Zai Lab Beneish M-Score Historical Data
The historical data trend for Zai Lab'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.
Zai Lab Beneish M-Score Chart
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Zai Lab Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
0.20 |
1.21 |
-2.65 |
-2.62 |
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Zai Lab Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-1.72 |
-1.94 |
-2.62 |
-2.55 |
-1.73 |
Competitive Comparison of Zai Lab's Beneish M-Score
For the Biotechnology subindustry, Zai Lab'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.
Zai Lab's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Zai Lab's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zai Lab's Beneish M-Score falls into.
Zai Lab 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 Zai Lab 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 * 0.8912 | + | 0.528 * 1.0456 | + | 0.404 * 4.5381 | + | 0.892 * 1.2816 | + | 0.115 * 0.7633 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8704 | + | 4.679 * -0.112045 | - | 0.327 * 1.9886 |
| = | -1.73 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $77.7 Mil.
Revenue was 100.504 + 87.149 + 65.83 + 69.228 = $322.7 Mil.
Gross Profit was 65.271 + 53.53 + 40.593 + 43.749 = $203.1 Mil.
Total Current Assets was $869.9 Mil.
Total Assets was $987.4 Mil.
Property, Plant and Equipment(Net PPE) was $63.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.3 Mil.
Selling, General, & Admin. Expense(SGA) was $300.1 Mil.
Total Current Liabilities was $251.7 Mil.
Long-Term Debt & Capital Lease Obligation was $5.8 Mil.
Net Income was -80.277 + -53.471 + -95.429 + -69.152 = $-298.3 Mil.
Non Operating Income was -13.585 + 7.293 + 15.815 + 5.246 = $14.8 Mil.
Cash Flow from Operations was -42.173 + -90.106 + -14.917 + -55.272 = $-202.5 Mil.
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Total Receivables was $68.1 Mil.
Revenue was 68.864 + 62.797 + 62.601 + 57.54 = $251.8 Mil.
Gross Profit was 45.101 + 41.46 + 41.677 + 37.496 = $165.7 Mil.
Total Current Assets was $1,017.5 Mil.
Total Assets was $1,106.4 Mil.
Property, Plant and Equipment(Net PPE) was $75.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General, & Admin. Expense(SGA) was $269.0 Mil.
Total Current Liabilities was $133.4 Mil.
Long-Term Debt & Capital Lease Obligation was $11.8 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) |
| = | (77.737 / 322.711) | / | (68.064 / 251.802) |
| = | 0.240887 | / | 0.270308 |
| | = | 0.8912 |
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) |
| = | (165.734 / 251.802) | / | (203.143 / 322.711) |
| = | 0.658192 | / | 0.629489 |
| | = | 1.0456 |
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 - (869.923 + 63.761) / 987.368) | / | (1 - (1017.505 + 75.612) / 1106.373) |
| = | 0.054371 | / | 0.011981 |
| | = | 4.5381 |
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 |
| = | 322.711 | / | 251.802 |
| | = | 1.2816 |
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)) |
| = | (9.005 / (9.005 + 75.612)) | / | (10.33 / (10.33 + 63.761)) |
| = | 0.106421 | / | 0.139423 |
| | = | 0.7633 |
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) |
| = | (300.082 / 322.711) | / | (269.009 / 251.802) |
| = | 0.929878 | / | 1.068335 |
| | = | 0.8704 |
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) |
| = | ((5.803 + 251.718) / 987.368) | / | ((11.755 + 133.354) / 1106.373) |
| = | 0.260816 | / | 0.131157 |
| | = | 1.9886 |
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 |
| = | (-298.329 - 14.769 | - | -202.468) | / | 987.368 |
| | = | -0.112045 |
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.
Zai Lab has a M-score of -1.73 signals that the company is likely to be a manipulator.
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