JCL Bioassay Beneish M-Score Historical Data
The historical data trend for JCL Bioassay'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.
JCL Bioassay Beneish M-Score Chart
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JCL Bioassay Annual Data
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Trend |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
| Beneish M-Score |
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- |
- |
-1.47 |
-2.37 |
-2.22 |
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JCL Bioassay Quarterly Data
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Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
| Beneish M-Score |
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-1.78 |
-2.25 |
-2.22 |
-2.63 |
-3.12 |
Competitive Comparison of JCL Bioassay's Beneish M-Score
For the Biotechnology subindustry, JCL Bioassay'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.
JCL Bioassay's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, JCL Bioassay's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JCL Bioassay's Beneish M-Score falls into.
JCL Bioassay 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 JCL Bioassay 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 * 0.738 | + | 0.528 * 0.875 | + | 0.404 * 0.4971 | + | 0.892 * 1.0644 | + | 0.115 * 1.0004 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7308 | + | 4.679 * -0.062084 | - | 0.327 * 0.8298 |
| = | -3.12 |
* 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 (Sep14) TTM: | Last Year (Sep13) TTM: |
Total Receivables was 円309 Mil.
Revenue was 613.487 + 390.846 + 676.625 + 559.87 = 円2,241 Mil.
Gross Profit was 189.295 + 44.292 + 200.684 + 163.896 = 円598 Mil.
Total Current Assets was 円1,770 Mil.
Total Assets was 円3,426 Mil.
Property, Plant and Equipment(Net PPE) was 円1,491 Mil.
Depreciation, Depletion and Amortization(DDA) was 円383 Mil.
Selling, General, & Admin. Expense(SGA) was 円149 Mil.
Total Current Liabilities was 円1,002 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,012 Mil.
Net Income was 142.043 + -102.586 + 6.488 + 103.45 = 円149 Mil.
Non Operating Income was 115.34 + -25.907 + -5.181 + 104.482 = 円189 Mil.
Cash Flow from Operations was 173.38 + 0 + 0 + 0 = 円173 Mil.
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Total Receivables was 円394 Mil.
Revenue was 565.735 + 405.153 + 557.35 + 577.013 = 円2,105 Mil.
Gross Profit was 117.384 + 94.736 + 79.146 + 200.45 = 円492 Mil.
Total Current Assets was 円1,684 Mil.
Total Assets was 円3,617 Mil.
Property, Plant and Equipment(Net PPE) was 円1,583 Mil.
Depreciation, Depletion and Amortization(DDA) was 円407 Mil.
Selling, General, & Admin. Expense(SGA) was 円191 Mil.
Total Current Liabilities was 円1,409 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,153 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) |
| = | (309.164 / 2240.828) | / | (393.599 / 2105.251) |
| = | 0.137969 | / | 0.186961 |
| | = | 0.738 |
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) |
| = | (491.716 / 2105.251) | / | (598.167 / 2240.828) |
| = | 0.233566 | / | 0.26694 |
| | = | 0.875 |
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 - (1770.497 + 1490.886) / 3426.325) | / | (1 - (1683.636 + 1583.042) / 3616.913) |
| = | 0.04814 | / | 0.096833 |
| | = | 0.4971 |
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 |
| = | 2240.828 | / | 2105.251 |
| | = | 1.0644 |
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)) |
| = | (407.262 / (407.262 + 1583.042)) | / | (383.358 / (383.358 + 1490.886)) |
| = | 0.204623 | / | 0.20454 |
| | = | 1.0004 |
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) |
| = | (148.848 / 2240.828) | / | (191.358 / 2105.251) |
| = | 0.066425 | / | 0.090896 |
| | = | 0.7308 |
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) |
| = | ((1011.941 + 1001.702) / 3426.325) | / | ((1152.966 + 1408.644) / 3616.913) |
| = | 0.587698 | / | 0.708231 |
| | = | 0.8298 |
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 |
| = | (149.395 - 188.734 | - | 173.38) | / | 3426.325 |
| | = | -0.062084 |
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.
JCL Bioassay has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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