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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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Seagen's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Seagen was 1.71. The lowest was -3.56. And the median was -2.34.
The historical data trend for Seagen'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.
Seagen Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.42 | -2.26 | -1.86 | -2.50 | -2.61 |
Seagen Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.23 | -2.61 | -2.75 | -2.67 | -2.75 |
For the Biotechnology subindustry, Seagen'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, Seagen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seagen'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 Seagen 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 * 1.0514 | + | 0.528 * 1.0499 | + | 0.404 * 1.0219 | + | 0.892 * 1.234 | + | 0.115 * 1.5017 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9557 | + | 4.679 * -0.072012 | - | 0.327 * 1.3767 | |||||||
= | -2.58 |
* 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 $632 Mil. Revenue was 648.65 + 603.832 + 519.719 + 528.15 = $2,300 Mil. Gross Profit was 483.396 + 423.079 + 407.943 + 419.94 = $1,734 Mil. Total Current Assets was $2,552 Mil. Total Assets was $3,634 Mil. Property, Plant and Equipment(Net PPE) was $488 Mil. Depreciation, Depletion and Amortization(DDA) was $87 Mil. Selling, General, & Admin. Expense(SGA) was $962 Mil. Total Current Liabilities was $955 Mil. Long-Term Debt & Capital Lease Obligation was $113 Mil. Net Income was -215.789 + -211.528 + -174.737 + -148.171 = $-750 Mil. Non Operating Income was 14.978 + 12.084 + 14.4 + 10.176 = $52 Mil. Cash Flow from Operations was -35.823 + -175.245 + -249.643 + -79.44 = $-540 Mil. |
Total Receivables was $487 Mil. Revenue was 510.3 + 497.502 + 426.46 + 429.851 = $1,864 Mil. Gross Profit was 402.178 + 391.402 + 338.834 + 343.161 = $1,476 Mil. Total Current Assets was $2,760 Mil. Total Assets was $3,619 Mil. Property, Plant and Equipment(Net PPE) was $280 Mil. Depreciation, Depletion and Amortization(DDA) was $83 Mil. Selling, General, & Admin. Expense(SGA) was $816 Mil. Total Current Liabilities was $726 Mil. Long-Term Debt & Capital Lease Obligation was $47 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) |
= | (631.555 / 2300.351) | / | (486.755 / 1864.113) | |
= | 0.274547 | / | 0.261119 | |
= | 1.0514 |
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) | |
= | (1475.575 / 1864.113) | / | (1734.358 / 2300.351) | |
= | 0.79157 | / | 0.753954 | |
= | 1.0499 |
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 - (2551.593 + 487.662) / 3634.261) | / | (1 - (2759.619 + 279.61) / 3619.078) | |
= | 0.163721 | / | 0.16022 | |
= | 1.0219 |
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 | |
= | 2300.351 | / | 1864.113 | |
= | 1.234 |
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)) |
= | (82.765 / (82.765 + 279.61)) | / | (87.47 / (87.47 + 487.662)) | |
= | 0.228396 | / | 0.152087 | |
= | 1.5017 |
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) |
= | (962.161 / 2300.351) | / | (815.799 / 1864.113) | |
= | 0.418267 | / | 0.437634 | |
= | 0.9557 |
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) |
= | ((113.487 + 954.716) / 3634.261) | / | ((46.703 + 725.998) / 3619.078) | |
= | 0.293926 | / | 0.213508 | |
= | 1.3767 |
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 | |
= | (-750.225 - 51.638 | - | -540.151) | / | 3634.261 | |
= | -0.072012 |
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.
Seagen has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Seagen's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
David R Epstein | director, officer: Chief Executive Officer | INTERNATIONAL FLAVORS & FRAGRANCES INC., 521 W. 57TH STREET, NEW YORK NY 10019 |
Vaughn B Himes | officer: See Remarks | C/O SEATTLE GENETICS, INC., 21823 30TH DRIVE SE, BOTHELL WA 98021 |
Charles R Romp | officer: EVP, Commercial | 21823 30TH DRIVE SE, BOTHELL WA 98021 |
Roger D Dansey | officer: See Remarks | 21823 30TH DRIVE SE, BOTHELL WA 98021 |
Jean I Liu | officer: GC & EVP, Legal Affairs | 21823 30TH DRIVE SE, BOTHELL WA 98021 |
Todd E Simpson | officer: Chief Financial Officer | |
Daniel G Welch | director | 4611 UNIVERSITY DR, 4 UNIVERSITY PLACE, DURHAM NC 27707 |
David W Gryska | director | 749 N MARY AVE, SUNNYVALE CA 94085 |
Sandra M Swain | director | 21823 30TH DRIVE SE, BOTHELL WA 98021 |
Ted W Love | director | C/O GLOBAL BLOOD THERAPEUTICS, INC., 400 EAST JAMIE COURT, SUITE 101, SOUTH SAN FRANCISCO CA 94080 |
Clay B Siegall | director, officer: President and CEO | 21823 30TH DR SE, BOTHELL WA 98021 |
Baker Bros. Advisors Lp | director, 10 percent owner | 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK NY 10014 |
Felix Baker | director, 10 percent owner | BAKER BROS. ADVISORS LP, 860 WASHINGTON STREET 3RD FLOOR, NEW YORK NY 10014 |
Julian Baker | director, 10 percent owner | BAKER BROS. ADVISORS LP, 860 WASHINGTON STREET 3RD FLOOR, NEW YORK NY 10014 |
Baker Brothers Life Sciences Lp | director, 10 percent owner | 860 WASHINGTON STREET, 3RD FLOOR, NEW YORK NY 10014 |
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