Market Cap : 1.74 B | Enterprise Value : 1.85 B | P/E (TTM) : | P/B : 26.21 |
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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.
Good Sign:
Beneish M-Score -5.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
During the past 9 years, the highest Beneish M-Score of Precigen was 38.62. The lowest was -5.59. And the median was -2.78.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
* The bar in red indicates where Precigen's Beneish M-Score falls into.
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 Precigen 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 * 0.9956 | + | 0.528 * 1.0304 | + | 0.404 * 0.7513 | + | 0.892 * 0.938 | + | 0.115 * 0.6138 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1541 | + | 4.679 * -0.4723 | - | 0.327 * 1.448 | |||||||
= | -5.05 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Sep20) TTM: | Last Year (Sep19) TTM: |
Accounts Receivable was $19.1 Mil. Revenue was 23.583 + 30.424 + 29.838 + 17.002 = $100.8 Mil. Gross Profit was 10.396 + 15.513 + 16.213 + 1.591 = $43.7 Mil. Total Current Assets was $151.1 Mil. Total Assets was $336.2 Mil. Property, Plant and Equipment(Net PPE) was $58.4 Mil. Depreciation, Depletion and Amortization(DDA) was $19.9 Mil. Selling, General, & Admin. Expense(SGA) was $92.4 Mil. Total Current Liabilities was $30.7 Mil. Long-Term Debt & Capital Lease Obligation was $214.1 Mil. Net Income was -29.508 + -43.354 + -55.998 + -169.215 = $-298.1 Mil. Non Operating Income was -1.433 + -22.221 + -0.287 + -22.662 = $-46.6 Mil. Cash Flow from Operations was -19.004 + -13.805 + -27.743 + -32.142 = $-92.7 Mil. |
Accounts Receivable was $20.4 Mil. Revenue was 18.299 + 32.836 + 22.585 + 33.789 = $107.5 Mil. Gross Profit was 3.843 + 16.116 + 7.771 + 20.286 = $48.0 Mil. Total Current Assets was $157.3 Mil. Total Assets was $604.9 Mil. Property, Plant and Equipment(Net PPE) was $144.3 Mil. Depreciation, Depletion and Amortization(DDA) was $26.6 Mil. Selling, General, & Admin. Expense(SGA) was $85.4 Mil. Total Current Liabilities was $82.0 Mil. Long-Term Debt & Capital Lease Obligation was $222.2 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) |
= | (19.063 / 100.847) | / | (20.413 / 107.509) | |
= | 0.18902893 | / | 0.18987248 | |
= | 0.9956 |
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) | |
= | (48.016 / 107.509) | / | (43.713 / 100.847) | |
= | 0.44662307 | / | 0.43345861 | |
= | 1.0304 |
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 - (151.116 + 58.448) / 336.186) | / | (1 - (157.332 + 144.322) / 604.905) | |
= | 0.37664269 | / | 0.50132004 | |
= | 0.7513 |
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 | |
= | 100.847 | / | 107.509 | |
= | 0.938 |
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)) |
= | (26.639 / (26.639 + 144.322)) | / | (19.886 / (19.886 + 58.448)) | |
= | 0.15581916 | / | 0.25386167 | |
= | 0.6138 |
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) |
= | (92.415 / 100.847) | / | (85.365 / 107.509) | |
= | 0.91638819 | / | 0.79402655 | |
= | 1.1541 |
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) |
= | ((214.124 + 30.661) / 336.186) | / | ((222.216 + 81.955) / 604.905) | |
= | 0.72812372 | / | 0.50284094 | |
= | 1.448 |
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 | |
= | (-298.075 - -46.603 | - | -92.694) | / | 336.186 | |
= | -0.4723 |
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.
Precigen has a M-score of -5.05 suggests that the company is unlikely to be a manipulator.
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