Astrana Health Beneish M-Score Historical Data
The historical data trend for Astrana Health'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.
Astrana Health Beneish M-Score Chart
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Astrana Health Annual Data
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Trend |
Jan14 |
Mar15 |
Mar16 |
Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.99 |
-2.15 |
-2.13 |
-2.12 |
-2.49 |
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Astrana Health Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.22 |
-2.49 |
-2.87 |
-2.49 |
-2.54 |
Competitive Comparison of Astrana Health's Beneish M-Score
For the Medical Care Facilities subindustry, Astrana Health'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.
Astrana Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Astrana Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astrana Health's Beneish M-Score falls into.
Astrana Health 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 Astrana Health 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 * 1.0064 | + | 0.528 * 1.0207 | + | 0.404 * 1.2857 | + | 0.892 * 1.1501 | + | 0.115 * 0.4231 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2547 | + | 4.679 * -0.009152 | - | 0.327 * 1.5858 |
| = | -2.56 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €170 Mil.
Revenue was 372.008 + 323.734 + 326.238 + 321.397 = €1,343 Mil.
Gross Profit was 68.04 + 35.746 + 68.212 + 51.072 = €223 Mil.
Total Current Assets was €496 Mil.
Total Assets was €1,128 Mil.
Property, Plant and Equipment(Net PPE) was €43 Mil.
Depreciation, Depletion and Amortization(DDA) was €17 Mil.
Selling, General, & Admin. Expense(SGA) was €120 Mil.
Total Current Liabilities was €327 Mil.
Long-Term Debt & Capital Lease Obligation was €375 Mil.
Net Income was 13.648 + 11.33 + 20.669 + 12.156 = €58 Mil.
Non Operating Income was -2.342 + 5.158 + -0.534 + 4.4 = €7 Mil.
Cash Flow from Operations was 5.499 + 17.698 + 14.434 + 23.815 = €61 Mil.
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Total Receivables was €146 Mil.
Revenue was 314.986 + 277.732 + 320.171 + 255.133 = €1,168 Mil.
Gross Profit was 44.689 + 38.788 + 76.995 + 37.487 = €198 Mil.
Total Current Assets was €427 Mil.
Total Assets was €927 Mil.
Property, Plant and Equipment(Net PPE) was €123 Mil.
Depreciation, Depletion and Amortization(DDA) was €17 Mil.
Selling, General, & Admin. Expense(SGA) was €83 Mil.
Total Current Liabilities was €154 Mil.
Long-Term Debt & Capital Lease Obligation was €209 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) |
| = | (169.504 / 1343.377) | / | (146.443 / 1168.022) |
| = | 0.126178 | / | 0.125377 |
| | = | 1.0064 |
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) |
| = | (197.959 / 1168.022) | / | (223.07 / 1343.377) |
| = | 0.169482 | / | 0.166052 |
| | = | 1.0207 |
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 - (495.705 + 43.366) / 1128.175) | / | (1 - (427.481 + 123.094) / 927.115) |
| = | 0.522174 | / | 0.406142 |
| | = | 1.2857 |
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 |
| = | 1343.377 | / | 1168.022 |
| | = | 1.1501 |
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)) |
| = | (16.763 / (16.763 + 123.094)) | / | (17.139 / (17.139 + 43.366)) |
| = | 0.119858 | / | 0.283266 |
| | = | 0.4231 |
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) |
| = | (120.184 / 1343.377) | / | (83.283 / 1168.022) |
| = | 0.089464 | / | 0.071303 |
| | = | 1.2547 |
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) |
| = | ((374.605 + 326.85) / 1128.175) | / | ((209.444 + 154.067) / 927.115) |
| = | 0.621761 | / | 0.392088 |
| | = | 1.5858 |
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 |
| = | (57.803 - 6.682 | - | 61.446) | / | 1128.175 |
| | = | -0.009152 |
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.
Astrana Health has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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