Healthcare Services Group Beneish M-Score Historical Data
The historical data trend for Healthcare Services Group'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.
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Healthcare Services Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.74
[6] => -3.57
[7] => -2.26
[8] => -2.00
[9] => -2.54
)
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-2.74 |
-3.57 |
-2.26 |
-2.00 |
-2.54 |
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Healthcare Services Group 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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-2.00 |
-2.15 |
-2.22 |
-2.42 |
-2.54 |
Competitive Comparison
For the Medical Care Facilities subindustry, Healthcare Services Group'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.
Healthcare Services Group Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, Healthcare Services Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Healthcare Services Group's Beneish M-Score falls into.
Healthcare Services Group 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 Healthcare Services Group 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 * 1.1293 | + | 0.528 * 0.8902 | + | 0.404 * 0.9163 | + | 0.892 * 0.9889 | + | 0.115 * 1.2024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0827 | + | 4.679 * -0.014375 | - | 0.327 * 1.0553 |
| = | -2.54 |
* 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 $384 Mil.
Revenue was 423.84 + 411.388 + 418.931 + 417.23 = $1,671 Mil.
Gross Profit was 73.457 + 33.834 + 51.203 + 56.252 = $215 Mil.
Total Current Assets was $572 Mil.
Total Assets was $791 Mil.
Property, Plant and Equipment(Net PPE) was $29 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $160 Mil.
Total Current Liabilities was $217 Mil.
Long-Term Debt & Capital Lease Obligation was $11 Mil.
Net Income was 22.598 + -5.494 + 8.598 + 12.684 = $38 Mil.
Non Operating Income was 1.837 + 1.636 + 1.225 + 1.556 = $6 Mil.
Cash Flow from Operations was 49.445 + 2.94 + 7.403 + -16.29 = $43 Mil.
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Total Receivables was $343 Mil.
Revenue was 424.02 + 414.488 + 424.857 + 426.811 = $1,690 Mil.
Gross Profit was 56.681 + 37.594 + 45.487 + 53.549 = $193 Mil.
Total Current Assets was $509 Mil.
Total Assets was $721 Mil.
Property, Plant and Equipment(Net PPE) was $23 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $189 Mil.
Long-Term Debt & Capital Lease Obligation was $8 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) |
| = | (383.509 / 1671.389) | / | (343.406 / 1690.176) |
| = | 0.229455 | / | 0.203178 |
| | = | 1.1293 |
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) |
| = | (193.311 / 1690.176) | / | (214.746 / 1671.389) |
| = | 0.114373 | / | 0.128484 |
| | = | 0.8902 |
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 - (571.696 + 28.774) / 790.652) | / | (1 - (508.632 + 22.975) / 720.836) |
| = | 0.240538 | / | 0.262513 |
| | = | 0.9163 |
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 |
| = | 1671.389 | / | 1690.176 |
| | = | 0.9889 |
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)) |
| = | (15.316 / (15.316 + 22.975)) | / | (14.344 / (14.344 + 28.774)) |
| = | 0.39999 | / | 0.332668 |
| | = | 1.2024 |
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) |
| = | (160.088 / 1671.389) | / | (149.522 / 1690.176) |
| = | 0.095781 | / | 0.088465 |
| | = | 1.0827 |
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) |
| = | ((11.235 + 216.928) / 790.652) | / | ((8.097 + 189.014) / 720.836) |
| = | 0.288576 | / | 0.273448 |
| | = | 1.0553 |
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 |
| = | (38.386 - 6.254 | - | 43.498) | / | 790.652 |
| | = | -0.014375 |
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.
Healthcare Services Group has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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