Halozyme Therapeutics Beneish M-Score Historical Data
The historical data trend for Halozyme Therapeutics'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.
Halozyme Therapeutics Beneish M-Score Chart
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Halozyme Therapeutics Annual Data
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| Beneish M-Score |
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-1.56 |
-1.21 |
0.31 |
-0.63 |
-2.82 |
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Halozyme Therapeutics Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.84 |
-2.82 |
-2.84 |
-2.88 |
-2.31 |
Competitive Comparison of Halozyme Therapeutics's Beneish M-Score
For the Biotechnology subindustry, Halozyme Therapeutics'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.
Halozyme Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Halozyme Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Halozyme Therapeutics's Beneish M-Score falls into.
Halozyme Therapeutics 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 Halozyme Therapeutics 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 * 1.0835 | + | 0.528 * 0.9339 | + | 0.404 * 0.8723 | + | 0.892 * 1.2135 | + | 0.115 * 0.9343 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8261 | + | 4.679 * -0.01527 | - | 0.327 * 0.8937 |
| = | -2.31 |
* 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 $285.7 Mil.
Revenue was 290.084 + 231.353 + 195.879 + 230.039 = $947.4 Mil.
Gross Profit was 240.658 + 191.746 + 167.55 + 177.741 = $777.7 Mil.
Total Current Assets was $1,127.0 Mil.
Total Assets was $2,118.0 Mil.
Property, Plant and Equipment(Net PPE) was $74.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.6 Mil.
Selling, General, & Admin. Expense(SGA) was $149.7 Mil.
Total Current Liabilities was $108.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,504.2 Mil.
Net Income was 137.011 + 93.245 + 76.823 + 85.388 = $392.5 Mil.
Non Operating Income was 6.474 + 5.032 + 4.993 + 5.36 = $21.9 Mil.
Cash Flow from Operations was 115.376 + 55.794 + 129.427 + 102.354 = $403.0 Mil.
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Total Receivables was $217.3 Mil.
Revenue was 216.033 + 221.038 + 162.143 + 181.496 = $780.7 Mil.
Gross Profit was 161.21 + 170.968 + 126.973 + 139.376 = $598.5 Mil.
Total Current Assets was $879.0 Mil.
Total Assets was $1,892.7 Mil.
Property, Plant and Equipment(Net PPE) was $74.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.3 Mil.
Selling, General, & Admin. Expense(SGA) was $149.3 Mil.
Total Current Liabilities was $115.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,497.6 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) |
| = | (285.743 / 947.355) | / | (217.325 / 780.71) |
| = | 0.301622 | / | 0.278368 |
| | = | 1.0835 |
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) |
| = | (598.527 / 780.71) | / | (777.695 / 947.355) |
| = | 0.766644 | / | 0.820912 |
| | = | 0.9339 |
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 - (1126.976 + 74.49) / 2118.03) | / | (1 - (879.006 + 74.669) / 1892.662) |
| = | 0.432744 | / | 0.49612 |
| | = | 0.8723 |
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 |
| = | 947.355 | / | 780.71 |
| | = | 1.2135 |
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)) |
| = | (71.277 / (71.277 + 74.669)) | / | (81.59 / (81.59 + 74.49)) |
| = | 0.488379 | / | 0.522745 |
| | = | 0.9343 |
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) |
| = | (149.694 / 947.355) | / | (149.323 / 780.71) |
| = | 0.158013 | / | 0.191266 |
| | = | 0.8261 |
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) |
| = | ((1504.154 + 108.815) / 2118.03) | / | ((1497.621 + 115.185) / 1892.662) |
| = | 0.761542 | / | 0.852136 |
| | = | 0.8937 |
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 |
| = | (392.467 - 21.859 | - | 402.951) | / | 2118.03 |
| | = | -0.01527 |
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.
Halozyme Therapeutics has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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