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DYAI (Dyadic International) Beneish M-Score : -4.97 (As of Mar. 18, 2025)


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What is Dyadic International 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 -4.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DYAI' s Beneish M-Score Range Over the Past 10 Years
Min: -5.83   Med: -2.25   Max: 251.33
Current: -4.97

During the past 13 years, the highest Beneish M-Score of Dyadic International was 251.33. The lowest was -5.83. And the median was -2.25.


Dyadic International Beneish M-Score Historical Data

The historical data trend for Dyadic International'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.

* Premium members only.

Dyadic International Beneish M-Score Chart

Dyadic International Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.66 -3.90 -3.53 -3.11 -3.49

Dyadic International Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.35 -3.49 -5.25 -5.18 -4.97

Competitive Comparison of Dyadic International's Beneish M-Score

For the Biotechnology subindustry, Dyadic International'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.


Dyadic International's Beneish M-Score Distribution in the Biotechnology Industry

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

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



Dyadic International 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 Dyadic International 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 * 0.8084+0.528 * 0.3275+0.404 * 0.628+0.892 * 1.1387+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9556+4.679 * -0.20137-0.327 * 4.0619
=-4.97

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.39 Mil.
Revenue was 1.958 + 0.386 + 0.335 + 0.687 = $3.37 Mil.
Gross Profit was 1.562 + 0.084 + 0.191 + 0.336 = $2.17 Mil.
Total Current Assets was $10.69 Mil.
Total Assets was $10.81 Mil.
Property, Plant and Equipment(Net PPE) was $0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $6.35 Mil.
Total Current Liabilities was $2.08 Mil.
Long-Term Debt & Capital Lease Obligation was $5.32 Mil.
Net Income was -0.203 + -2.045 + -2.01 + -2.072 = $-6.33 Mil.
Non Operating Income was -0.006 + -0.003 + 0.056 + 0 = $0.05 Mil.
Cash Flow from Operations was -0.201 + -1.964 + -1.113 + -0.923 = $-4.20 Mil.
Total Receivables was $0.43 Mil.
Revenue was 0.397 + 0.837 + 0.978 + 0.744 = $2.96 Mil.
Gross Profit was 0.291 + 0.044 + 0.251 + 0.039 = $0.63 Mil.
Total Current Assets was $9.09 Mil.
Total Assets was $9.26 Mil.
Property, Plant and Equipment(Net PPE) was $0.15 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $5.83 Mil.
Total Current Liabilities was $1.46 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 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)
=(0.394 / 3.366) / (0.428 / 2.956)
=0.117053 / 0.14479
=0.8084

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)
=(0.625 / 2.956) / (2.173 / 3.366)
=0.211434 / 0.645573
=0.3275

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 - (10.69 + 0.105) / 10.806) / (1 - (9.088 + 0.153) / 9.256)
=0.001018 / 0.001621
=0.628

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
=3.366 / 2.956
=1.1387

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 + 0.153)) / (0 / (0 + 0.105))
=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)
=(6.347 / 3.366) / (5.833 / 2.956)
=1.885621 / 1.973275
=0.9556

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)
=((5.316 + 2.077) / 10.806) / ((0.102 + 1.457) / 9.256)
=0.684157 / 0.168431
=4.0619

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
=(-6.33 - 0.047 - -4.201) / 10.806
=-0.20137

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.

Dyadic International has a M-score of -4.97 suggests that the company is unlikely to be a manipulator.


Dyadic International Beneish M-Score Related Terms

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Dyadic International Business Description

Traded in Other Exchanges
N/A
Address
1044 North U.S. Highway One, Suite 201, Jupiter, FL, USA, 33477
Dyadic International Inc is a world-wide biotechnology platform company. The company has developed a gene expression platform for producing commercial quantities of industrial enzymes and other proteins, and has licensed this technology to third parties, such as Abengoa Bioenergy, BASF, Codexis and others, for use in industrial (non-pharmaceutical) applications. This technology is based on the Thermothelomyces heterothallica fungus, which the company named C1.
Executives
Ronen Tchelet officer: VP of Research and Bus. Dvlpmt 140 INTRACOASTAL POINTE DRIVE, SUITE 404, JUPITER X1 33477
Mark A Emalfarb director, 10 percent owner, officer: President, CEO & Chairman C/O DYADIC INTERNATIONAL, INC., 140 INTRACOASTAL POINT DRIVE, SUITE 404, JUPITER FL 33477-5094
Joseph P Hazelton officer: Chief Business Officer 140 INTRACOASTAL POINTE DRIVE, SUITE 404, JUPITER FL 33477
Francisco Trust Under Agreement Dated February 28, 1996 10 percent owner C/O ROBERT S. LEVIN, ESQ., TRUSTEE, 180 NORTH LASALLE STREET, SUITE 3200, CHICAGO IL 60601
Patrick K. Lucy director C/O PFENEX INC., 10790 ROSELLE STREET, SAN DIEGO CA 92121
Matthew S. Jones officer: Managing Dir of BD & Licensing 140 INTRACOASTAL POINTE DRIVE, SUITE 404, JUPITER X1 33477
Seth Herbst director 140 INTRACOASTAL POINTE DRIVE, SUITE 404, JUPITER X1 33477
Barry Buckland director C/O DYADIC INTERNATIONAL, INC., 140 INTERCOASTAL POINTE DR SUITE 404, JUPITER FL 33477
Ping Wang Rawson officer: Chief Financial Officer 140 INTRACOASTAL POINTE DRIVE, SUITE 404, JUPITER X1 33477
Michael P. Tarnok director KERYX BIOPHARMACEUTICALS, INC., 750 LEXINGTON AVENUE, NEW YORK NY 10022
Arindam Bose director 4452 BELTWAY DRIVE, ADDISON TX 75001
Jack Kaye director C/O KERYX BIOPHARMACEUTICALS, 750 LEXINGTON AVENUE, NEW YORK X1 10022
Tom Juda 10 percent owner 410 S LUCERNE BLVD, LOS ANGELES CA 90020
John Steven Emerson 10 percent owner 1522 ENSLEY AVENUE, LOS ANGELES CA 90024
Nancy Juda 10 percent owner 410 S LUCERNE BLVD, LOS ANGELES CA 90020