Sage Therapeutics Beneish M-Score Historical Data
The historical data trend for Sage 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.
Sage Therapeutics Beneish M-Score Chart
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Sage Therapeutics Annual Data
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Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-6.98 |
141.36 |
-31.71 |
-2.70 |
6.65 |
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Sage Therapeutics Quarterly Data
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Jun19 |
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Dec19 |
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Mar24 |
| Beneish M-Score |
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-2.68 |
-2.50 |
-2.36 |
6.65 |
4.65 |
Competitive Comparison of Sage Therapeutics's Beneish M-Score
For the Biotechnology subindustry, Sage 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.
Sage Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Sage Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sage Therapeutics's Beneish M-Score falls into.
Sage 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 Sage 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 * 0.0723 | + | 0.528 * 0.9529 | + | 0.404 * 2.2214 | + | 0.892 * 9.6887 | + | 0.115 * 0.3774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1079 | + | 4.679 * -0.058385 | - | 0.327 * 1.1237 |
| = | 4.65 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $10.51 Mil.
Revenue was 7.902 + 77.972 + 2.716 + 2.474 = $91.06 Mil.
Gross Profit was 6.633 + 77.152 + 1.811 + 2.269 = $87.87 Mil.
Total Current Assets was $755.44 Mil.
Total Assets was $767.60 Mil.
Property, Plant and Equipment(Net PPE) was $4.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.41 Mil.
Selling, General, & Admin. Expense(SGA) was $261.31 Mil.
Total Current Liabilities was $61.80 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -108.483 + -32.706 + -201.63 + -160.325 = $-503.14 Mil.
Non Operating Income was -0.012 + 0.114 + -33.654 + -0.041 = $-33.59 Mil.
Cash Flow from Operations was -37.832 + -119.519 + -135.866 + -131.518 = $-424.74 Mil.
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Total Receivables was $15.00 Mil.
Revenue was 3.294 + 2.865 + 1.739 + 1.501 = $9.40 Mil.
Gross Profit was 3.064 + 2.722 + 1.555 + 1.301 = $8.64 Mil.
Total Current Assets was $1,203.44 Mil.
Total Assets was $1,220.69 Mil.
Property, Plant and Equipment(Net PPE) was $11.73 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.17 Mil.
Selling, General, & Admin. Expense(SGA) was $250.07 Mil.
Total Current Liabilities was $84.69 Mil.
Long-Term Debt & Capital Lease Obligation was $2.76 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) |
| = | (10.509 / 91.064) | / | (15.002 / 9.399) |
| = | 0.115402 | / | 1.596127 |
| | = | 0.0723 |
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) |
| = | (8.642 / 9.399) | / | (87.865 / 91.064) |
| = | 0.91946 | / | 0.964871 |
| | = | 0.9529 |
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 - (755.442 + 4.442) / 767.6) | / | (1 - (1203.437 + 11.725) / 1220.686) |
| = | 0.010052 | / | 0.004525 |
| | = | 2.2214 |
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 |
| = | 91.064 | / | 9.399 |
| | = | 9.6887 |
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)) |
| = | (1.17 / (1.17 + 11.725)) | / | (1.406 / (1.406 + 4.442)) |
| = | 0.090733 | / | 0.240424 |
| | = | 0.3774 |
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) |
| = | (261.314 / 91.064) | / | (250.065 / 9.399) |
| = | 2.869564 | / | 26.60549 |
| | = | 0.1079 |
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) |
| = | ((0 + 61.799) / 767.6) | / | ((2.763 + 84.692) / 1220.686) |
| = | 0.080509 | / | 0.071644 |
| | = | 1.1237 |
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 |
| = | (-503.144 - -33.593 | - | -424.735) | / | 767.6 |
| | = | -0.058385 |
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.
Sage Therapeutics has a M-score of 4.65 signals that the company is likely to be a manipulator.
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