athenahealth Beneish M-Score Historical Data
The historical data trend for athenahealth'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.
athenahealth Beneish M-Score Chart
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athenahealth Annual Data
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Trend |
Dec08 |
Dec09 |
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Dec11 |
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Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.65 |
-2.46 |
-3.06 |
-3.01 |
-3.02 |
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athenahealth Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
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Sep15 |
Dec15 |
Mar16 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-1.82 |
-3.02 |
-2.97 |
-3.26 |
-3.40 |
Competitive Comparison of athenahealth's Beneish M-Score
For the Health Information Services subindustry, athenahealth'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.
athenahealth's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, athenahealth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where athenahealth's Beneish M-Score falls into.
athenahealth 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 athenahealth 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 * 1.3568 | + | 0.528 * 0.337 | + | 0.404 * 0.8684 | + | 0.892 * 1.1121 | + | 0.115 * 0.9431 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8347 | + | 4.679 * -0.134739 | - | 0.327 * 0.8095 |
| = | -3.00 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $247 Mil.
Revenue was 329.5 + 323.3 + 329.4 + 329.2 = $1,311 Mil.
Gross Profit was 175.1 + 171.3 + 175.4 + 182.9 = $705 Mil.
Total Current Assets was $614 Mil.
Total Assets was $1,589 Mil.
Property, Plant and Equipment(Net PPE) was $337 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $352 Mil.
Total Current Liabilities was $224 Mil.
Long-Term Debt & Capital Lease Obligation was $232 Mil.
Net Income was 26.4 + 36.4 + 31.1 + 31.6 = $126 Mil.
Non Operating Income was -1.8 + -2.4 + -2.6 + 3.6 = $-3 Mil.
Cash Flow from Operations was 110.3 + 117.8 + 30.2 + 84.5 = $343 Mil.
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Total Receivables was $164 Mil.
Revenue was 304.6 + 301.1 + 285.4 + 288.141 = $1,179 Mil.
Gross Profit was 160.6 + 157.3 + 141 + -245.359 = $214 Mil.
Total Current Assets was $329 Mil.
Total Assets was $1,284 Mil.
Property, Plant and Equipment(Net PPE) was $362 Mil.
Depreciation, Depletion and Amortization(DDA) was $148 Mil.
Selling, General, & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $198 Mil.
Long-Term Debt & Capital Lease Obligation was $258 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) |
| = | (247.3 / 1311.4) | / | (163.9 / 1179.241) |
| = | 0.188577 | / | 0.138988 |
| | = | 1.3568 |
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) |
| = | (213.541 / 1179.241) | / | (704.7 / 1311.4) |
| = | 0.181083 | / | 0.537365 |
| | = | 0.337 |
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 - (614.4 + 337) / 1589) | / | (1 - (329.4 + 361.5) / 1284.3) |
| = | 0.401259 | / | 0.462042 |
| | = | 0.8684 |
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 |
| = | 1311.4 | / | 1179.241 |
| | = | 1.1121 |
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)) |
| = | (148.011 / (148.011 + 361.5)) | / | (150 / (150 + 337)) |
| = | 0.290496 | / | 0.308008 |
| | = | 0.9431 |
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) |
| = | (351.5 / 1311.4) | / | (378.661 / 1179.241) |
| = | 0.268034 | / | 0.321106 |
| | = | 0.8347 |
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) |
| = | ((232.3 + 224) / 1589) | / | ((258.1 + 197.5) / 1284.3) |
| = | 0.287162 | / | 0.354746 |
| | = | 0.8095 |
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 |
| = | (125.5 - -3.2 | - | 342.8) | / | 1589 |
| | = | -0.134739 |
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.
athenahealth has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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