Mirati Therapeutics Beneish M-Score Historical Data
The historical data trend for Mirati 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.
Mirati Therapeutics Beneish M-Score Chart
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Mirati Therapeutics Annual Data
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Dec13 |
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| Beneish M-Score |
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- |
-0.27 |
0.36 |
-0.01 |
1.52 |
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Mirati Therapeutics Quarterly Data
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Dec18 |
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Sep23 |
| Beneish M-Score |
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5.47 |
1.52 |
4.94 |
-1.13 |
-0.97 |
Competitive Comparison of Mirati Therapeutics's Beneish M-Score
For the Biotechnology subindustry, Mirati 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.
Mirati Therapeutics's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Mirati Therapeutics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mirati Therapeutics's Beneish M-Score falls into.
Mirati 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 Mirati 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 * 0.6841 | + | 0.528 * 1.1298 | + | 0.404 * 2.1379 | + | 0.892 * 3.2363 | + | 0.115 * 0.6027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4243 | + | 4.679 * -0.151392 | - | 0.327 * 1.2108 |
| = | -0.97 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $20.13 Mil.
Revenue was 16.4 + 13.69 + 7.167 + 0.934 = $38.19 Mil.
Gross Profit was 14.713 + 12.407 + 6.35 + 0.334 = $33.80 Mil.
Total Current Assets was $1,036.08 Mil.
Total Assets was $1,129.71 Mil.
Property, Plant and Equipment(Net PPE) was $51.11 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.19 Mil.
Selling, General, & Admin. Expense(SGA) was $291.80 Mil.
Total Current Liabilities was $137.38 Mil.
Long-Term Debt & Capital Lease Obligation was $42.20 Mil.
Net Income was -161.904 + -176.913 + -184.586 + -202.475 = $-725.88 Mil.
Non Operating Income was 10.15 + 10.357 + 9.237 + 9.502 = $39.25 Mil.
Cash Flow from Operations was -143.713 + -131.4 + -190.182 + -128.8 = $-594.10 Mil.
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Total Receivables was $9.09 Mil.
Revenue was 5.431 + 5.362 + 0.709 + 0.299 = $11.80 Mil.
Gross Profit was 5.431 + 5.362 + 0.709 + 0.299 = $11.80 Mil.
Total Current Assets was $1,225.78 Mil.
Total Assets was $1,303.08 Mil.
Property, Plant and Equipment(Net PPE) was $54.36 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.60 Mil.
Selling, General, & Admin. Expense(SGA) was $212.51 Mil.
Total Current Liabilities was $126.99 Mil.
Long-Term Debt & Capital Lease Obligation was $44.09 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) |
| = | (20.129 / 38.191) | / | (9.092 / 11.801) |
| = | 0.527061 | / | 0.770443 |
| | = | 0.6841 |
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) |
| = | (11.801 / 11.801) | / | (33.804 / 38.191) |
| = | 1 | / | 0.88513 |
| | = | 1.1298 |
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 - (1036.08 + 51.112) / 1129.708) | / | (1 - (1225.784 + 54.36) / 1303.084) |
| = | 0.037635 | / | 0.017604 |
| | = | 2.1379 |
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 |
| = | 38.191 | / | 11.801 |
| | = | 3.2363 |
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)) |
| = | (2.6 / (2.6 + 54.36)) | / | (4.188 / (4.188 + 51.112)) |
| = | 0.045646 | / | 0.075732 |
| | = | 0.6027 |
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) |
| = | (291.802 / 38.191) | / | (212.512 / 11.801) |
| = | 7.640596 | / | 18.007965 |
| | = | 0.4243 |
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) |
| = | ((42.203 + 137.379) / 1129.708) | / | ((44.093 + 126.986) / 1303.084) |
| = | 0.158963 | / | 0.131288 |
| | = | 1.2108 |
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 |
| = | (-725.878 - 39.246 | - | -594.095) | / | 1129.708 |
| | = | -0.151392 |
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.
Mirati Therapeutics has a M-score of -0.97 signals that the company is likely to be a manipulator.
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