 = $-32.8 Mil.
Cash Flow from Operations was 15.653 + -8.687 + 2.246 + 92.506 = $101.7 Mil.
|Accounts Receivable was $58.4 Mil.
Revenue was 178.058 + 124.618 + 138.066 + 149.706 = $590.4 Mil.
Gross Profit was 178.058 + 124.618 + 138.066 + 149.706 = $590.4 Mil.
Total Current Assets was $282.7 Mil.
Total Assets was $1,012.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $-0.0 Mil.
Selling, General & Admin. Expense(SGA) was $36.1 Mil.
Total Current Liabilities was $36.7 Mil.
Long-Term Debt was $228.9 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)|
|=||(151.302 / 244.301)||/||(58.398 / 590.448)|
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)|
|=||(590.448 / 590.448)||/||(240.236 / 244.301)|
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 - (398.031 + 0.038) / 1215.387)||/||(1 - (282.71 + 0.031) / 1012.205)|
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))|
|=||(-3.46944695195E-18 / (-3.46944695195E-18 + 0.031))||/||(12.028 / (12.028 + 0.038))|
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)|
|=||(40.328 / 244.301)||/||(36.09 / 590.448)|
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)|
|=||((232.443 + 130.315) / 1215.387)||/||((228.862 + 36.741) / 1012.205)|
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|
|=||(63.606 - -32.757||-||101.718)||/||1215.387|
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.
PDL BioPharma Inc has a M-score of 1.35 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
PDL BioPharma Inc Annual Data
PDL BioPharma Inc Quarterly Data