CureVac NV (CureVac NV) Beneish M-Score : -2.30 (As of May. 06, 2024)

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What is CureVac NV Beneish M-Score?

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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CureVac NV's Beneish M-Score or its related term are showing as below:

CVAC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.3 Med: -1.94 Max: 9.68
Current: -2.3

During the past 6 years, the highest Beneish M-Score of CureVac NV was 9.68. The lowest was -2.30. And the median was -1.94.

CureVac NV Beneish M-Score Historical Data

The historical data trend for CureVac NV'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.

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CureVac NV Beneish M-Score Chart

CureVac NV Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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9.68

-1.94

-2.30

CureVac NV Quarterly Data
	Dec18	Mar19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.94	-3.46	-0.58	3.51	-2.30

Competitive Comparison of CureVac NV's Beneish M-Score

For the Biotechnology subindustry, CureVac NV'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.

CureVac NV's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, CureVac NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CureVac NV's Beneish M-Score falls into.

CureVac NV 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 CureVac NV for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2726

0.528 * 1.3053

0.404 * 0.9818

0.892 * 0.8104

0.115 * 1.1632

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0823

4.679 * 0.00594

0.327 * 1.2603

-2.30

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $43.09 Mil.
Revenue was 24.61 + 17.591 + 8.211 + 7.633 = $58.05 Mil.
Gross Profit was -33.839 + -8.322 + -19.8 + -14.46 = $-76.42 Mil.
Total Current Assets was $521.68 Mil.
Total Assets was $859.60 Mil.
Property, Plant and Equipment(Net PPE) was $303.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.21 Mil.
Selling, General, & Admin. Expense(SGA) was $82.45 Mil.
Total Current Liabilities was $203.26 Mil.
Long-Term Debt & Capital Lease Obligation was $40.15 Mil.
Net Income was -94.496 + -51.954 + -73.038 + -61.476 = $-280.96 Mil.
Non Operating Income was 1.193 + 0.509 + 0.191 + 0.33 = $2.22 Mil.
Cash Flow from Operations was -47.552 + -64.653 + -69.465 + -106.623 = $-288.29 Mil.

Total Receivables was $41.78 Mil.
Revenue was 12.382 + 11.101 + 21.296 + 26.843 = $71.62 Mil.
Gross Profit was -72.364 + -12.74 + -23.821 + -14.162 = $-123.09 Mil.
Total Current Assets was $618.68 Mil.
Total Assets was $911.52 Mil.
Property, Plant and Equipment(Net PPE) was $256.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.05 Mil.
Selling, General, & Admin. Expense(SGA) was $94.00 Mil.
Total Current Liabilities was $165.49 Mil.
Long-Term Debt & Capital Lease Obligation was $39.31 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)
	=	(43.086 / 58.045)	/	(41.776 / 71.622)
	=	0.742286	/	0.583284
	=	1.2726

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)
	=	(-123.087 / 71.622)	/	(-76.421 / 58.045)
	=	-1.718564	/	-1.316582
	=	1.3053

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 - (521.68 + 303.842) / 859.595)	/	(1 - (618.675 + 256.04) / 911.517)
	=	0.039638	/	0.040374
	=	0.9818

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
	=	58.045	/	71.622
	=	0.8104

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))
	=	(25.05 / (25.05 + 256.04))	/	(25.209 / (25.209 + 303.842))
	=	0.089117	/	0.076611
	=	1.1632

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)
	=	(82.451 / 58.045)	/	(93.998 / 71.622)
	=	1.420467	/	1.312418
	=	1.0823

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)
	=	((40.152 + 203.26) / 859.595)	/	((39.307 + 165.493) / 911.517)
	=	0.283171	/	0.22468
	=	1.2603

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
	=	(-280.964 - 2.223	-	-288.293)	/	859.595
	=	0.00594

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.

CureVac NV has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.

CureVac NV Beneish M-Score Related Terms

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CureVac NV (CureVac NV) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » CureVac NV (NAS:CVAC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CVAC:Mexico 1CVAC:Italy 0A9E:UK 5CV:Germany CVAC:Austria

Address

Friedrich-Miescher-Strasse 15, Tubingen, BW, DEU, 72076

Website

https://www.curevac.com

CureVac is a biopharmaceutical company headquartered in Germany that is developing vaccines and therapies using messenger ribonucleic acid (mRNA). The company was founded in 2000 and had its initial public offering in August 2020. CureVac is collaborating with GlaxoSmithKline to develop a second-generation COVID-19 vaccine. CureVac's first attempt to develop a COVID-19 vaccine did not have sufficient efficacy data, and its trials were discontinued in October 2021. The company's other pipeline candidates include mRNA vaccines for influenza, rabies, and malaria. Additionally, CureVac is in the early stages of development for oncology and molecular therapies spanning tumors, liver, ocular, and lung diseases.