AbCellera Biologics Beneish M-Score Historical Data
The historical data trend for AbCellera Biologics'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.
AbCellera Biologics Beneish M-Score Chart
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AbCellera Biologics Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.72 |
-3.12 |
0.47 |
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AbCellera Biologics Quarterly Data
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Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.12 |
-4.04 |
0.96 |
1.05 |
0.47 |
Competitive Comparison of AbCellera Biologics's Beneish M-Score
For the Biotechnology subindustry, AbCellera Biologics'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.
AbCellera Biologics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, AbCellera Biologics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AbCellera Biologics's Beneish M-Score falls into.
AbCellera Biologics 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 AbCellera Biologics 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 * 7.9478 | + | 0.528 * 0.8631 | + | 0.404 * 1.1406 | + | 0.892 * 0.0783 | + | 0.115 * 1.3635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 14.3759 | + | 4.679 * -0.073447 | - | 0.327 * 1.0102 |
| = | 0.47 |
* 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 $64.38 Mil.
Revenue was 9.179 + 6.599 + 10.056 + 12.192 = $38.03 Mil.
Gross Profit was 9.179 + 6.599 + 10.056 + 12.192 = $38.03 Mil.
Total Current Assets was $871.99 Mil.
Total Assets was $1,488.09 Mil.
Property, Plant and Equipment(Net PPE) was $287.70 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.89 Mil.
Selling, General, & Admin. Expense(SGA) was $75.18 Mil.
Total Current Liabilities was $119.01 Mil.
Long-Term Debt & Capital Lease Obligation was $71.22 Mil.
Net Income was -47.15 + -28.61 + -30.528 + -40.11 = $-146.40 Mil.
Non Operating Income was 3.106 + 2.046 + -1.97 + 3.593 = $6.78 Mil.
Cash Flow from Operations was -19.611 + -0.106 + 19.903 + -44.063 = $-43.88 Mil.
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Total Receivables was $103.41 Mil.
Revenue was 21.545 + 101.383 + 45.917 + 316.581 = $485.43 Mil.
Gross Profit was 19.991 + 86.348 + 40.707 + 271.944 = $418.99 Mil.
Total Current Assets was $1,025.49 Mil.
Total Assets was $1,540.91 Mil.
Property, Plant and Equipment(Net PPE) was $217.26 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.10 Mil.
Selling, General, & Admin. Expense(SGA) was $66.76 Mil.
Total Current Liabilities was $118.32 Mil.
Long-Term Debt & Capital Lease Obligation was $76.68 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) |
| = | (64.382 / 38.026) | / | (103.41 / 485.426) |
| = | 1.693105 | / | 0.213029 |
| | = | 7.9478 |
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) |
| = | (418.99 / 485.426) | / | (38.026 / 38.026) |
| = | 0.863139 | / | 1 |
| | = | 0.8631 |
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 - (871.985 + 287.696) / 1488.094) | / | (1 - (1025.491 + 217.255) / 1540.907) |
| = | 0.220694 | / | 0.193497 |
| | = | 1.1406 |
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 |
| = | 38.026 | / | 485.426 |
| | = | 0.0783 |
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)) |
| = | (33.102 / (33.102 + 217.255)) | / | (30.894 / (30.894 + 287.696)) |
| = | 0.132219 | / | 0.096971 |
| | = | 1.3635 |
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) |
| = | (75.178 / 38.026) | / | (66.757 / 485.426) |
| = | 1.977016 | / | 0.137523 |
| | = | 14.3759 |
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) |
| = | ((71.222 + 119.013) / 1488.094) | / | ((76.675 + 118.32) / 1540.907) |
| = | 0.127838 | / | 0.126546 |
| | = | 1.0102 |
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 |
| = | (-146.398 - 6.775 | - | -43.877) | / | 1488.094 |
| | = | -0.073447 |
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.
AbCellera Biologics has a M-score of 0.47 signals that the company is likely to be a manipulator.
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