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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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MannKind's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of MannKind was 36.94. The lowest was -10.79. And the median was -2.18.
The historical data trend for MannKind'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.
MannKind Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 10.60 | -2.80 | 0.14 | -1.10 | -2.55 |
MannKind Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.25 | -2.11 | -2.79 | -2.55 | -2.61 |
For the Biotechnology subindustry, MannKind'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.
For the Biotechnology industry and Healthcare sector, MannKind's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MannKind's Beneish M-Score falls into.
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 MannKind 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 * 0.5774 | + | 0.528 * 0.7207 | + | 0.404 * 0.4388 | + | 0.892 * 1.7492 | + | 0.115 * 1.6197 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.5606 | + | 4.679 * -0.065364 | - | 0.327 * 0.6176 | |||||||
= | -2.61 |
* 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 $19.9 Mil. Revenue was 66.263 + 58.472 + 51.253 + 48.611 = $224.6 Mil. Gross Profit was 47.665 + 40.405 + 36.999 + 34.374 = $159.4 Mil. Total Current Assets was $383.1 Mil. Total Assets was $480.9 Mil. Property, Plant and Equipment(Net PPE) was $83.6 Mil. Depreciation, Depletion and Amortization(DDA) was $6.1 Mil. Selling, General, & Admin. Expense(SGA) was $92.8 Mil. Total Current Liabilities was $99.9 Mil. Long-Term Debt & Capital Lease Obligation was $247.8 Mil. Net Income was 10.63 + 1.401 + 1.721 + -5.265 = $8.5 Mil. Non Operating Income was 1.399 + -4.042 + 2.383 + 0.538 = $0.3 Mil. Cash Flow from Operations was 6.703 + 21.678 + 8.664 + 2.596 = $39.6 Mil. |
Total Receivables was $19.7 Mil. Revenue was 40.626 + 36.059 + 32.825 + 18.894 = $128.4 Mil. Gross Profit was 24.413 + 19.935 + 15.365 + 5.979 = $65.7 Mil. Total Current Assets was $223.3 Mil. Total Assets was $298.1 Mil. Property, Plant and Equipment(Net PPE) was $54.8 Mil. Depreciation, Depletion and Amortization(DDA) was $6.8 Mil. Selling, General, & Admin. Expense(SGA) was $94.6 Mil. Total Current Liabilities was $81.9 Mil. Long-Term Debt & Capital Lease Obligation was $267.2 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) |
= | (19.912 / 224.599) | / | (19.714 / 128.404) | |
= | 0.088656 | / | 0.153531 | |
= | 0.5774 |
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) | |
= | (65.692 / 128.404) | / | (159.443 / 224.599) | |
= | 0.511604 | / | 0.709901 | |
= | 0.7207 |
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 - (383.102 + 83.62) / 480.879) | / | (1 - (223.299 + 54.837) / 298.137) | |
= | 0.02944 | / | 0.067087 | |
= | 0.4388 |
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 | |
= | 224.599 | / | 128.404 | |
= | 1.7492 |
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)) |
= | (6.82 / (6.82 + 54.837)) | / | (6.129 / (6.129 + 83.62)) | |
= | 0.110612 | / | 0.06829 | |
= | 1.6197 |
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) |
= | (92.791 / 224.599) | / | (94.628 / 128.404) | |
= | 0.413141 | / | 0.736955 | |
= | 0.5606 |
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) |
= | ((247.793 + 99.896) / 480.879) | / | ((267.173 + 81.853) / 298.137) | |
= | 0.723028 | / | 1.17069 | |
= | 0.6176 |
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 | |
= | (8.487 - 0.278 | - | 39.641) | / | 480.879 | |
= | -0.065364 |
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.
MannKind has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of MannKind's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael Castagna | officer: Chief Commercial Officer | 25134 RYE CANYON LOOP, SUITE 300, VALENCIA CA 91355 |
David Thomson | officer: VP & Assoc General Counsel | 28903 NORTH AVENUE PAINE, VALENCIA CA 91355 |
Steven B. Binder | officer: Chief Financial Officer | 30930 RUSSELL RANCH ROAD, SUITE 300, WESTLAKE VILLAGE CA 91362 |
Burkhard Blank | officer: EVP Chief Medical Officer | C/O ACORDA THERAPEUTICS, 420 SAW MILL RIVER ROAD, ARDSLEY NY 10502 |
Lauren M Sabella | officer: EVP Chief Operating Officer | C/O ACORDA THERAPEUTICS, 420 SAW MILL RIVER ROAD, ARDSLEY NY 10502 |
Sanjay R Singh | officer: EVP Technical Operations | 1 CASPER STREET, DANBURY CT 06810 |
Alejandro Galindo | officer: Chief Commercial Officer | 30930 RUSSELL RANCH RD, STE 300, WESTLAKE VILLAGE CA 91362 |
Stuart A Tross | officer: Corp VP, Chief People Officer | ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320-1799 |
Anthony C Hooper | director | AMGEN INC., ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320-1799 |
Jennifer Grancio | director | 30930 RUSSELL RANCH ROAD SUITE 300, WESTLAKE VILLAGE CA 91362 |
Christine Mundkur | director | |
Sabrina Kay | director | 30930 RUSSELL RANCH ROAD, SUITE 300, WESTLAKE VILLAGE CA 91362 |
David M Kendall | officer: Chief Medical Officer | 30930 RUSSELL RANCH ROAD, WESTLAKE VILLAGE CA 91362 |
Patrick Mccauley | officer: Chief Commercial Officer | 30930 RUSSELL RANCH ROAD, SUITE 300, WESTLAKE VILLAGE CA 91362 |
Barton Courtney | officer: Chief Compliance Officer | 30930 RUSSELL RANCH ROAD, WESTLAKE VILLAGE CA 91362 |
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