Acadia Healthcare Co Beneish M-Score Historical Data
The historical data trend for Acadia Healthcare Co'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.
Acadia Healthcare Co Beneish M-Score Chart
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Acadia Healthcare Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.45 |
-3.77 |
-2.27 |
-2.40 |
-2.40 |
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Acadia Healthcare Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.29 |
-2.34 |
-2.23 |
-2.40 |
Competitive Comparison of Acadia Healthcare Co's Beneish M-Score
For the Medical Care Facilities subindustry, Acadia Healthcare Co'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.
Acadia Healthcare Co's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Acadia Healthcare Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Acadia Healthcare Co's Beneish M-Score falls into.
Acadia Healthcare Co 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 Acadia Healthcare Co 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 * 1.0823 | + | 0.528 * 0.9977 | + | 0.404 * 0.9245 | + | 0.892 * 1.122 | + | 0.115 * 1.0156 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0018 | + | 4.679 * -0.00518 | - | 0.327 * 1.1597 |
| = | -2.40 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $430 Mil.
Revenue was 742.8 + 750.334 + 731.337 + 704.267 = $2,929 Mil.
Gross Profit was 716.12 + 723.187 + 705.193 + 678.246 = $2,823 Mil.
Total Current Assets was $596 Mil.
Total Assets was $5,359 Mil.
Property, Plant and Equipment(Net PPE) was $2,384 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $1,795 Mil.
Total Current Liabilities was $886 Mil.
Long-Term Debt & Capital Lease Obligation was $1,443 Mil.
Net Income was 57.729 + -217.71 + 72.299 + 66.015 = $-22 Mil.
Non Operating Income was -26.583 + -405.428 + -17.768 + -6.471 = $-456 Mil.
Cash Flow from Operations was 116.304 + 137.858 + 163.77 + 44.408 = $462 Mil.
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Total Receivables was $354 Mil.
Revenue was 675.295 + 666.732 + 651.719 + 616.653 = $2,610 Mil.
Gross Profit was 649.386 + 641.162 + 626.697 + 592.954 = $2,510 Mil.
Total Current Assets was $506 Mil.
Total Assets was $4,988 Mil.
Property, Plant and Equipment(Net PPE) was $2,087 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $1,597 Mil.
Total Current Liabilities was $388 Mil.
Long-Term Debt & Capital Lease Obligation was $1,481 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) |
| = | (429.53 / 2928.738) | / | (353.735 / 2610.399) |
| = | 0.14666 | / | 0.13551 |
| | = | 1.0823 |
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) |
| = | (2510.199 / 2610.399) | / | (2822.746 / 2928.738) |
| = | 0.961615 | / | 0.96381 |
| | = | 0.9977 |
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 - (596 + 2384.39) / 5358.841) | / | (1 - (506.125 + 2087.283) / 4987.901) |
| = | 0.443837 | / | 0.48006 |
| | = | 0.9245 |
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 |
| = | 2928.738 | / | 2610.399 |
| | = | 1.122 |
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)) |
| = | (117.769 / (117.769 + 2087.283)) | / | (132.349 / (132.349 + 2384.39)) |
| = | 0.053409 | / | 0.052587 |
| | = | 1.0156 |
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) |
| = | (1794.895 / 2928.738) | / | (1596.909 / 2610.399) |
| = | 0.612856 | / | 0.611749 |
| | = | 1.0018 |
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) |
| = | ((1443.356 + 885.781) / 5358.841) | / | ((1480.97 + 388.326) / 4987.901) |
| = | 0.434634 | / | 0.374766 |
| | = | 1.1597 |
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 |
| = | (-21.667 - -456.25 | - | 462.34) | / | 5358.841 |
| | = | -0.00518 |
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.
Acadia Healthcare Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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