Geninus Beneish M-Score Historical Data
The historical data trend for Geninus'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.
Geninus Beneish M-Score Chart
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Geninus Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
4.82 |
0.65 |
|
Geninus Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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|
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0.69 |
-0.54 |
-2.43 |
0.65 |
-13.64 |
Competitive Comparison of Geninus's Beneish M-Score
For the Biotechnology subindustry, Geninus'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.
Geninus's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Geninus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Geninus's Beneish M-Score falls into.
Geninus 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 Geninus 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 * 1.6568 | + | 0.528 * -19.4301 | + | 0.404 * 1.529 | + | 0.892 * 0.6213 | + | 0.115 * 1.2321 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.591 | + | 4.679 * 0.001086 | - | 0.327 * 3.3915 |
| = | -13.64 |
* 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 ₩3,917 Mil.
Revenue was 1758.781 + 1709.37 + 1463.512 + 1899.738 = ₩6,831 Mil.
Gross Profit was 42.012 + -661.691 + 12.466 + 588.308 = ₩-19 Mil.
Total Current Assets was ₩25,720 Mil.
Total Assets was ₩40,890 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,803 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,273 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,154 Mil.
Total Current Liabilities was ₩8,044 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,072 Mil.
Net Income was -2804.79 + -3352.345 + -2581.16 + -1400.288 = ₩-10,139 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4259.281 + -594.052 + -2400.799 + -2928.869 = ₩-10,183 Mil.
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Total Receivables was ₩3,805 Mil.
Revenue was 1894.572 + 1665.419 + 6015.695 + 1419.456 = ₩10,995 Mil.
Gross Profit was 144.123 + -1276.059 + 1529.664 + 193.406 = ₩591 Mil.
Total Current Assets was ₩35,039 Mil.
Total Assets was ₩44,016 Mil.
Property, Plant and Equipment(Net PPE) was ₩8,015 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,691 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,226 Mil.
Total Current Liabilities was ₩2,702 Mil.
Long-Term Debt & Capital Lease Obligation was ₩191 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) |
| = | (3916.855 / 6831.401) | / | (3805.051 / 10995.142) |
| = | 0.57336 | / | 0.346067 |
| | = | 1.6568 |
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) |
| = | (591.134 / 10995.142) | / | (-18.905 / 6831.401) |
| = | 0.053763 | / | -0.002767 |
| | = | -19.4301 |
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 - (25720.204 + 13802.691) / 40889.549) | / | (1 - (35038.668 + 8015.265) / 44016.066) |
| = | 0.033423 | / | 0.021859 |
| | = | 1.529 |
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 |
| = | 6831.401 | / | 10995.142 |
| | = | 0.6213 |
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)) |
| = | (1690.57 / (1690.57 + 8015.265)) | / | (2272.523 / (2272.523 + 13802.691)) |
| = | 0.174181 | / | 0.141368 |
| | = | 1.2321 |
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) |
| = | (6154.052 / 6831.401) | / | (6225.535 / 10995.142) |
| = | 0.900848 | / | 0.566208 |
| | = | 1.591 |
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) |
| = | ((1071.636 + 8043.595) / 40889.549) | / | ((191.3 + 2701.869) / 44016.066) |
| = | 0.222923 | / | 0.06573 |
| | = | 3.3915 |
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 |
| = | (-10138.583 - 0 | - | -10183.001) | / | 40889.549 |
| | = | 0.001086 |
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.
Geninus has a M-score of -13.64 suggests that the company is unlikely to be a manipulator.
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