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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.
Warning Sign:
Beneish M-Score 7.85 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Atara Biotherapeutics's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Atara Biotherapeutics was 11.08. The lowest was -16.93. And the median was 7.85.
The historical data trend for Atara Biotherapeutics'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.
Atara Biotherapeutics Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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- | - | 11.08 | -16.93 | 7.85 |
Atara Biotherapeutics 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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-16.93 | 131.84 | 2.08 | 13.49 | 7.85 |
For the Biotechnology subindustry, Atara Biotherapeutics'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, Atara Biotherapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atara Biotherapeutics'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 Atara Biotherapeutics 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 * 0.0029 | + | 0.528 * -0.0436 | + | 0.404 * 0.9718 | + | 0.892 * 15.0402 | + | 0.115 * 0.6935 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.0521 | + | 4.679 * -0.157785 | - | 0.327 * 1.3279 | |||||||
= | 7.85 |
* 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 $1.5 Mil. Revenue was 32.753 + 40.19 + 28.64 + 27.357 = $128.9 Mil. Gross Profit was 25.958 + 32.588 + 24.013 + 25.372 = $107.9 Mil. Total Current Assets was $64.9 Mil. Total Assets was $109.1 Mil. Property, Plant and Equipment(Net PPE) was $41.1 Mil. Depreciation, Depletion and Amortization(DDA) was $5.1 Mil. Selling, General, & Admin. Expense(SGA) was $39.9 Mil. Total Current Liabilities was $134.6 Mil. Long-Term Debt & Capital Lease Obligation was $29.9 Mil. Net Income was -12.693 + -21.909 + -19.049 + -31.752 = $-85.4 Mil. Non Operating Income was -0.089 + 0.555 + -0.006 + 0.068 = $0.5 Mil. Cash Flow from Operations was -24.471 + -3.989 + -10.645 + -29.612 = $-68.7 Mil. |
Total Receivables was $34.1 Mil. Revenue was 4.252 + 2.138 + 0.957 + 1.226 = $8.6 Mil. Gross Profit was 1.092 + -0.477 + -1.938 + 1.01 = $-0.3 Mil. Total Current Assets was $101.9 Mil. Total Assets was $165.5 Mil. Property, Plant and Equipment(Net PPE) was $58.8 Mil. Depreciation, Depletion and Amortization(DDA) was $4.8 Mil. Selling, General, & Admin. Expense(SGA) was $50.9 Mil. Total Current Liabilities was $142.2 Mil. Long-Term Debt & Capital Lease Obligation was $45.7 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) |
= | (1.482 / 128.94) | / | (34.108 / 8.573) | |
= | 0.011494 | / | 3.978537 | |
= | 0.0029 |
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) | |
= | (-0.313 / 8.573) | / | (107.931 / 128.94) | |
= | -0.03651 | / | 0.837064 | |
= | -0.0436 |
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 - (64.894 + 41.101) / 109.098) | / | (1 - (101.869 + 58.791) / 165.504) | |
= | 0.028442 | / | 0.029268 | |
= | 0.9718 |
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 | |
= | 128.94 | / | 8.573 | |
= | 15.0402 |
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)) |
= | (4.829 / (4.829 + 58.791)) | / | (5.051 / (5.051 + 41.101)) | |
= | 0.075904 | / | 0.109443 | |
= | 0.6935 |
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) |
= | (39.886 / 128.94) | / | (50.908 / 8.573) | |
= | 0.309338 | / | 5.938178 | |
= | 0.0521 |
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) |
= | ((29.914 + 134.574) / 109.098) | / | ((45.693 + 142.226) / 165.504) | |
= | 1.507709 | / | 1.135435 | |
= | 1.3279 |
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 | |
= | (-85.403 - 0.528 | - | -68.717) | / | 109.098 | |
= | -0.157785 |
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.
Atara Biotherapeutics has a M-score of 7.85 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Atara Biotherapeutics's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jill Henrich | officer: EVP, Global Head RA & Quality | 2380 CONEJO SPECTRUM ST, SUITE 200, THOUSAND OAKS CA 91320 |
Anhco Nguyen | officer: EVP, Chief Sci. & Tech Officer | 2380 CONEJO SPECTRUM ST, SUITE 200, THOUSAND OAKS CA 91320 |
Eric J Hyllengren | officer: SVP, CFO | 2380 CONEJO SPECTRUM ST, SUITE 200, THOUSAND OAKS CA 91320 |
Amar Murugan | officer: SVP, GC & Secretary | C/O ATARA BIOTHERAPEUTICS, INC., 611 GATEWAY BOULEVARD,SUITE 900, SOUTH SAN FRANCISCO CA 94080 |
Pascal Touchon | director, officer: President and CEO | C/O ATARA BIOTHERAPEUTICS, INC., 611 GATEWAY BOULEVARD SUITE 900, SOUTH SAN FRANCISCO CA 94080 |
Manher Joshi | officer: EVP, Chief Medical Officer | 2380 CONEJO SPECTRUM ST, SUITE 200, THOUSAND OAKS CA 91320 |
Carol Giltner Gallagher | director | C/O ATARA BIOTHERAPEUTICS, INC., 3260 BAYSHORE BOULEVARD, BRISBANE CA 94005 |
Eric Dobmeier | director | C/O SAETTLE GENETICS INC, 21823 30TH DRIVE SE, BOTHELL WA 98021 |
William K Heiden | director | C/O AMAG PHARMACEUTICALS, INC., 1100 WINTER STREET, WALTHAM MA 02451 |
Charlene A. Banard | officer: EVP, Chief Technical Officer | C/O APPLIED MOLECULAR TRANSPORT INC., 450 EAST JAMIE COURT, SOUTH SAN FRANCISCO CA 94080 |
Jakob Dupont | officer: EVP, Head of R&D | C/O ONCOMED PHARMACEUTICALS, INC., 800 CHESAPEAKE DRIVE, REDWOOD CITY CA 94063 |
Utpal Koppikar | officer: Chief Financial Officer | C/O ATARA BIOTHERAPEUTICS, INC., 611 GATEWAY BLVD, SUITE 900, SOUTH SAN FRANCISCO CA 94080 |
Ameet Mallik | director | C/O RAFAEL HOLDINGS, INC., 520 BROAD ST, NEWARK NJ 07102 |
Kristin Yarema | officer: Chief Commercial Officer | C/O ATARA BIOTHERAPEUTICS, INC., 611 GATEWAY BLVD., SUITE 900, SOUTH SAN FRANCISCO CA 94080 |
Joe Newell | officer: Chief Tech. Operations Officer | C/O ATARA BIOTHERAPEUTICS, INC., 611 GATEWAY BOULEVARD, SUITE 900, SOUTH SAN FRANCISCO CA 94080 |
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