Novavax Beneish M-Score Historical Data
The historical data trend for Novavax'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.
Novavax Beneish M-Score Chart
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Novavax Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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23.24 |
-0.30 |
3.62 |
4.47 |
-3.79 |
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Novavax Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.45 |
-4.61 |
-3.33 |
-3.79 |
0.31 |
Competitive Comparison of Novavax's Beneish M-Score
For the Biotechnology subindustry, Novavax'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.
Novavax's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Novavax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Novavax's Beneish M-Score falls into.
Novavax 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 Novavax 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 * 1.3604 | + | 0.528 * 0.6151 | + | 0.404 * 0.9095 | + | 0.892 * 1.5303 | + | 0.115 * 0.6446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4401 | + | 4.679 * 0.440153 | - | 0.327 * 0.6575 |
| = | 0.31 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $45 Mil.
Revenue was 626.334 + 88.311 + 84.512 + 415.484 = $1,215 Mil.
Gross Profit was 612.219 + 51.642 + 23.893 + 369.242 = $1,057 Mil.
Total Current Assets was $868 Mil.
Total Assets was $1,293 Mil.
Property, Plant and Equipment(Net PPE) was $291 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $298 Mil.
Total Current Liabilities was $422 Mil.
Long-Term Debt & Capital Lease Obligation was $223 Mil.
Net Income was 518.646 + -81.03 + -121.3 + 162.381 = $479 Mil.
Non Operating Income was 10.056 + 65.084 + 15.922 + 7.731 = $99 Mil.
Cash Flow from Operations was -185.502 + -173.163 + -144.814 + 314.269 = $-189 Mil.
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Total Receivables was $21 Mil.
Revenue was 93.855 + 253.399 + 22.064 + 424.426 = $794 Mil.
Gross Profit was 34.646 + 98.423 + -76.865 + 368.649 = $425 Mil.
Total Current Assets was $727 Mil.
Total Assets was $1,354 Mil.
Property, Plant and Equipment(Net PPE) was $472 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $443 Mil.
Total Current Liabilities was $804 Mil.
Long-Term Debt & Capital Lease Obligation was $223 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) |
| = | (44.51 / 1214.641) | / | (21.38 / 793.744) |
| = | 0.036645 | / | 0.026936 |
| | = | 1.3604 |
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) |
| = | (424.853 / 793.744) | / | (1056.996 / 1214.641) |
| = | 0.535252 | / | 0.870213 |
| | = | 0.6151 |
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 - (868.028 + 291.033) / 1292.992) | / | (1 - (727.12 + 472.268) / 1353.534) |
| = | 0.103582 | / | 0.113884 |
| | = | 0.9095 |
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 |
| = | 1214.641 | / | 793.744 |
| | = | 1.5303 |
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)) |
| = | (44.329 / (44.329 + 472.268)) | / | (44.689 / (44.689 + 291.033)) |
| = | 0.08581 | / | 0.133113 |
| | = | 0.6446 |
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) |
| = | (298.477 / 1214.641) | / | (443.212 / 793.744) |
| = | 0.245733 | / | 0.558382 |
| | = | 0.4401 |
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) |
| = | ((223.181 + 422.17) / 1292.992) | / | ((223.041 + 804.382) / 1353.534) |
| = | 0.499114 | / | 0.759067 |
| | = | 0.6575 |
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 |
| = | (478.697 - 98.793 | - | -189.21) | / | 1292.992 |
| | = | 0.440153 |
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.
Novavax has a M-score of 0.31 signals that the company is likely to be a manipulator.
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