MorphoSys AG (XSWX:MOR) Beneish M-Score : -3.19 (As of May. 11, 2024)

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What is MorphoSys AG Beneish M-Score?

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 -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSWX:MOR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -1.97 Max: 0.38
Current: -3.19

During the past 13 years, the highest Beneish M-Score of MorphoSys AG was 0.38. The lowest was -3.19. And the median was -1.97.

MorphoSys AG Beneish M-Score Historical Data

The historical data trend for MorphoSys AG'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.

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MorphoSys AG Beneish M-Score Chart

MorphoSys AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

0.38

-1.36

-1.97

-3.19

MorphoSys AG 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															-1.97	-1.82	-1.78	-2.05	-3.19

Competitive Comparison of MorphoSys AG's Beneish M-Score

For the Biotechnology subindustry, MorphoSys AG'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.

MorphoSys AG's Beneish M-Score Distribution in the Biotechnology Industry

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

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

MorphoSys AG 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 MorphoSys AG for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.4346

0.528 * 1.0914

0.404 * 1.1268

0.892 * 0.8348

0.115 * 0.3323

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1923

4.679 * -0.006445

0.327 * 1.0843

-3.22

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was CHF40.2 Mil.
Revenue was 55.715 + 61.253 + 51.863 + 61.751 = CHF230.6 Mil.
Gross Profit was 41.895 + 46.756 + 44.351 + 40.957 = CHF174.0 Mil.
Total Current Assets was CHF767.7 Mil.
Total Assets was CHF1,911.0 Mil.
Property, Plant and Equipment(Net PPE) was CHF14.1 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF5.6 Mil.
Selling, General, & Admin. Expense(SGA) was CHF90.4 Mil.
Total Current Liabilities was CHF249.3 Mil.
Long-Term Debt & Capital Lease Obligation was CHF586.5 Mil.
Net Income was 45.518 + -114.826 + -72.156 + -44.028 = CHF-185.5 Mil.
Non Operating Income was 24.334 + -2.496 + 0.113 + -1.657 = CHF20.3 Mil.
Cash Flow from Operations was 0 + 0 + -122.882 + -70.588 = CHF-193.5 Mil.

Total Receivables was CHF110.9 Mil.
Revenue was 80.594 + 92.223 + 60.963 + 42.443 = CHF276.2 Mil.
Gross Profit was 65.278 + 84.513 + 43.28 + 34.365 = CHF227.4 Mil.
Total Current Assets was CHF1,074.7 Mil.
Total Assets was CHF2,365.4 Mil.
Property, Plant and Equipment(Net PPE) was CHF50.3 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF5.3 Mil.
Selling, General, & Admin. Expense(SGA) was CHF90.9 Mil.
Total Current Liabilities was CHF274.7 Mil.
Long-Term Debt & Capital Lease Obligation was CHF679.4 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)
	=	(40.227 / 230.582)	/	(110.878 / 276.223)
	=	0.174459	/	0.401408
	=	0.4346

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)
	=	(227.436 / 276.223)	/	(173.959 / 230.582)
	=	0.823378	/	0.754434
	=	1.0914

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 - (767.684 + 14.138) / 1910.964)	/	(1 - (1074.736 + 50.318) / 2365.447)
	=	0.590876	/	0.52438
	=	1.1268

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
	=	230.582	/	276.223
	=	0.8348

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))
	=	(5.27 / (5.27 + 50.318))	/	(5.644 / (5.644 + 14.138))
	=	0.094805	/	0.28531
	=	0.3323

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)
	=	(90.422 / 230.582)	/	(90.853 / 276.223)
	=	0.392147	/	0.328912
	=	1.1923

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)
	=	((586.482 + 249.265) / 1910.964)	/	((679.414 + 274.69) / 2365.447)
	=	0.437343	/	0.40335
	=	1.0843

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
	=	(-185.492 - 20.294	-	-193.47)	/	1910.964
	=	-0.006445

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.

MorphoSys AG has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.

MorphoSys AG Beneish M-Score Related Terms

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MorphoSys AG (XSWX:MOR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » MorphoSys AG (XSWX:MOR) » Definitions » Beneish M-Score

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Traded in Other Exchanges

MPSYF:USA MOR:USA 1MOR:Italy MORd:UK 0NDV:UK MOR:Germany MOR:Austria

Address

Semmelweisstrasse 7, Planegg, BY, DEU, 82152

Website

https://www.morphosys.com

MorphoSys AG is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapies for people living with cancer and autoimmune diseases. MorphoSys is advancing its own pipeline of new drug candidates and has created antibodies that are developed by partners in different areas of unmet medical need. Tremfya (guselkumab) - developed by Janssen Research & Development, LLC and marketed by Janssen Biotech, Inc. for the treatment of plaque psoriasis - became the first drug based on MorphoSys antibody technology to receive regulatory approval. The U.S. Food and Drug Administration granted accelerated approval of the company's proprietary product Monjuvi (tafasitamab-cxix) in combination with lenalidomide for patients with a certain type of lymphoma.