Genmab AS Beneish M-Score Historical Data
The historical data trend for Genmab AS'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.
Genmab AS Beneish M-Score Chart
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Genmab AS Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.21 |
-2.64 |
-1.88 |
-3.08 |
6.98 |
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Genmab AS Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.08 |
-2.49 |
5.31 |
6.12 |
6.98 |
Competitive Comparison of Genmab AS's Beneish M-Score
For the Biotechnology subindustry, Genmab AS'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.
Genmab AS's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Genmab AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genmab AS's Beneish M-Score falls into.
Genmab AS 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 Genmab AS 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 * 1.0351 | + | 0.528 * 1.0336 | + | 0.404 * 24.3138 | + | 0.892 * 1.3067 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8971 | + | 4.679 * -0.028137 | - | 0.327 * 1.5204 |
| = | 6.98 |
* 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 kr6,691 Mil.
Revenue was 6441 + 5540 + 5402 + 4143 = kr21,526 Mil.
Gross Profit was 6104 + 5267 + 5212 + 3958 = kr20,541 Mil.
Total Current Assets was kr27,854 Mil.
Total Assets was kr45,811 Mil.
Property, Plant and Equipment(Net PPE) was kr1,891 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,865 Mil.
Total Current Liabilities was kr5,308 Mil.
Long-Term Debt & Capital Lease Obligation was kr937 Mil.
Net Income was 3845 + 1266 + 1408 + 1325 = kr7,844 Mil.
Non Operating Income was 1241 + -544 + 38 + 627 = kr1,362 Mil.
Cash Flow from Operations was 2712 + 2033 + 1513 + 1513 = kr7,771 Mil.
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Total Receivables was kr4,947 Mil.
Revenue was 4759 + 4712 + 4169 + 2834 = kr16,474 Mil.
Gross Profit was 4633 + 4633 + 4148 + 2834 = kr16,248 Mil.
Total Current Assets was kr33,139 Mil.
Total Assets was kr35,289 Mil.
Property, Plant and Equipment(Net PPE) was kr1,641 Mil.
Depreciation, Depletion and Amortization(DDA) was kr0 Mil.
Selling, General, & Admin. Expense(SGA) was kr3,297 Mil.
Total Current Liabilities was kr2,484 Mil.
Long-Term Debt & Capital Lease Obligation was kr680 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) |
| = | (6691 / 21526) | / | (4947 / 16474) |
| = | 0.310833 | / | 0.300291 |
| | = | 1.0351 |
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) |
| = | (16248 / 16474) | / | (20541 / 21526) |
| = | 0.986281 | / | 0.954241 |
| | = | 1.0336 |
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 - (27854 + 1891) / 45811) | / | (1 - (33139 + 1641) / 35289) |
| = | 0.350702 | / | 0.014424 |
| | = | 24.3138 |
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 |
| = | 21526 | / | 16474 |
| | = | 1.3067 |
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 / (0 + 1641)) | / | (0 / (0 + 1891)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (3865 / 21526) | / | (3297 / 16474) |
| = | 0.17955 | / | 0.200134 |
| | = | 0.8971 |
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) |
| = | ((937 + 5308) / 45811) | / | ((680 + 2484) / 35289) |
| = | 0.136321 | / | 0.08966 |
| | = | 1.5204 |
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 |
| = | (7844 - 1362 | - | 7771) | / | 45811 |
| | = | -0.028137 |
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.
Genmab AS has a M-score of 6.98 signals that the company is likely to be a manipulator.
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