Premier Beneish M-Score Historical Data
The historical data trend for Premier'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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Premier Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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|
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|
|
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-2.31 |
-2.87 |
-2.43 |
-3.04 |
-2.82 |
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Premier 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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-3.03 |
-2.83 |
-2.82 |
-2.73 |
-2.47 |
Competitive Comparison
For the Health Information Services subindustry, Premier'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.
Premier Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, Premier's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Premier's Beneish M-Score falls into.
Premier 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 Premier 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 * 1.1601 | + | 0.528 * 0.9639 | + | 0.404 * 0.915 | + | 0.892 * 0.9663 | + | 0.115 * 1.0176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0968 | + | 4.679 * -0.033596 | - | 0.327 * 0.6306 |
| = | -2.47 |
* 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 $454 Mil.
Revenue was 334.745 + 318.752 + 340.364 + 322.232 = $1,316 Mil.
Gross Profit was 221.283 + 210.582 + 232.493 + 219.07 = $883 Mil.
Total Current Assets was $990 Mil.
Total Assets was $3,833 Mil.
Property, Plant and Equipment(Net PPE) was $242 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $609 Mil.
Total Current Liabilities was $694 Mil.
Long-Term Debt & Capital Lease Obligation was $67 Mil.
Net Income was 54.302 + 44.761 + 21.463 + 46.801 = $167 Mil.
Non Operating Income was 4.013 + -2.818 + 4.108 + 7.584 = $13 Mil.
Cash Flow from Operations was -46.496 + 81.876 + 113.365 + 134.453 = $283 Mil.
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Total Receivables was $405 Mil.
Revenue was 359.626 + 313.873 + 340.706 + 347.833 = $1,362 Mil.
Gross Profit was 242.741 + 201.985 + 224.086 + 212.477 = $881 Mil.
Total Current Assets was $674 Mil.
Total Assets was $3,539 Mil.
Property, Plant and Equipment(Net PPE) was $242 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $575 Mil.
Total Current Liabilities was $934 Mil.
Long-Term Debt & Capital Lease Obligation was $180 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) |
| = | (454.027 / 1316.093) | / | (405.043 / 1362.038) |
| = | 0.344981 | / | 0.29738 |
| | = | 1.1601 |
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) |
| = | (881.289 / 1362.038) | / | (883.428 / 1316.093) |
| = | 0.647037 | / | 0.67125 |
| | = | 0.9639 |
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 - (990.257 + 242.489) / 3832.528) | / | (1 - (673.965 + 241.533) / 3539.394) |
| = | 0.678347 | / | 0.74134 |
| | = | 0.915 |
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 |
| = | 1316.093 | / | 1362.038 |
| | = | 0.9663 |
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)) |
| = | (134.279 / (134.279 + 241.533)) | / | (131.211 / (131.211 + 242.489)) |
| = | 0.357304 | / | 0.351113 |
| | = | 1.0176 |
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) |
| = | (609.186 / 1316.093) | / | (574.803 / 1362.038) |
| = | 0.462875 | / | 0.422017 |
| | = | 1.0968 |
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) |
| = | ((67.01 + 693.695) / 3832.528) | / | ((180.083 + 934.028) / 3539.394) |
| = | 0.198486 | / | 0.314775 |
| | = | 0.6306 |
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 |
| = | (167.327 - 12.887 | - | 283.198) | / | 3832.528 |
| | = | -0.033596 |
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.
Premier has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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