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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.
The historical rank and industry rank for Generex Biotechnology's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Generex Biotechnology was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Generex Biotechnology'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.
Generex Biotechnology Annual Data | |||||||||||||||||||||
Trend | Jul11 | Jul12 | Jul13 | Jul14 | Jul15 | Jul16 | Jul17 | Jul18 | Jul19 | Jul20 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -331.16 | -0.83 | 85.83 | 3.49 | 3.37 |
Generex Biotechnology Quarterly Data | ||||||||||||||||||||
Jul16 | Oct16 | Jan17 | Apr17 | Jul17 | Oct17 | Jan18 | Apr18 | Jul18 | Oct18 | Jan19 | Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | |
Beneish M-Score | Get a 7-Day Free Trial | -6.02 | 3.37 | -4.72 | -6.51 | -7.15 |
For the Biotechnology subindustry, Generex Biotechnology'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.
For the Biotechnology industry and Healthcare sector, Generex Biotechnology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Generex Biotechnology'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 Generex Biotechnology 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 * 1.0711 | + | 0.528 * 1.6582 | + | 0.404 * 0.9874 | + | 0.892 * 0.3419 | + | 0.115 * 0.7309 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 5.1281 | + | 4.679 * -0.743919 | - | 0.327 * 1.8162 | |||||||
= | -7.15 |
* 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 (Apr21) TTM: | Last Year (Apr20) TTM: |
Total Receivables was $0.05 Mil. Revenue was 0.021 + 0 + 0.088 + 0.584 = $0.69 Mil. Gross Profit was -0.045 + -0.105 + 0.065 + 0.419 = $0.33 Mil. Total Current Assets was $2.47 Mil. Total Assets was $45.92 Mil. Property, Plant and Equipment(Net PPE) was $0.27 Mil. Depreciation, Depletion and Amortization(DDA) was $1.16 Mil. Selling, General, & Admin. Expense(SGA) was $29.88 Mil. Total Current Liabilities was $64.07 Mil. Long-Term Debt & Capital Lease Obligation was $0.65 Mil. Net Income was 9.223 + -24.081 + -10.731 + -11.673 = $-37.26 Mil. Non Operating Income was 15.53 + -15.243 + 4.143 + -5.156 = $-0.73 Mil. Cash Flow from Operations was 0.577 + -0.98 + -1.336 + -0.634 = $-2.37 Mil. |
Total Receivables was $0.14 Mil. Revenue was 0.499 + 0.857 + 0.722 + -0.051 = $2.03 Mil. Gross Profit was 0.382 + 0.692 + 0.588 + -0.042 = $1.62 Mil. Total Current Assets was $2.09 Mil. Total Assets was $51.90 Mil. Property, Plant and Equipment(Net PPE) was $0.38 Mil. Depreciation, Depletion and Amortization(DDA) was $0.56 Mil. Selling, General, & Admin. Expense(SGA) was $17.04 Mil. Total Current Liabilities was $39.71 Mil. Long-Term Debt & Capital Lease Obligation was $0.56 Mil. |
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) |
= | (0.052 / 0.693) | / | (0.142 / 2.027) | |
= | 0.075036 | / | 0.070054 | |
= | 1.0711 |
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) | |
= | (1.62 / 2.027) | / | (0.334 / 0.693) | |
= | 0.799211 | / | 0.481962 | |
= | 1.6582 |
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 - (2.469 + 0.273) / 45.923) | / | (1 - (2.093 + 0.384) / 51.895) | |
= | 0.940291 | / | 0.952269 | |
= | 0.9874 |
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 | |
= | 0.693 | / | 2.027 | |
= | 0.3419 |
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)) |
= | (0.557 / (0.557 + 0.384)) | / | (1.163 / (1.163 + 0.273)) | |
= | 0.591923 | / | 0.809889 | |
= | 0.7309 |
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) |
= | (29.875 / 0.693) | / | (17.04 / 2.027) | |
= | 43.109668 | / | 8.406512 | |
= | 5.1281 |
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) |
= | ((0.654 + 64.074) / 45.923) | / | ((0.56 + 39.713) / 51.895) | |
= | 1.40949 | / | 0.776048 | |
= | 1.8162 |
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 | |
= | (-37.262 - -0.726 | - | -2.373) | / | 45.923 | |
= | -0.743919 |
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.
Generex Biotechnology has a M-score of -7.15 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Generex Biotechnology's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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