Halozyme Therapeutics Beneish M-Score Historical Data
The historical data trend for Halozyme Therapeutics'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.
Halozyme Therapeutics Beneish M-Score Chart
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Halozyme Therapeutics Annual Data
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-1.56 |
-1.21 |
0.31 |
-0.63 |
-2.82 |
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Halozyme Therapeutics Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-0.63 |
-1.16 |
-2.48 |
-2.84 |
-2.82 |
Competitive Comparison of Halozyme Therapeutics's Beneish M-Score
For the Biotechnology subindustry, Halozyme Therapeutics'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.
Halozyme Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Halozyme Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Halozyme Therapeutics's Beneish M-Score falls into.
Halozyme Therapeutics 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 Halozyme Therapeutics 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 * 0.8068 | + | 0.528 * 1.0273 | + | 0.404 * 0.9434 | + | 0.892 * 1.2562 | + | 0.115 * 0.7466 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8274 | + | 4.679 * -0.078749 | - | 0.327 * 1.0547 |
| = | -2.82 |
* 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 $234.2 Mil.
Revenue was 230.039 + 216.033 + 221.038 + 162.143 = $829.3 Mil.
Gross Profit was 177.741 + 161.21 + 170.968 + 126.973 = $636.9 Mil.
Total Current Assets was $746.4 Mil.
Total Assets was $1,733.3 Mil.
Property, Plant and Equipment(Net PPE) was $74.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $84.9 Mil.
Selling, General, & Admin. Expense(SGA) was $149.2 Mil.
Total Current Liabilities was $112.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,499.2 Mil.
Net Income was 85.388 + 81.837 + 74.754 + 39.615 = $281.6 Mil.
Non Operating Income was 5.36 + 17.986 + 3.192 + 2.979 = $29.5 Mil.
Cash Flow from Operations was 102.354 + 132.411 + 66.842 + 86.964 = $388.6 Mil.
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Total Receivables was $231.1 Mil.
Revenue was 181.496 + 208.976 + 152.365 + 117.279 = $660.1 Mil.
Gross Profit was 139.376 + 161.657 + 118.422 + 101.357 = $520.8 Mil.
Total Current Assets was $739.0 Mil.
Total Assets was $1,841.5 Mil.
Property, Plant and Equipment(Net PPE) was $75.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.6 Mil.
Selling, General, & Admin. Expense(SGA) was $143.5 Mil.
Total Current Liabilities was $130.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,492.8 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) |
| = | (234.21 / 829.253) | / | (231.072 / 660.116) |
| = | 0.282435 | / | 0.350048 |
| | = | 0.8068 |
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) |
| = | (520.812 / 660.116) | / | (636.892 / 829.253) |
| = | 0.78897 | / | 0.768031 |
| | = | 1.0273 |
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 - (746.424 + 74.944) / 1733.27) | / | (1 - (739.013 + 75.57) / 1841.511) |
| = | 0.526117 | / | 0.557655 |
| | = | 0.9434 |
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 |
| = | 829.253 | / | 660.116 |
| | = | 1.2562 |
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)) |
| = | (49.641 / (49.641 + 75.57)) | / | (84.856 / (84.856 + 74.944)) |
| = | 0.396459 | / | 0.531014 |
| | = | 0.7466 |
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) |
| = | (149.182 / 829.253) | / | (143.526 / 660.116) |
| = | 0.179899 | / | 0.217425 |
| | = | 0.8274 |
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) |
| = | ((1499.248 + 112.494) / 1733.27) | / | ((1492.766 + 130.789) / 1841.511) |
| = | 0.929885 | / | 0.881643 |
| | = | 1.0547 |
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 |
| = | (281.594 - 29.517 | - | 388.571) | / | 1733.27 |
| | = | -0.078749 |
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.
Halozyme Therapeutics has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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