ModivCare Beneish M-Score Historical Data
The historical data trend for ModivCare'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.
ModivCare Beneish M-Score Chart
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ModivCare Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-4.05 |
-2.79 |
-2.27 |
-2.05 |
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ModivCare 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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-2.27 |
-2.19 |
-1.90 |
-1.96 |
-2.05 |
Competitive Comparison of ModivCare's Beneish M-Score
For the Medical Care Facilities subindustry, ModivCare'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.
ModivCare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, ModivCare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ModivCare's Beneish M-Score falls into.
ModivCare 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 ModivCare 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 * 1.1503 | + | 0.528 * 1.1609 | + | 0.404 * 0.9136 | + | 0.892 * 1.0985 | + | 0.115 * 1.0585 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8606 | + | 4.679 * 0.034862 | - | 0.327 * 1.1257 |
| = | -2.05 |
* 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 $375 Mil.
Revenue was 702.832 + 686.925 + 699.107 + 662.306 = $2,751 Mil.
Gross Profit was 117.349 + 107.711 + 109.852 + 112.04 = $447 Mil.
Total Current Assets was $405 Mil.
Total Assets was $1,767 Mil.
Property, Plant and Equipment(Net PPE) was $125 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $305 Mil.
Total Current Liabilities was $520 Mil.
Long-Term Debt & Capital Lease Obligation was $1,018 Mil.
Net Income was -5.252 + -4.302 + -190.944 + -3.962 = $-204 Mil.
Non Operating Income was 0 + 0 + -183.1 + 0 = $-183 Mil.
Cash Flow from Operations was -25.644 + 53.547 + -108.219 + -2.655 = $-83 Mil.
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Total Receivables was $297 Mil.
Revenue was 653.921 + 647.782 + 628.215 + 574.475 = $2,504 Mil.
Gross Profit was 119.955 + 113.219 + 123.985 + 115.16 = $472 Mil.
Total Current Assets was $346 Mil.
Total Assets was $1,944 Mil.
Property, Plant and Equipment(Net PPE) was $109 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $322 Mil.
Total Current Liabilities was $492 Mil.
Long-Term Debt & Capital Lease Obligation was $1,011 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) |
| = | (375.113 / 2751.17) | / | (296.847 / 2504.393) |
| = | 0.136347 | / | 0.118531 |
| | = | 1.1503 |
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) |
| = | (472.319 / 2504.393) | / | (446.952 / 2751.17) |
| = | 0.188596 | / | 0.162459 |
| | = | 1.1609 |
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 - (404.923 + 125.405) / 1767.275) | / | (1 - (346.154 + 108.543) / 1944.272) |
| = | 0.699918 | / | 0.766135 |
| | = | 0.9136 |
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 |
| = | 2751.17 | / | 2504.393 |
| | = | 1.0985 |
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)) |
| = | (100.415 / (100.415 + 108.543)) | / | (104.271 / (104.271 + 125.405)) |
| = | 0.480551 | / | 0.453992 |
| | = | 1.0585 |
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) |
| = | (304.564 / 2751.17) | / | (322.171 / 2504.393) |
| = | 0.110703 | / | 0.128642 |
| | = | 0.8606 |
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) |
| = | ((1017.541 + 520.402) / 1767.275) | / | ((1011.449 + 491.597) / 1944.272) |
| = | 0.870234 | / | 0.773064 |
| | = | 1.1257 |
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 |
| = | (-204.46 - -183.1 | - | -82.971) | / | 1767.275 |
| | = | 0.034862 |
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.
ModivCare has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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