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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.
Good Sign:
Beneish M-Score -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Codexis's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Codexis was -1.64. The lowest was -3.51. And the median was -2.66.
The historical data trend for Codexis'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.
Codexis 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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-2.23 | -1.64 | -2.96 | -3.17 | -2.96 |
Codexis 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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-3.17 | -2.73 | -3.38 | -3.11 | -2.96 |
For the Biotechnology subindustry, Codexis'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, Codexis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Codexis'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 Codexis 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 * 1.12 | + | 0.528 * 1.1266 | + | 0.404 * 0.465 | + | 0.892 * 0.8461 | + | 0.115 * 1.5633 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2241 | + | 4.679 * -0.032159 | - | 0.327 * 1.5387 | |||||||
= | -2.96 |
* 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 $18.88 Mil. Revenue was 21.46 + 12.833 + 7.979 + 17.073 = $59.35 Mil. Gross Profit was 17.806 + 8.516 + 4.517 + 12.218 = $43.06 Mil. Total Current Assets was $98.77 Mil. Total Assets was $149.01 Mil. Property, Plant and Equipment(Net PPE) was $42.90 Mil. Depreciation, Depletion and Amortization(DDA) was $4.95 Mil. Selling, General, & Admin. Expense(SGA) was $55.15 Mil. Total Current Liabilities was $23.65 Mil. Long-Term Debt & Capital Lease Obligation was $57.07 Mil. Net Income was -10.376 + -20.64 + -22.755 + -11.505 = $-65.28 Mil. Non Operating Income was -10.393 + 0 + -0.165 + -0.516 = $-11.07 Mil. Cash Flow from Operations was -16.468 + -12.985 + -12.168 + -7.789 = $-49.41 Mil. |
Total Receivables was $19.93 Mil. Revenue was 26.561 + 9.277 + 21.323 + 12.982 = $70.14 Mil. Gross Profit was 23.699 + 7.028 + 18.145 + 8.461 = $57.33 Mil. Total Current Assets was $93.47 Mil. Total Assets was $136.56 Mil. Property, Plant and Equipment(Net PPE) was $28.62 Mil. Depreciation, Depletion and Amortization(DDA) was $5.52 Mil. Selling, General, & Admin. Expense(SGA) was $53.25 Mil. Total Current Liabilities was $35.83 Mil. Long-Term Debt & Capital Lease Obligation was $12.24 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) |
= | (18.884 / 59.345) | / | (19.928 / 70.143) | |
= | 0.318207 | / | 0.284105 | |
= | 1.12 |
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) | |
= | (57.333 / 70.143) | / | (43.057 / 59.345) | |
= | 0.817373 | / | 0.725537 | |
= | 1.1266 |
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 - (98.772 + 42.897) / 149.011) | / | (1 - (93.466 + 28.624) / 136.561) | |
= | 0.049272 | / | 0.105967 | |
= | 0.465 |
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 | |
= | 59.345 | / | 70.143 | |
= | 0.8461 |
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)) |
= | (5.518 / (5.518 + 28.624)) | / | (4.946 / (4.946 + 42.897)) | |
= | 0.161619 | / | 0.10338 | |
= | 1.5633 |
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) |
= | (55.147 / 59.345) | / | (53.25 / 70.143) | |
= | 0.929261 | / | 0.759163 | |
= | 1.2241 |
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) |
= | ((57.068 + 23.648) / 149.011) | / | ((12.243 + 35.83) / 136.561) | |
= | 0.541678 | / | 0.352026 | |
= | 1.5387 |
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 | |
= | (-65.276 - -11.074 | - | -49.41) | / | 149.011 | |
= | -0.032159 |
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.
Codexis has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Codexis's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Byron L Dorgan | director | C/O CODEXIS, INC., 200 PENOBSCOT DRIVE, REDWOOD CITY CA 94063 |
Kevin Norrett | officer: Chief Operating Officer | C/O SIERRA ONCOLOGY, INC., 1820 GATEWAY DRIVE, SUITE 110, SAN MATEO CA 94404 |
Margaret Nell Fitzgerald | officer: See Remarks | ALLAKOS INC., 825 INDUSTRIAL ROAD, SUITE 500, SAN CARLOS CA 94070 |
Sriram Ryali | officer: Chief Financial Officer | C/O EIGER BIOPHARMACEUTICALS, INC., 2155 PARK BLVD., PALO ALTO CA 94306 |
Stephen George Dilly | director, officer: See Remarks | C/O SIERRA ONCOLOGY, INC., 1820 GATEWAY DRIVE, SUITE 110, SAN MATEO CA 94404 |
John J Nicols | director, officer: President and CEO | ALBEMARLE CORP, 451 FLORIDA ST, BATON ROUGE LA 70801 |
H Stewart Parker | director | |
Rahul Singhvi | director | 246 HOLLY DRIVE, CHALFONT PA 18914 |
Dennis P Wolf | director | 1101 EAST MEADOW DR, PALO ALTO CA 94303 |
Patrick Y Yang | director | C/O GENENTECH INC, 1 DNA WAY,MS 49,ATTN:K.STRAND OR J.BERRY, SOUTH SAN FRANCISCO CA 94080-4990 |
Bernard J Kelley | director | |
Esther Martinborough | director | C/O CODEXIS, INC., 200 PENOBSCOT DRIVE, REDWOOD CITY CA 94063 |
Jennifer Aaker | director | C/O CODEXIS, INC., 200 PENOBSCOT DRIVE, REDWOOD CITY CA 94063 |
Alison Moore | director | C/O ALLOGENE THERAPEUTICS, INC., 210 EAST GRAND AVENUE, SOUTH SAN FRANCISCO CA 94080 |
Thomas R Baruch | director | 1 LETTERMAN DRIVE, BUILDING C, SUITE CM500, SAN FRANCISCO CA 94129 |
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