Genexine Beneish M-Score Historical Data
The historical data trend for Genexine'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.
Genexine Beneish M-Score Chart
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Genexine Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.55 |
-0.88 |
-2.91 |
7.45 |
2.65 |
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Genexine Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.97 |
-1.17 |
-0.48 |
2.65 |
-10.95 |
Competitive Comparison of Genexine's Beneish M-Score
For the Biotechnology subindustry, Genexine'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.
Genexine's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Genexine's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genexine's Beneish M-Score falls into.
Genexine 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 Genexine 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 * 0.4101 | + | 0.528 * -13.299 | + | 0.404 * 1.0634 | + | 0.892 * 0.965 | + | 0.115 * 1.0176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5762 | + | 4.679 * -0.056107 | - | 0.327 * 1.0282 |
| = | -10.95 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩5,689 Mil.
Revenue was 2073.219 + 1534.602 + 368.517 + 1831.591 = ₩5,808 Mil.
Gross Profit was -272.93 + 98.578 + -150.922 + 205.033 = ₩-120 Mil.
Total Current Assets was ₩66,655 Mil.
Total Assets was ₩365,387 Mil.
Property, Plant and Equipment(Net PPE) was ₩115,254 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,049 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,007 Mil.
Total Current Liabilities was ₩51,787 Mil.
Long-Term Debt & Capital Lease Obligation was ₩23,018 Mil.
Net Income was -11565.599 + 2589.67 + -20935.222 + -24614.174 = ₩-54,525 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -5015.951 + -10237.681 + -2959.174 + -15811.654 = ₩-34,024 Mil.
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Total Receivables was ₩14,374 Mil.
Revenue was 691.917 + 2308.133 + 2392.43 + 626.109 = ₩6,019 Mil.
Gross Profit was 234.795 + 532.793 + 478.865 + 410.647 = ₩1,657 Mil.
Total Current Assets was ₩122,046 Mil.
Total Assets was ₩439,855 Mil.
Property, Plant and Equipment(Net PPE) was ₩110,114 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,912 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,606 Mil.
Total Current Liabilities was ₩69,921 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,660 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) |
| = | (5688.734 / 5807.929) | / | (14374.296 / 6018.589) |
| = | 0.979477 | / | 2.388317 |
| | = | 0.4101 |
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) |
| = | (1657.1 / 6018.589) | / | (-120.241 / 5807.929) |
| = | 0.27533 | / | -0.020703 |
| | = | -13.299 |
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 - (66654.559 + 115253.567) / 365386.798) | / | (1 - (122046.41 + 110113.631) / 439855.166) |
| = | 0.502149 | / | 0.47219 |
| | = | 1.0634 |
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 |
| = | 5807.929 | / | 6018.589 |
| | = | 0.965 |
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)) |
| = | (4912.224 / (4912.224 + 110113.631)) | / | (5048.791 / (5048.791 + 115253.567)) |
| = | 0.042705 | / | 0.041968 |
| | = | 1.0176 |
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) |
| = | (7006.534 / 5807.929) | / | (4606.404 / 6018.589) |
| = | 1.206374 | / | 0.765363 |
| | = | 1.5762 |
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) |
| = | ((23017.696 + 51787.033) / 365386.798) | / | ((17659.967 + 69920.559) / 439855.166) |
| = | 0.204728 | / | 0.199112 |
| | = | 1.0282 |
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 |
| = | (-54525.325 - 0 | - | -34024.46) | / | 365386.798 |
| | = | -0.056107 |
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.
Genexine has a M-score of -10.95 suggests that the company is unlikely to be a manipulator.
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