Inovio Beneish M Score

INO
 Stock
  

USD 1.83  0.04  2.23%   

This module uses fundamental data of Inovio Pharmaceuticals to approximate the value of its Beneish M Score. Inovio Pharmaceuticals M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please see Inovio Pharmaceuticals Piotroski F Score and Inovio Pharmaceuticals Altman Z Score analysis.
  
Total Debt is expected to rise to about 41.5 M this year. Debt Current is expected to rise to about 2.7 M this year. Inovio Pharmaceuticals Revenue to Assets are quite stable at the moment as compared to the past year. The company's current value of Revenue to Assets is estimated at 0.003673. Asset Turnover is expected to rise to 0.003517 this year, although the value of Return on Investment will most likely fall to (72.67) .
At this time, it appears that Inovio Pharmaceuticals is an unlikely manipulator. The earnings manipulation may begin if Inovio Pharmaceuticals' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Inovio Pharmaceuticals executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Inovio Pharmaceuticals' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-3.2
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables0.97Focus
Asset Quality1.0Focus
Expense Coverage0.77Focus
Gross Margin Strengs0.99Focus
Accruals Factor0.77Focus
Depreciation Resistance1.14Focus
Net Sales Growth1.03Focus
Financial Leverage Condition1.04Focus

Inovio Pharmaceuticals Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Inovio Pharmaceuticals' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense42.5 M53.8 M
Significantly Down
Increasing
Slightly volatile
Revenues1.8 M1.8 M
Fairly Up
Decreasing
Very volatile
Trade and Non Trade ReceivablesMM
Slightly Down
Increasing
Slightly volatile
Property Plant and Equipment Net31.3 M29 M
Significantly Up
Increasing
Slightly volatile
Liabilities Non Current27.7 M30.5 M
Moderately Down
Increasing
Slightly volatile
Current Liabilities70.9 M65.7 M
Significantly Up
Increasing
Slightly volatile
Total Liabilities103.9 M96.3 M
Significantly Up
Increasing
Slightly volatile
Investments Non CurrentM3.9 M
Fairly Up
Decreasing
Slightly volatile
Investments Current356.2 M330.2 M
Significantly Up
Increasing
Slightly volatile
Investments360.5 M334.1 M
Significantly Up
Increasing
Slightly volatile
Gross Margin0.890.9
Fairly Down
Decreasing
Slightly volatile
Depreciation Amortization and Accretion4.4 M4.7 M
Significantly Down
Increasing
Slightly volatile
Debt Non Current39.1 M30.4 M
Significantly Up
Decreasing
Slightly volatile
Debt Current2.7 M2.6 M
Sufficiently Up
Increasing
Slightly volatile
Total Debt41.5 M33 M
Significantly Up
Decreasing
Slightly volatile
Assets Non Current49.7 M47.5 M
Sufficiently Up
Increasing
Slightly volatile
Current Assets483.8 M448.4 M
Significantly Up
Increasing
Slightly volatile
Total Assets535.1 M495.9 M
Significantly Up
Increasing
Slightly volatile

Inovio Pharmaceuticals Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Inovio Pharmaceuticals' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Inovio Pharmaceuticals in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Inovio Pharmaceuticals' degree of accounting gimmicks and manipulations.

About Inovio Pharmaceuticals Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Operating Expenses

326.91 Million

Inovio Pharmaceuticals Operating Expenses is quite stable at the moment as compared to the past year. The company's current value of Operating Expenses is estimated at 326.91 Million

Inovio Pharmaceuticals Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Inovio Pharmaceuticals. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201720182019202020212022 (projected)
Revenues42.22 M30.48 M4.11 M7.41 M1.77 M1.82 M
Total Assets187.24 M131.11 M143.95 M539.77 M495.94 M535.09 M
Current Assets138.36 M87.81 M94.2 M471.17 M448.44 M483.85 M
Assets Non Current48.88 M43.3 M49.75 M68.6 M47.5 M49.73 M
Total Liabilities44.85 M44.18 M140.52 M78.63 M96.27 M103.87 M
Current Liabilities35.41 M35.3 M31.99 M41.71 M65.74 M70.93 M
Operating Income(84.64 M)(94.09 M)(111.11 M)(124.08 M)(301.22 M)(309.14 M)
Investments115.03 M66.94 M73.65 M165.81 M334.08 M360.45 M
Investments Current103.64 M57.54 M67.34 M160.91 M330.17 M356.24 M

About Inovio Pharmaceuticals Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Inovio Pharmaceuticals's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Inovio Pharmaceuticals using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Inovio Pharmaceuticals based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Inovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus , cancer, and infectious diseases. The company was founded in 1979 and is headquartered in Plymouth Meeting, Pennsylvania. Inovio Pharma operates under Biotechnology classification in the United States and is traded on NASDAQ Exchange. It employs 317 people.

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Please see Inovio Pharmaceuticals Piotroski F Score and Inovio Pharmaceuticals Altman Z Score analysis. You can also try Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.

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Is Inovio Pharmaceuticals' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Inovio Pharmaceuticals. If investors know Inovio will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Inovio Pharmaceuticals listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
446.6 M
Quarterly Revenue Growth YOY
30.382
Return On Assets
(0.43) 
Return On Equity
(0.92) 
The market value of Inovio Pharmaceuticals is measured differently than its book value, which is the value of Inovio that is recorded on the company's balance sheet. Investors also form their own opinion of Inovio Pharmaceuticals' value that differs from its market value or its book value, called intrinsic value, which is Inovio Pharmaceuticals' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Inovio Pharmaceuticals' market value can be influenced by many factors that don't directly affect Inovio Pharmaceuticals' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Inovio Pharmaceuticals' value and its price as these two are different measures arrived at by different means. Investors typically determine Inovio Pharmaceuticals value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Inovio Pharmaceuticals' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.