Fulgent Genetics (MEX:FLGT) Beneish M-Score : -2.36 (As of Sep. 24, 2024)

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What is Fulgent Genetics 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:FLGT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -2.47 Max: 33.64
Current: -2.36

During the past 10 years, the highest Beneish M-Score of Fulgent Genetics was 33.64. The lowest was -3.63. And the median was -2.47.

Fulgent Genetics Beneish M-Score Historical Data

The historical data trend for Fulgent Genetics'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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Fulgent Genetics Beneish M-Score Chart

Fulgent Genetics Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.74

9.17

-1.35

-3.53

-2.39

Fulgent Genetics Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-3.10	-2.52	-2.39	-2.42	-2.36

Competitive Comparison of Fulgent Genetics's Beneish M-Score

For the Diagnostics & Research subindustry, Fulgent Genetics'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.

Fulgent Genetics's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Fulgent Genetics's Beneish M-Score distribution charts can be found below:

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

Fulgent Genetics 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 Fulgent Genetics 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 * 1.9736

0.528 * 0.8243

0.404 * 1.1008

0.892 * 0.8694

0.115 * 1.4147

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.014

4.679 * -0.060979

0.327 * 1.4483

-2.14

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was MXN1,167 Mil.
Revenue was 1301.24 + 1070.21 + 1196.769 + 1475.154 = MXN5,043 Mil.
Gross Profit was 485.318 + 366.844 + 428.243 + 694.039 = MXN1,974 Mil.
Total Current Assets was MXN7,312 Mil.
Total Assets was MXN22,575 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,711 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN446 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,252 Mil.
Total Current Liabilities was MXN1,388 Mil.
Long-Term Debt & Capital Lease Obligation was MXN177 Mil.
Net Income was -159.568 + -223.419 + -2175.233 + -228.309 = MXN-2,787 Mil.
Non Operating Income was 0 + 0 + -2040.882 + 0 = MXN-2,041 Mil.
Cash Flow from Operations was 78.502 + 120.588 + 253.476 + 178.37 = MXN631 Mil.

Total Receivables was MXN680 Mil.
Revenue was 1163.265 + 1192.678 + 1319.957 + 2125.25 = MXN5,801 Mil.
Gross Profit was 352.684 + 339.068 + 253.195 + 927.201 = MXN1,872 Mil.
Total Current Assets was MXN9,057 Mil.
Total Assets was MXN23,223 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,501 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN621 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,555 Mil.
Total Current Liabilities was MXN1,111 Mil.
Long-Term Debt & Capital Lease Obligation was MXN0 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)
	=	(1167.265 / 5043.373)	/	(680.321 / 5801.15)
	=	0.231445	/	0.117273
	=	1.9736

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)
	=	(1872.148 / 5801.15)	/	(1974.444 / 5043.373)
	=	0.32272	/	0.391493
	=	0.8243

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 - (7311.626 + 1710.511) / 22574.745)	/	(1 - (9056.934 + 1501.051) / 23222.733)
	=	0.600344	/	0.54536
	=	1.1008

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
	=	5043.373	/	5801.15
	=	0.8694

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))
	=	(620.835 / (620.835 + 1501.051))	/	(446.01 / (446.01 + 1710.511))
	=	0.292586	/	0.206819
	=	1.4147

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)
	=	(2252.181 / 5043.373)	/	(2554.926 / 5801.15)
	=	0.446562	/	0.440417
	=	1.014

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)
	=	((176.752 + 1387.766) / 22574.745)	/	((0 + 1111.25) / 23222.733)
	=	0.069304	/	0.047852
	=	1.4483

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
	=	(-2786.529 - -2040.882	-	630.936)	/	22574.745
	=	-0.060979

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.

Fulgent Genetics has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.

Fulgent Genetics Beneish M-Score Related Terms

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Fulgent Genetics Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Diagnostics & Research » Fulgent Genetics Inc (MEX:FLGT) » Definitions » Beneish M-Score

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FLGT:USA 7F0:Germany

Address

4978 Santa Anita Avenue, Temple City, CA, USA, 91780

Website

https://www.fulgentgenetics.com

Fulgent Genetics Inc is a technology company that focuses on genetic testing to provide physicians with clinically actionable diagnostic information. Genetic testing offers the possibility of early identification of a disease or a genetic predisposition to disease and enhanced disease treatment and prognosis. Fulgent's product portfolio includes Genes & Panels, Known Mutation, Genomic Testing, Hereditary Cancer, Carrier Screening, Tumor Profiling, and Sequencing Service. Its customers are categorized as Insurance; Institutional, which includes hospitals, medical institutions, laboratories, governmental bodies, municipalities, and large corporations; and Patients. The geographical segments are the United States, which generates the vast majority of the revenue; and Foreign.