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AONC (American Oncology Network) Beneish M-Score : -1.34 (As of Dec. 14, 2024)


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What is American Oncology Network Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.34 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for American Oncology Network's Beneish M-Score or its related term are showing as below:

AONC' s Beneish M-Score Range Over the Past 10 Years
Min: -1.34   Med: -1.34   Max: -1.34
Current: -1.34

During the past 4 years, the highest Beneish M-Score of American Oncology Network was -1.34. The lowest was -1.34. And the median was -1.34.


American Oncology Network Beneish M-Score Historical Data

The historical data trend for American Oncology Network'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.

* Premium members only.

American Oncology Network Beneish M-Score Chart

American Oncology Network Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - -

American Oncology Network Quarterly Data
Dec20 Dec21 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only - - - - -1.34

Competitive Comparison of American Oncology Network's Beneish M-Score

For the Medical Care Facilities subindustry, American Oncology Network'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.


American Oncology Network's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, American Oncology Network's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where American Oncology Network's Beneish M-Score falls into.



American Oncology Network 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 American Oncology Network 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 * 0.8485+0.528 * 1.5269+0.404 * 2.454+0.892 * 1.2687+0.115 * 0.8004
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0784+4.679 * 0.053712-0.327 * 1.1373
=-1.34

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $193 Mil.
Revenue was 470.279 + 433.982 + 364.339 + 324.182 = $1,593 Mil.
Gross Profit was 36.533 + 29.393 + 9.391 + 8.62 = $84 Mil.
Total Current Assets was $271 Mil.
Total Assets was $395 Mil.
Property, Plant and Equipment(Net PPE) was $91 Mil.
Depreciation, Depletion and Amortization(DDA) was $18 Mil.
Selling, General, & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $200 Mil.
Long-Term Debt & Capital Lease Obligation was $131 Mil.
Net Income was -1.069 + 3.621 + -7.841 + -3.75 = $-9 Mil.
Non Operating Income was -2.118 + 4.883 + -2.26 + -1.923 = $-1 Mil.
Cash Flow from Operations was -28.079 + -33.927 + 45.137 + -11.958 = $-29 Mil.
Total Receivables was $179 Mil.
Revenue was 336.305 + 314.967 + 303.731 + 300.398 = $1,255 Mil.
Gross Profit was 25.411 + 23.568 + 25.197 + 26.839 = $101 Mil.
Total Current Assets was $298 Mil.
Total Assets was $394 Mil.
Property, Plant and Equipment(Net PPE) was $82 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $93 Mil.
Total Current Liabilities was $168 Mil.
Long-Term Debt & Capital Lease Obligation was $123 Mil.




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)
=(193.144 / 1592.782) / (179.416 / 1255.401)
=0.121262 / 0.142915
=0.8485

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)
=(101.015 / 1255.401) / (83.937 / 1592.782)
=0.080464 / 0.052698
=1.5269

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 - (271.23 + 91.015) / 394.811) / (1 - (298.392 + 82.378) / 394.014)
=0.082485 / 0.033613
=2.454

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
=1592.782 / 1255.401
=1.2687

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))
=(12.562 / (12.562 + 82.378)) / (18.026 / (18.026 + 91.015))
=0.132315 / 0.165314
=0.8004

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)
=(127.636 / 1592.782) / (93.286 / 1255.401)
=0.080134 / 0.074308
=1.0784

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)
=((131.314 + 199.857) / 394.811) / ((122.686 + 167.904) / 394.014)
=0.838809 / 0.737512
=1.1373

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
=(-9.039 - -1.418 - -28.827) / 394.811
=0.053712

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.

American Oncology Network has a M-score of -1.34 signals that the company is likely to be a manipulator.


American Oncology Network Beneish M-Score Related Terms

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American Oncology Network Business Description

Traded in Other Exchanges
N/A
Address
14543 Global Parkway, Suite 110, Fort Myers, FL, USA, 33913
American Oncology Network Inc is an alliance of physicians and seasoned healthcare leaders partnering to ensure the long-term success and viability of community oncology and other specialties. The company pioneers healthcare solutions through its physician-led model, fostering value-based care that improves patient outcomes while reducing costs and expanding access to quality care. It is committed to promoting health equity by addressing disparities in cancer care and ensuring that all patients have access to the care needed to achieve optimal health outcomes.
Executives
Stephen Divers director, officer: Chief Medical Officer 133 HARMONY PARK CIRCLE, HOT SPRINGS AZ 71913
Todd Schonherz director, officer: Chief Executive Officer 14543 GLOBAL PARKWAY, 2ND FLOOR, FORT MEYERS FL 33913
Saba Capital Management, L.p. 10 percent owner 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Boaz Weinstein 10 percent owner 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
David H Gould officer: Chief Financial Officer 7370 COLLEGE PARKWAY, SUITE 207, FORT MEYERS FL 33907
Erica Mallon officer: General Counsel 14543 GLOBAL PARKWAY, SUITE 110, FORT MEYERS FL 33913
Shalin Shah director 3402 W DR. MARTIN LUTHER KING JR. BLVD, TAMPA FL 33607
Vipul M Patel director 11704 SE 15TH CIRCLE, OCALA FL 34480
Vance Wright-browne director 22395 EDGEWATER DRIVE, PORT CHARLOTTE FL 33980
James Stith director ONE LETTERMAN DRIVE, CM200, SAN FRANCISCO CA 94129
Aea Growth Equity Fund Lp 10 percent owner 520 MADISON AVE, 40TH FLOOR, NEW YORK NY 10022
Aea Growth Equity Fund (parallel) Lp 10 percent owner 520 MADISON AVE, 40TH FLOOR, NEW YORK NY 10022
Ravi Yang Sarin director C/O ARES MANAGEMENT LLC, 2000 AVENUE OF THE STARS, 12TH FLOOR, LOS ANGELES CA 90067
Brian R Hoesterey 10 percent owner C/O AEA INVESTORS LP, 666 FIFTH AVENUE, 36TH FLOOR, NEW YORK NY 10103
Kevin Nazemi director, officer: Chief Executive Officer 10485 NE 6TH ST, UNIT 3930, BELLEVUE WA 98004