Ultragenyx Pharmaceutical Beneish M-Score Historical Data
The historical data trend for Ultragenyx Pharmaceutical'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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Ultragenyx Pharmaceutical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.21 |
-2.25 |
-2.19 |
-3.22 |
-2.20 |
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Ultragenyx Pharmaceutical Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.22 |
-3.21 |
-2.81 |
-1.92 |
-2.20 |
Competitive Comparison
For the Biotechnology subindustry, Ultragenyx Pharmaceutical'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.
Ultragenyx Pharmaceutical Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Ultragenyx Pharmaceutical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultragenyx Pharmaceutical's Beneish M-Score falls into.
Ultragenyx Pharmaceutical 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 Ultragenyx Pharmaceutical 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 * 1.5182 | + | 0.528 * 1.0292 | + | 0.404 * 1.2079 | + | 0.892 * 1.1952 | + | 0.115 * 0.798 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9319 | + | 4.679 * -0.088459 | - | 0.327 * 1.1471 |
| = | -2.20 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $73.4 Mil.
Revenue was 127.392 + 98.052 + 108.309 + 100.496 = $434.2 Mil.
Gross Profit was 115.341 + 87.065 + 98.395 + 88.239 = $389.0 Mil.
Total Current Assets was $732.2 Mil.
Total Assets was $1,491.0 Mil.
Property, Plant and Equipment(Net PPE) was $290.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.0 Mil.
Selling, General, & Admin. Expense(SGA) was $309.8 Mil.
Total Current Liabilities was $280.4 Mil.
Long-Term Debt & Capital Lease Obligation was $30.6 Mil.
Net Income was -123.19 + -159.649 + -159.828 + -163.972 = $-606.6 Mil.
Non Operating Income was 3.932 + -2.118 + -1.728 + -0.026 = $0.1 Mil.
Cash Flow from Operations was -83.904 + -117.874 + -116.161 + -156.867 = $-474.8 Mil.
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Total Receivables was $40.4 Mil.
Revenue was 103.348 + 90.703 + 89.343 + 79.935 = $363.3 Mil.
Gross Profit was 98.029 + 82.072 + 81.073 + 73.835 = $335.0 Mil.
Total Current Assets was $883.9 Mil.
Total Assets was $1,545.4 Mil.
Property, Plant and Equipment(Net PPE) was $259.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.2 Mil.
Selling, General, & Admin. Expense(SGA) was $278.1 Mil.
Total Current Liabilities was $261.2 Mil.
Long-Term Debt & Capital Lease Obligation was $19.8 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) |
| = | (73.39 / 434.249) | / | (40.445 / 363.329) |
| = | 0.169004 | / | 0.111318 |
| | = | 1.5182 |
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) |
| = | (335.009 / 363.329) | / | (389.04 / 434.249) |
| = | 0.922054 | / | 0.895892 |
| | = | 1.0292 |
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 - (732.184 + 290.566) / 1491.013) | / | (1 - (883.899 + 259.726) / 1545.444) |
| = | 0.314057 | / | 0.260002 |
| | = | 1.2079 |
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 |
| = | 434.249 | / | 363.329 |
| | = | 1.1952 |
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)) |
| = | (18.22 / (18.22 + 259.726)) | / | (26.006 / (26.006 + 290.566)) |
| = | 0.065552 | / | 0.082149 |
| | = | 0.798 |
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) |
| = | (309.799 / 434.249) | / | (278.139 / 363.329) |
| = | 0.713413 | / | 0.765529 |
| | = | 0.9319 |
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) |
| = | ((30.574 + 280.437) / 1491.013) | / | ((19.814 + 261.21) / 1545.444) |
| = | 0.20859 | / | 0.18184 |
| | = | 1.1471 |
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 |
| = | (-606.639 - 0.06 | - | -474.806) | / | 1491.013 |
| | = | -0.088459 |
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.
Ultragenyx Pharmaceutical has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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