DaVita Beneish M-Score Historical Data
The historical data trend for DaVita'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.
DaVita Beneish M-Score Chart
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DaVita Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.76 |
-2.78 |
-2.69 |
-2.92 |
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DaVita Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.86 |
-2.97 |
-2.88 |
-2.92 |
Competitive Comparison of DaVita's Beneish M-Score
For the Medical Care Facilities subindustry, DaVita'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.
DaVita's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, DaVita's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DaVita's Beneish M-Score falls into.
DaVita 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 DaVita 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 * 0.9058 | + | 0.528 * 0.9307 | + | 0.404 * 1.0442 | + | 0.892 * 1.0457 | + | 0.115 * 0.9333 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0401 | + | 4.679 * -0.079447 | - | 0.327 * 0.9604 |
| = | -2.92 |
* 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 $2,416 Mil.
Revenue was 3145.747 + 3121.332 + 3000.369 + 2872.699 = $12,140 Mil.
Gross Profit was 1007.378 + 1054.017 + 944.525 + 814.51 = $3,820 Mil.
Total Current Assets was $3,138 Mil.
Total Assets was $16,894 Mil.
Property, Plant and Equipment(Net PPE) was $5,575 Mil.
Depreciation, Depletion and Amortization(DDA) was $745 Mil.
Selling, General, & Admin. Expense(SGA) was $1,474 Mil.
Total Current Liabilities was $2,642 Mil.
Long-Term Debt & Capital Lease Obligation was $10,599 Mil.
Net Income was 150.665 + 246.632 + 178.691 + 115.547 = $692 Mil.
Non Operating Income was -25.373 + -12.422 + 1.865 + 10.572 = $-25 Mil.
Cash Flow from Operations was 485.205 + 661.162 + 450.107 + 462.557 = $2,059 Mil.
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Total Receivables was $2,551 Mil.
Revenue was 2916.888 + 2948.694 + 2926.757 + 2817.555 = $11,610 Mil.
Gross Profit was 828.207 + 863.139 + 909.969 + 799.026 = $3,400 Mil.
Total Current Assets was $3,155 Mil.
Total Assets was $16,928 Mil.
Property, Plant and Equipment(Net PPE) was $5,923 Mil.
Depreciation, Depletion and Amortization(DDA) was $733 Mil.
Selling, General, & Admin. Expense(SGA) was $1,355 Mil.
Total Current Liabilities was $2,620 Mil.
Long-Term Debt & Capital Lease Obligation was $11,196 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) |
| = | (2415.912 / 12140.147) | / | (2550.649 / 11609.894) |
| = | 0.199002 | / | 0.219696 |
| | = | 0.9058 |
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) |
| = | (3400.341 / 11609.894) | / | (3820.43 / 12140.147) |
| = | 0.292883 | / | 0.314694 |
| | = | 0.9307 |
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 - (3137.906 + 5574.897) / 16893.578) | / | (1 - (3155.292 + 5922.639) / 16928.252) |
| = | 0.484254 | / | 0.463741 |
| | = | 1.0442 |
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 |
| = | 12140.147 | / | 11609.894 |
| | = | 1.0457 |
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)) |
| = | (732.602 / (732.602 + 5922.639)) | / | (745.443 / (745.443 + 5574.897)) |
| = | 0.110079 | / | 0.117943 |
| | = | 0.9333 |
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) |
| = | (1473.984 / 12140.147) | / | (1355.197 / 11609.894) |
| = | 0.121414 | / | 0.116728 |
| | = | 1.0401 |
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) |
| = | ((10598.723 + 2642.214) / 16893.578) | / | ((11195.685 + 2619.747) / 16928.252) |
| = | 0.783785 | / | 0.816117 |
| | = | 0.9604 |
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 |
| = | (691.535 - -25.358 | - | 2059.031) | / | 16893.578 |
| | = | -0.079447 |
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.
DaVita has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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