Extendicare Beneish M-Score Historical Data
The historical data trend for Extendicare'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.
Extendicare Beneish M-Score Chart
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Extendicare Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-6.56 |
-2.59 |
-2.74 |
-1.78 |
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Extendicare 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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-2.74 |
-1.57 |
-2.23 |
-2.18 |
-1.78 |
Competitive Comparison of Extendicare's Beneish M-Score
For the Medical Care Facilities subindustry, Extendicare'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.
Extendicare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Extendicare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Extendicare's Beneish M-Score falls into.
Extendicare 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 Extendicare 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 * 1.3865 | + | 0.528 * 1 | + | 0.404 * 1.6346 | + | 0.892 * 1.0375 | + | 0.115 * 0.8091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0032 | + | 4.679 * 0.018216 | - | 0.327 * 0.9826 |
| = | -1.77 |
* 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 $67.8 Mil.
Revenue was 261.017 + 238.363 + 231.473 + 237.311 = $968.2 Mil.
Gross Profit was 261.017 + 238.363 + 231.473 + 237.311 = $968.2 Mil.
Total Current Assets was $139.5 Mil.
Total Assets was $501.4 Mil.
Property, Plant and Equipment(Net PPE) was $220.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.9 Mil.
Selling, General, & Admin. Expense(SGA) was $1,182.5 Mil.
Total Current Liabilities was $168.7 Mil.
Long-Term Debt & Capital Lease Obligation was $234.5 Mil.
Net Income was 6.425 + 8.744 + 1.468 + 8.463 = $25.1 Mil.
Non Operating Income was -2.454 + 4.173 + -1.055 + -2.644 = $-2.0 Mil.
Cash Flow from Operations was 14.192 + 5.338 + 20.443 + -22.027 = $17.9 Mil.
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Total Receivables was $47.2 Mil.
Revenue was 228.482 + 231.568 + 231.635 + 241.477 = $933.2 Mil.
Gross Profit was 228.482 + 231.568 + 231.635 + 241.477 = $933.2 Mil.
Total Current Assets was $189.9 Mil.
Total Assets was $575.3 Mil.
Property, Plant and Equipment(Net PPE) was $286.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.6 Mil.
Selling, General, & Admin. Expense(SGA) was $1,136.2 Mil.
Total Current Liabilities was $202.4 Mil.
Long-Term Debt & Capital Lease Obligation was $268.5 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) |
| = | (67.849 / 968.164) | / | (47.165 / 933.162) |
| = | 0.07008 | / | 0.050543 |
| | = | 1.3865 |
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) |
| = | (933.162 / 933.162) | / | (968.164 / 968.164) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (139.489 + 220.555) / 501.439) | / | (1 - (189.943 + 286.138) / 575.325) |
| = | 0.281978 | / | 0.172501 |
| | = | 1.6346 |
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 |
| = | 968.164 | / | 933.162 |
| | = | 1.0375 |
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)) |
| = | (24.585 / (24.585 + 286.138)) | / | (23.907 / (23.907 + 220.555)) |
| = | 0.079122 | / | 0.097794 |
| | = | 0.8091 |
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) |
| = | (1182.542 / 968.164) | / | (1136.165 / 933.162) |
| = | 1.221427 | / | 1.217543 |
| | = | 1.0032 |
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) |
| = | ((234.524 + 168.743) / 501.439) | / | ((268.484 + 202.418) / 575.325) |
| = | 0.804219 | / | 0.818497 |
| | = | 0.9826 |
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 |
| = | (25.1 - -1.98 | - | 17.946) | / | 501.439 |
| | = | 0.018216 |
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.
Extendicare has a M-score of -1.77 signals that the company is likely to be a manipulator.
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