Pharos IBio Co Beneish M-Score Historical Data
The historical data trend for Pharos IBio Co'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.
Pharos IBio Co Beneish M-Score Chart
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Pharos IBio Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-6.32 |
- |
- |
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Pharos IBio Co Quarterly Data
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Mar22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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Competitive Comparison of Pharos IBio Co's Beneish M-Score
For the Biotechnology subindustry, Pharos IBio Co'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.
Pharos IBio Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Pharos IBio Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pharos IBio Co's Beneish M-Score falls into.
Pharos IBio Co 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 Pharos IBio Co 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 ₩157.26 Mil.
Revenue was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Total Current Assets was ₩17,813.13 Mil.
Total Assets was ₩21,016.56 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,970.72 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩784.54 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,179.56 Mil.
Total Current Liabilities was ₩607.45 Mil.
Long-Term Debt & Capital Lease Obligation was ₩48.78 Mil.
Net Income was -2537.571 + -2844.126 + -3004.999 + -2326.338 = ₩-10,713.03 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Cash Flow from Operations was -1765.612 + -2680.179 + -3319.875 + -821.887 = ₩-8,587.55 Mil.
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Total Receivables was ₩290.15 Mil.
Revenue was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = ₩0.00 Mil.
Total Current Assets was ₩28,537.22 Mil.
Total Assets was ₩31,860.74 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,977.57 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩641.16 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,141.90 Mil.
Total Current Liabilities was ₩1,070.73 Mil.
Long-Term Debt & Capital Lease Obligation was ₩172.49 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) |
| = | (157.26 / 0) | / | (290.146 / 0) |
| = | | / | |
| | = | |
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 / 0) | / | (0 / 0) |
| = | | / | |
| | = | |
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 - (17813.125 + 2970.717) / 21016.561) | / | (1 - (28537.219 + 2977.57) / 31860.738) |
| = | 0.011073 | / | 0.010858 |
| | = | |
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 | / | 0 |
| | = | |
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)) |
| = | (641.162 / (641.162 + 2977.57)) | / | (784.538 / (784.538 + 2970.717)) |
| = | 0.177179 | / | 0.208917 |
| | = | |
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) |
| = | (1179.559 / 0) | / | (1141.903 / 0) |
| = | | / | |
| | = | |
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) |
| = | ((48.779 + 607.45) / 21016.561) | / | ((172.485 + 1070.734) / 31860.738) |
| = | 0.031224 | / | 0.03902 |
| | = | |
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 |
| = | (-10713.034 - 0 | - | -8587.553) | / | 21016.561 |
| | = | -0.101134 |
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.
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