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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.
Warning Sign:
Beneish M-Score -0.57 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for SenesTech's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of SenesTech was 0.79. The lowest was -6.07. And the median was -2.50.
The historical data trend for SenesTech'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.
SenesTech Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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- | - | - | -2.67 | -2.50 |
SenesTech Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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- | -2.50 | -0.63 | 0.79 | -0.57 |
For the Specialty Chemicals subindustry, SenesTech'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 Chemicals industry and Basic Materials sector, SenesTech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SenesTech'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 SenesTech 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 * 1.8662 | + | 0.528 * 0.8777 | + | 0.404 * 2.292 | + | 0.892 * 1.3816 | + | 0.115 * 0.8041 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.636 | + | 4.679 * 0.031917 | - | 0.327 * 0.6239 | |||||||
= | -0.57 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $0.21 Mil. Revenue was 0.482 + 0.459 + 0.415 + 0.295 = $1.65 Mil. Gross Profit was 0.315 + 0.249 + 0.135 + 0.129 = $0.83 Mil. Total Current Assets was $3.97 Mil. Total Assets was $4.45 Mil. Property, Plant and Equipment(Net PPE) was $0.42 Mil. Depreciation, Depletion and Amortization(DDA) was $0.15 Mil. Selling, General, & Admin. Expense(SGA) was $6.16 Mil. Total Current Liabilities was $0.63 Mil. Long-Term Debt & Capital Lease Obligation was $0.17 Mil. Net Income was -1.513 + -1.584 + -1.832 + -1.733 = $-6.66 Mil. Non Operating Income was 0.029 + 0.001 + 0 + 0 = $0.03 Mil. Cash Flow from Operations was -1.399 + -1.587 + -1.829 + -2.019 = $-6.83 Mil. |
Total Receivables was $0.08 Mil. Revenue was 0.36 + 0.305 + 0.233 + 0.297 = $1.20 Mil. Gross Profit was 0.176 + 0.142 + 0.092 + 0.116 = $0.53 Mil. Total Current Assets was $3.32 Mil. Total Assets was $3.87 Mil. Property, Plant and Equipment(Net PPE) was $0.53 Mil. Depreciation, Depletion and Amortization(DDA) was $0.14 Mil. Selling, General, & Admin. Expense(SGA) was $7.01 Mil. Total Current Liabilities was $1.03 Mil. Long-Term Debt & Capital Lease Obligation was $0.08 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) |
= | (0.214 / 1.651) | / | (0.083 / 1.195) | |
= | 0.129618 | / | 0.069456 | |
= | 1.8662 |
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) | |
= | (0.526 / 1.195) | / | (0.828 / 1.651) | |
= | 0.440167 | / | 0.501514 | |
= | 0.8777 |
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 - (3.972 + 0.419) / 4.449) | / | (1 - (3.316 + 0.53) / 3.868) | |
= | 0.013037 | / | 0.005688 | |
= | 2.292 |
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 | |
= | 1.651 | / | 1.195 | |
= | 1.3816 |
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)) |
= | (0.139 / (0.139 + 0.53)) | / | (0.146 / (0.146 + 0.419)) | |
= | 0.207773 | / | 0.258407 | |
= | 0.8041 |
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) |
= | (6.16 / 1.651) | / | (7.01 / 1.195) | |
= | 3.731072 | / | 5.866109 | |
= | 0.636 |
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) |
= | ((0.17 + 0.628) / 4.449) | / | ((0.078 + 1.034) / 3.868) | |
= | 0.179366 | / | 0.287487 | |
= | 0.6239 |
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 | |
= | (-6.662 - 0.03 | - | -6.834) | / | 4.449 | |
= | 0.031917 |
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.
SenesTech has a M-score of -0.57 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of SenesTech's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joel Lee Fruendt | director, officer: Chief Executive Officer | C/O SENESTECH, INC., 23460 N. 19TH AVE., STE 110, PHOENIX AZ 85027 |
Grandinetti Phillip Nicholas Iii | director | 23460 N. 19TH AVE SUITE 110, PHOENIX AZ 85027 |
Kathleen Claire Kavanagh | director | 23460 N. 19TH AVE SUITE 110, PHOENIX AZ 85027 |
Jamie Bechtel Morrison | director | 3140 N. CADEN COURT SUITE 1, FLAGSTAFF AZ 86004 |
Jacob Steven Leach | director | 6340 SEQUENCE DRIVE, SAN DIEGO CA 92121 |
Delphine Francois Chiavarini | director | 3140 N. CADEN COURT SUITE 1, FLAGSTAFF AZ 86004 |
Kenneth S Siegel | director, officer: Chief Executive Officer | 40 STARWOOD HOTELS & RESORTS, 111 WESTCHESTER AVE, WHITE PLAINS NY 10604 |
Nicole C Williams | officer: Chief Strategy Officer | 23460 N 19TH AVE SUITE 110, PHOENIX AZ 85027 |
Steven C. Krause | officer: EVP, Sales and Marketing | 23460 N. 19TH AVE STE 110, PHOENIX AZ 85027 |
Loretta Powers Mayer | director, 10 percent owner, officer: CEO & Chief Scientific Officer | C/O SENESTECH, INC., 3140 N. CADEN COURT, SUITE 1, FLAGSTAFF AZ 86004 |
Cheryl Ann Dyer | director, 10 percent owner, officer: Pres. & Chief Research Officer | C/O SENESTECH, INC., 3140 N. CADEN COURT, SUITE 1, FLAGSTAFF AZ 86004 |
Edward Albe | officer: SVP of Commercialization | 3140 N. CADEN COURT SUITE 1, FLAGSTAFF AZ 96004 |
Julia Ann Williams | director | C/O SENESTECH, INC., 3140 N. CADEN COURT, SUITE 1, FLAGSTAFF AZ 86004 |
Andrew Altman | officer: Chief Operating Officer | C/O SENESTECH, INC., 3140 N. CADEN COURT, SUITE 1, FLAGSTAFF AZ 86004 |
Grover T Wickersham | director, officer: Vice Chairman | 430 CAMBRIDGE AVENUE, SUITE 100, PALO ALTO CA 94306 |
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