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The zones of discrimination for M-Score is as such:
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.
The historical rank and industry rank for Akero Therapeutics's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Akero Therapeutics was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Akero 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.
Akero Therapeutics Annual Data | |||||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | - |
Akero Therapeutics Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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For the Biotechnology subindustry, Akero 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.
For the Biotechnology industry and Healthcare sector, Akero Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Akero Therapeutics's Beneish M-Score falls into.
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 Akero 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * | + | 4.679 * | - | 0.327 * | |||||||
= |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $770.38 Mil. Total Assets was $825.89 Mil. Property, Plant and Equipment(Net PPE) was $0.76 Mil. Depreciation, Depletion and Amortization(DDA) was $0.02 Mil. Selling, General, & Admin. Expense(SGA) was $37.93 Mil. Total Current Liabilities was $39.75 Mil. Long-Term Debt & Capital Lease Obligation was $35.83 Mil. Net Income was -70.024 + -72.705 + -55.987 + -53.344 = $-252.06 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil. Cash Flow from Operations was -67.09 + -70.424 + -57.453 + -35.14 = $-230.11 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Total Current Assets was $559.96 Mil. Total Assets was $580.27 Mil. Property, Plant and Equipment(Net PPE) was $1.03 Mil. Depreciation, Depletion and Amortization(DDA) was $0.03 Mil. Selling, General, & Admin. Expense(SGA) was $31.07 Mil. Total Current Liabilities was $19.13 Mil. Long-Term Debt & Capital Lease Obligation was $25.78 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) |
= | (0 / 0) | / | (0 / 0) | |
= | / | |||
= |
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) | |
= | (0 / 0) | / | (0 / 0) | |
= | / | |||
= |
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 - (770.38 + 0.755) / 825.886) | / | (1 - (559.962 + 1.026) / 580.271) | |
= | 0.066294 | / | 0.033231 | |
= |
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 | |
= | 0 | / | 0 | |
= |
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)) |
= | (0.029 / (0.029 + 1.026)) | / | (0.018 / (0.018 + 0.755)) | |
= | 0.027488 | / | 0.023286 | |
= |
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) |
= | (37.926 / 0) | / | (31.072 / 0) | |
= | / | |||
= |
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) |
= | ((35.826 + 39.754) / 825.886) | / | ((25.783 + 19.128) / 580.271) | |
= | 0.091514 | / | 0.077397 | |
= |
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 | |
= | (-252.06 - 0 | - | -230.107) | / | 825.886 | |
= | -0.026581 |
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.
Thank you for viewing the detailed overview of Akero Therapeutics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Andrew Cheng | director, officer: President & CEO | 170 HARBOR WAY, 3RD FLOOR, C/O AKERO THERAPEUTICS, INC., SOUTH SAN FRANCISCO CA 94080 |
Timothy Rolph | officer: Chief Scientific Officer | C/O AKERO THERAPEUTICS, INC., 170 HARBOR WAY, 3RD FLOOR, SOUTH SAN FRANCISCO CA 94080 |
Jonathan Young | officer: Chief Operating Officer | C/O AKERO THERAPEUTICS, INC., 170 HARBOR WAY 3RD FL, SOUTH SAN FRANCISCO CA 94080 |
G. Walmsley Graham | director | ONE SANSOME STREET, SUITE 1650, SAN FRANCISCO CA 94104 |
Patrick Lamy | officer: See Remarks | AKERO THERAPEUTICS, INC., 601 GATEWAY BOULEVARD, SUITE 350, SOUTH SAN FRANCISCO CA 94080 |
Catriona Yale | officer: Chief Development Officer | C/O AKERO THERAPEUTICS INC., 170 HARBOR WAY 3RD FLOOR, SOUTH SAN FRANCISCO CA 94080 |
William Richard White | officer: Chief Financial Officer | C/O AKERO THERAPEUTICS, INC., 170 HARBOR WAY 2ND FLOOR, SOUTH SAN FRANCISCO CA 94080 |
Jane Henderson | director | C/O ELEVEN BIOTHERAPEUTICS, INC., 215 FIRST STREET, CAMBRIDGE MA 02142 |
Tomas J. Heyman | director | C/O AKERO THERAPEUTICS, INC., 170 HARBOR WAY 3RD FLOOR, SOUTH SAN FRANCISCO CA 94080 |
Skorpios Trust | other: Former 10% owner | 195 ARCH. MAKARIOS III AVE., NEOCLEOUS HOUSE, LIMASSOL G4 3030 |
Montrago Trustees Ltd | other: Former 10% owner | 195 ARCH. MAKARIOS III AVE., NEOCLEOUS HOUSE, LIMASSOL G4 3030 |
Blue Horizon Enterprise Ltd | other: Former 10% owner | 3076, SIR FRANCIS DRAKES HIGHWAY, ROAD TOWN, TORTOLA D8 VG1110 |
Ezbon International Ltd | other: Former 10% owner | 3076, SIR FRANCIS DRAKES HIGHWAY, ROAD TOWN, TORTOLA D8 VG1110 |
Seth Loring Harrison | director | 230 PARK AVENUE, SUITE 2800, NEW YORK NY 10169 |
Chou Judy | director | C/O AKERO THERAPEUTICS, INC., 601 GATEWAY BLVD, SUITE 350, SOUTH SAN FRANCISCO CA 64080 |
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