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Forma Therapeutics Holdings Beneish M-Score

: 0.00 (As of Today)
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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.

During the past 3 years, the highest Beneish M-Score of Forma Therapeutics Holdings was 0.00. The lowest was 0.00. And the median was 0.00.


Forma Therapeutics Holdings Beneish M-Score Historical Data

* 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.

Forma Therapeutics Holdings Annual Data
Dec18 Dec19 Dec20
Beneish M-Score 0.00 0.00 0.00

Forma Therapeutics Holdings Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Competitive Comparison
* 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.


Forma Therapeutics Holdings Beneish M-Score Distribution

* The bar in red indicates where Forma Therapeutics Holdings's Beneish M-Score falls into.



Forma Therapeutics Holdings 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 Forma Therapeutics Holdings 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec20) TTM:Last Year (Dec19) TTM:
Accounts Receivable was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $654.45 Mil.
Total Assets was $680.97 Mil.
Property, Plant and Equipment(Net PPE) was $1.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.28 Mil.
Selling, General, & Admin. Expense(SGA) was $30.78 Mil.
Total Current Liabilities was $31.70 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -28.588 + -27.616 + -25.44 + 11.23 = $-70.41 Mil.
Non Operating Income was 0.007 + -0.052 + -2.58 + 23.247 = $20.62 Mil.
Cash Flow from Operations was -12.319 + -26.274 + -23.406 + -33.419 = $-95.42 Mil.
Accounts Receivable was $0.23 Mil.
Revenue was 7.444 + 3.377 + 17.727 + 72.009 = $100.56 Mil.
Gross Profit was 7.444 + 3.377 + 17.727 + 72.009 = $100.56 Mil.
Total Current Assets was $177.31 Mil.
Total Assets was $183.04 Mil.
Property, Plant and Equipment(Net PPE) was $5.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.67 Mil.
Selling, General, & Admin. Expense(SGA) was $24.40 Mil.
Total Current Liabilities was $24.87 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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 / 0) / (0.227 / 100.557)
= / 0.00225743
=

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)
=(100.557 / 100.557) / (0 / 0)
=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 - (654.447 + 1.52) / 680.971) / (1 - (177.313 + 5.102) / 183.035)
=0.03671816 / 0.00338733
=

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 / 100.557
=

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))
=(2.668 / (2.668 + 5.102)) / (1.276 / (1.276 + 1.52))
=0.34337194 / 0.45636624
=

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)
=(30.782 / 0) / (24.402 / 100.557)
= / 0.24266834
=

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)
=((0 + 31.7) / 680.971) / ((0 + 24.868) / 183.035)
=0.04655117 / 0.13586473
=

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
=(-70.414 - 20.622 - -95.418) / 680.971
=0.0064

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.


Forma Therapeutics Holdings Beneish M-Score Headlines

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