Ensol Biosciences Beneish M-Score Historical Data
The historical data trend for Ensol Biosciences'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.
Ensol Biosciences Beneish M-Score Chart
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Ensol Biosciences Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-6.48 |
-2.95 |
-0.38 |
-3.17 |
-4.77 |
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Ensol Biosciences Semi-Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-6.48 |
-2.95 |
-0.38 |
-3.17 |
-4.77 |
Competitive Comparison of Ensol Biosciences's Beneish M-Score
For the Biotechnology subindustry, Ensol Biosciences'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.
Ensol Biosciences's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Ensol Biosciences's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ensol Biosciences's Beneish M-Score falls into.
Ensol Biosciences 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 Ensol Biosciences 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 * 0.0414 | + | 0.528 * 0.7386 | + | 0.404 * 2.6214 | + | 0.892 * 8.1261 | + | 0.115 * 0.9474 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.0706 | + | 4.679 * -1.68649 | - | 0.327 * 2.6798 |
| = | -4.77 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩32 Mil.
Revenue was ₩1,435 Mil.
Gross Profit was ₩1,423 Mil.
Total Current Assets was ₩3,008 Mil.
Total Assets was ₩7,555 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,873 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩542 Mil.
Selling, General, & Admin. Expense(SGA) was ₩605 Mil.
Total Current Liabilities was ₩27,497 Mil.
Long-Term Debt & Capital Lease Obligation was ₩155 Mil.
Net Income was ₩-17,734 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩-4,993 Mil.
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Total Receivables was ₩94 Mil.
Revenue was ₩177 Mil.
Gross Profit was ₩129 Mil.
Total Current Assets was ₩4,746 Mil.
Total Assets was ₩9,395 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,329 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩570 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,054 Mil.
Total Current Liabilities was ₩12,575 Mil.
Long-Term Debt & Capital Lease Obligation was ₩256 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) |
| = | (31.513 / 1434.621) | / | (93.601 / 176.545) |
| = | 0.021966 | / | 0.530182 |
| | = | 0.0414 |
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) |
| = | (129.316 / 176.545) | / | (1422.646 / 1434.621) |
| = | 0.732482 | / | 0.991653 |
| | = | 0.7386 |
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 - (3007.78 + 3873.023) / 7554.726) | / | (1 - (4745.769 + 4329.114) / 9394.57) |
| = | 0.089205 | / | 0.034029 |
| | = | 2.6214 |
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 |
| = | 1434.621 | / | 176.545 |
| | = | 8.1261 |
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)) |
| = | (569.747 / (569.747 + 4329.114)) | / | (541.964 / (541.964 + 3873.023)) |
| = | 0.116302 | / | 0.122756 |
| | = | 0.9474 |
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) |
| = | (604.828 / 1434.621) | / | (1053.628 / 176.545) |
| = | 0.421594 | / | 5.968042 |
| | = | 0.0706 |
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) |
| = | ((154.699 + 27497.368) / 7554.726) | / | ((256.442 + 12575.31) / 9394.57) |
| = | 3.660234 | / | 1.365869 |
| | = | 2.6798 |
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 |
| = | (-17733.605 - 0 | - | -4992.636) | / | 7554.726 |
| | = | -1.68649 |
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.
Ensol Biosciences has a M-score of -4.77 suggests that the company is unlikely to be a manipulator.
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