Altimmune Beneish M-Score Historical Data
The historical data trend for Altimmune'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.
Altimmune Beneish M-Score Chart
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Altimmune Annual Data
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Trend |
Dec14 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.20 |
1.35 |
-3.52 |
- |
- |
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Altimmune Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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5.23 |
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-2.08 |
Competitive Comparison of Altimmune's Beneish M-Score
For the Biotechnology subindustry, Altimmune'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.
Altimmune's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Altimmune's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altimmune's Beneish M-Score falls into.
Altimmune 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 Altimmune 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 * 4.2959 | + | 0.528 * 1 | + | 0.404 * 0.1455 | + | 0.892 * 0.1941 | + | 0.115 * 1.3821 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 5.9022 | + | 4.679 * -0.073385 | - | 0.327 * 0.9344 |
| = | -1.63 |
* 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 MXN65.77 Mil.
Revenue was 0.098 + 0.092 + 0.083 + 0.628 = MXN0.90 Mil.
Gross Profit was 0.098 + 0.092 + 0.083 + 0.628 = MXN0.90 Mil.
Total Current Assets was MXN2,870.04 Mil.
Total Assets was MXN2,911.49 Mil.
Property, Plant and Equipment(Net PPE) was MXN8.78 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5.56 Mil.
Selling, General, & Admin. Expense(SGA) was MXN362.03 Mil.
Total Current Liabilities was MXN170.09 Mil.
Long-Term Debt & Capital Lease Obligation was MXN28.75 Mil.
Net Income was -449.825 + -451.407 + -404.849 + -537.082 = MXN-1,843.16 Mil.
Non Operating Income was 0.354 + -1.392 + -0.199 + -210.464 = MXN-211.70 Mil.
Cash Flow from Operations was -533.962 + -331.74 + -271.465 + -280.635 = MXN-1,417.80 Mil.
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Total Receivables was MXN78.89 Mil.
Revenue was 6.306 + 0.103 + 0.379 + -2.145 = MXN4.64 Mil.
Gross Profit was 6.306 + 0.103 + 0.379 + -2.145 = MXN4.64 Mil.
Total Current Assets was MXN2,664.46 Mil.
Total Assets was MXN2,901.52 Mil.
Property, Plant and Equipment(Net PPE) was MXN13.33 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN15.37 Mil.
Selling, General, & Admin. Expense(SGA) was MXN316.09 Mil.
Total Current Liabilities was MXN206.78 Mil.
Long-Term Debt & Capital Lease Obligation was MXN5.28 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) |
| = | (65.766 / 0.901) | / | (78.89 / 4.643) |
| = | 72.992231 | / | 16.99117 |
| | = | 4.2959 |
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) |
| = | (4.643 / 4.643) | / | (0.901 / 0.901) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (2870.038 + 8.782) / 2911.487) | / | (1 - (2664.464 + 13.325) / 2901.518) |
| = | 0.01122 | / | 0.077108 |
| | = | 0.1455 |
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 |
| = | 0.901 | / | 4.643 |
| | = | 0.1941 |
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)) |
| = | (15.372 / (15.372 + 13.325)) | / | (5.558 / (5.558 + 8.782)) |
| = | 0.535666 | / | 0.387587 |
| | = | 1.3821 |
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) |
| = | (362.033 / 0.901) | / | (316.087 / 4.643) |
| = | 401.812431 | / | 68.078182 |
| | = | 5.9022 |
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) |
| = | ((28.748 + 170.085) / 2911.487) | / | ((5.278 + 206.78) / 2901.518) |
| = | 0.068293 | / | 0.073085 |
| | = | 0.9344 |
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 |
| = | (-1843.163 - -211.701 | - | -1417.802) | / | 2911.487 |
| | = | -0.073385 |
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.
Altimmune has a M-score of -1.63 signals that the company is likely to be a manipulator.
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