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Xencor (Xencor) Beneish M-Score

: -3.50 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Xencor's Beneish M-Score or its related term are showing as below:

XNCR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.16   Med: -1.32   Max: 46.26
Current: -3.5

During the past 13 years, the highest Beneish M-Score of Xencor was 46.26. The lowest was -4.16. And the median was -1.32.


Xencor Beneish M-Score Historical Data

The historical data trend for Xencor'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.

* Premium members only.

Xencor Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.80 -3.32 2.61 -4.16 -3.50

Xencor Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.16 -5.12 -3.97 -1.76 -3.50

Competitive Comparison

For the Biotechnology subindustry, Xencor'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.


Xencor Beneish M-Score Distribution

For the Biotechnology industry and Healthcare sector, Xencor's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Xencor's Beneish M-Score falls into.



Xencor 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 Xencor 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 * 0.3807+0.528 * 1+0.404 * 2.6356+0.892 * 1.0228+0.115 * 0.8341
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0989+4.679 * -0.221238-0.327 * 1.1845
=-3.50

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $11.3 Mil.
Revenue was 44.689 + 59.164 + 45.523 + 18.962 = $168.3 Mil.
Gross Profit was 44.689 + 59.164 + 45.523 + 18.962 = $168.3 Mil.
Total Current Assets was $623.2 Mil.
Total Assets was $952.7 Mil.
Property, Plant and Equipment(Net PPE) was $100.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.5 Mil.
Selling, General, & Admin. Expense(SGA) was $53.4 Mil.
Total Current Liabilities was $84.7 Mil.
Long-Term Debt & Capital Lease Obligation was $73.7 Mil.
Net Income was -19.101 + -24.269 + -21.954 + -60.763 = $-126.1 Mil.
Non Operating Income was 14.602 + -11.017 + 0.279 + -4.29 = $-0.4 Mil.
Cash Flow from Operations was 181.206 + -27.281 + -38.2 + -30.614 = $85.1 Mil.
Total Receivables was $29.0 Mil.
Revenue was 21.61 + 27.299 + 30.175 + 85.495 = $164.6 Mil.
Gross Profit was 21.61 + 27.299 + 30.175 + 85.495 = $164.6 Mil.
Total Current Assets was $675.3 Mil.
Total Assets was $846.3 Mil.
Property, Plant and Equipment(Net PPE) was $93.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.8 Mil.
Selling, General, & Admin. Expense(SGA) was $47.5 Mil.
Total Current Liabilities was $63.8 Mil.
Long-Term Debt & Capital Lease Obligation was $54.9 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)
=(11.29 / 168.338) / (28.997 / 164.579)
=0.067067 / 0.176189
=0.3807

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)
=(164.579 / 164.579) / (168.338 / 168.338)
=1 / 1
=1

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 - (623.16 + 100.119) / 952.692) / (1 - (675.342 + 93.602) / 846.266)
=0.240805 / 0.091368
=2.6356

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
=168.338 / 164.579
=1.0228

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))
=(8.799 / (8.799 + 93.602)) / (11.498 / (11.498 + 100.119))
=0.085927 / 0.103013
=0.8341

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)
=(53.379 / 168.338) / (47.489 / 164.579)
=0.317094 / 0.288548
=1.0989

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)
=((73.667 + 84.709) / 952.692) / ((54.926 + 63.844) / 846.266)
=0.166241 / 0.140346
=1.1845

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
=(-126.087 - -0.426 - 85.111) / 952.692
=-0.221238

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.

Xencor has a M-score of -3.50 suggests that the company is unlikely to be a manipulator.


Xencor (Xencor) Business Description

Traded in Other Exchanges
Address
111 West Lemon Avenue, Monrovia, CA, USA, 91016
Xencor Inc is a clinical-stage biopharmaceutical company based in the United States. It focuses on discovering and developing engineered monoclonal antibody and other protein therapeutics to treat severe and life-threatening diseases with unmet medical needs. The company uses its XmAb technology platform to create antibody product candidates such as XmAb5871 and XmAb7195. It also has a few pre-clinical stage candidates in its portfolio such as XmAb14045 and XmAb13676. It earns its revenue from research and development collaborations and licenses of its internally developed drug candidates.
Executives
Bassil I Dahiyat director, officer: PRESIDENT & CEO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Barbara Klencke director C/O SIERRA ONCOLOGY, INC., 1820 GATEWAY DRIVE, SUITE 110, SAN MATEO CA 94404
Allen Yang officer: SR. VICE PRESIDENT & CMO C/O XENCOR INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Celia Eckert officer: VP, GENERAL COUNSEL C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
John R Desjarlais officer: SR. VICE PRESIDENT & CSO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
John J Kuch officer: SR. VICE PRESIDENT & CFO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Nancy Valente director C/O MYOVANT SCIENCES INC., 2000 SIERRA POINT PARKWAY, 9TH FLOOR, BRISBANE CA 94005
Richard J Ranieri director 3005 FIRST AVE, SEATTLE WA 98121
Ellen Feigal director C/O XENCOR INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Yujiro S Hata director C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Dagmar Rosa-bjorkeson director C/O BAXALTA INCORPORATED, 1200 LAKESIDE DRIVE, BANNOCKBURN IL 60015
Alan Bruce Montgomery director 1111 MAIN STREET, SUITE 660, VANCOUVER WA 98660
Kevin Charles Gorman director 12790 EL CAMINO REAL, SAN DIEGO CA 92130
Kurt A Gustafson director 11388 SORRENTO VALLEY ROAD, SAN DIEGO CA 92121
Stafford John S Iii 10 percent owner 230 SOUTH LASALLE STREET 400, CHICAGO IL 60604

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