Market Cap : 3.67 B | Enterprise Value : 2.55 B | PE Ratio : | PB Ratio : 3.26 |
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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 4 years, the highest Beneish M-Score of Turning Point Therapeutics was 0.00. The lowest was 0.00. And the median was 0.00.
* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.
* The bar in red indicates where Turning Point Therapeutics'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 Turning Point Therapeutics 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 * | |||||||
= |
* All numbers are in millions except for per share data and ratio. All numbers 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 + 25 + 0 + 0 = $25.00 Mil. Gross Profit was 0 + 25 + 0 + 0 = $25.00 Mil. Total Current Assets was $1,130.68 Mil. Total Assets was $1,136.71 Mil. Property, Plant and Equipment(Net PPE) was $5.96 Mil. Depreciation, Depletion and Amortization(DDA) was $2.39 Mil. Selling, General, & Admin. Expense(SGA) was $73.43 Mil. Total Current Liabilities was $24.39 Mil. Long-Term Debt & Capital Lease Obligation was $2.42 Mil. Net Income was -47.376 + -17.705 + -31.493 + -60.718 = $-157.29 Mil. Non Operating Income was 0.563 + 0.834 + 1.239 + 1.908 = $4.54 Mil. Cash Flow from Operations was -33.373 + 1.742 + -23.296 + -27.866 = $-82.79 Mil. |
Accounts Receivable was $ Mil. Revenue was 0 + 0 + 0 + 0 = $ Mil. Gross Profit was + + + = $ Mil. Total Current Assets was $ Mil. Total Assets was $ Mil. Property, Plant and Equipment(Net PPE) was $ Mil. Depreciation, Depletion and Amortization(DDA) was $ Mil. Selling, General, & Admin. Expense(SGA) was $ Mil. Total Current Liabilities was $ Mil. Long-Term Debt & Capital Lease Obligation was $ 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 / 25) | / | ( / 0) | |
= | 0 | / | ||
= |
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) | |
= | ( / 0) | / | (25 / 25) | |
= | / | 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 - (1130.679 + 5.961) / 1136.713) | / | (1 - ( + 7.182) / ) | |
= | 6.422E-5 | / | ||
= |
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 | |
= | 25 | / | 0 | |
= |
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)) |
= | (1.579 / (1.579 + 7.182)) | / | (2.393 / (2.393 + 5.961)) | |
= | / | 0.2864496 | ||
= |
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) |
= | (73.425 / 25) | / | ( / 0) | |
= | 2.937 | / | ||
= |
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) |
= | ((2.423 + 24.392) / 1136.713) | / | (( + ) / ) | |
= | 0.02358995 | / | ||
= |
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 | |
= | (-157.292 - 4.544 | - | -82.793) | / | 1136.713 | |
= | -0.0695 |
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.
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