Kolon TissueGene Beneish M-Score Historical Data
The historical data trend for Kolon TissueGene'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.
Kolon TissueGene Beneish M-Score Chart
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Kolon TissueGene Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.01 |
-3.76 |
2.42 |
-0.29 |
4.21 |
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Kolon TissueGene Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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4.02 |
4.21 |
5.86 |
0.86 |
-0.71 |
Competitive Comparison of Kolon TissueGene's Beneish M-Score
For the Biotechnology subindustry, Kolon TissueGene'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.
Kolon TissueGene's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Kolon TissueGene's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kolon TissueGene's Beneish M-Score falls into.
Kolon TissueGene 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 Kolon TissueGene 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 * 0.7525 | + | 0.528 * 5.5623 | + | 0.404 * 1.467 | + | 0.892 * 0.7204 | + | 0.115 * 1.624 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6458 | + | 4.679 * -0.029965 | - | 0.327 * 1.5108 |
| = | -0.71 |
* 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 ₩596 Mil.
Revenue was 2098.277 + 958.81 + 1212.676 + 772.203 = ₩5,042 Mil.
Gross Profit was 207.756 + 99.878 + 160.039 + 70.556 = ₩538 Mil.
Total Current Assets was ₩32,201 Mil.
Total Assets was ₩192,873 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,075 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩770 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,753 Mil.
Total Current Liabilities was ₩39,022 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,978 Mil.
Net Income was -5861.125 + -5276.465 + -3783.214 + -3894.336 = ₩-18,815 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4941.759 + -5760.325 + -5109.741 + 2776.04 = ₩-13,036 Mil.
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Total Receivables was ₩1,100 Mil.
Revenue was 1750.7 + 661.441 + 509.108 + 4077.889 = ₩6,999 Mil.
Gross Profit was 186.947 + 74.93 + 78.934 + 3815.085 = ₩4,156 Mil.
Total Current Assets was ₩58,637 Mil.
Total Assets was ₩146,233 Mil.
Property, Plant and Equipment(Net PPE) was ₩7,694 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,720 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,070 Mil.
Total Current Liabilities was ₩16,031 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,051 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) |
| = | (596.264 / 5041.966) | / | (1099.888 / 6999.138) |
| = | 0.11826 | / | 0.157146 |
| | = | 0.7525 |
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) |
| = | (4155.896 / 6999.138) | / | (538.229 / 5041.966) |
| = | 0.593773 | / | 0.10675 |
| | = | 5.5623 |
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 - (32201.09 + 6075.455) / 192872.644) | / | (1 - (58637.067 + 7694.484) / 146233.256) |
| = | 0.801545 | / | 0.546399 |
| | = | 1.467 |
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 |
| = | 5041.966 | / | 6999.138 |
| | = | 0.7204 |
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)) |
| = | (1719.682 / (1719.682 + 7694.484)) | / | (769.978 / (769.978 + 6075.455)) |
| = | 0.18267 | / | 0.112481 |
| | = | 1.624 |
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) |
| = | (10753.396 / 5041.966) | / | (9069.902 / 6999.138) |
| = | 2.132778 | / | 1.29586 |
| | = | 1.6458 |
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) |
| = | ((4978.423 + 39022.218) / 192872.644) | / | ((6051.167 + 16030.961) / 146233.256) |
| = | 0.228133 | / | 0.151006 |
| | = | 1.5108 |
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 |
| = | (-18815.14 - 0 | - | -13035.785) | / | 192872.644 |
| | = | -0.029965 |
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.
Kolon TissueGene has a M-score of -0.71 signals that the company is likely to be a manipulator.
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