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.
American Oncology Network Beneish M-Score Chart
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American Oncology Network Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.00 |
0.00 |
0.00 |
0.00 |
-1.64 |
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American Oncology Network Quarterly Data
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Dec21 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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0.00 |
0.00 |
0.00 |
-1.32 |
-1.64 |
AONC vs TOI, AUNA, AGL: Beneish M-Score Comparison
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 Beneish M-Score vs 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 * 0.8354 | + | 0.528 * 0.9664 | + | 0.404 * 2.4961 | + | 0.892 * 1.3755 | + | 0.115 * 1.0135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9668 | + | 4.679 * 0.011979 | - | 0.327 * 0.968 |
| = | -1.64 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $190 Mil.
Revenue was 490.884 + 470.279 + 433.982 + 364.339 = $1,759 Mil.
Gross Profit was 42.529 + 36.533 + 29.393 + 9.391 = $118 Mil.
Total Current Assets was $331 Mil.
Total Assets was $470 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $134 Mil.
Total Current Liabilities was $217 Mil.
Long-Term Debt & Capital Lease Obligation was $135 Mil.
Net Income was 1.316 + -1.069 + 3.621 + -7.841 = $-4 Mil.
Non Operating Income was -5.169 + -2.118 + 4.883 + -2.26 = $-5 Mil.
Cash Flow from Operations was 11.926 + -28.079 + -33.927 + 45.137 = $-5 Mil.
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Total Receivables was $165 Mil.
Revenue was 324.182 + 336.305 + 314.967 + 303.731 = $1,279 Mil.
Gross Profit was 8.62 + 25.411 + 23.568 + 25.197 = $83 Mil.
Total Current Assets was $278 Mil.
Total Assets was $374 Mil.
Property, Plant and Equipment(Net PPE) was $84 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $169 Mil.
Long-Term Debt & Capital Lease Obligation was $120 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) |
| = | (189.626 / 1759.484) | / | (165.029 / 1279.185) |
| = | 0.107774 | / | 0.129011 |
| | = | 0.8354 |
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) |
| = | (82.796 / 1279.185) | / | (117.846 / 1759.484) |
| = | 0.064726 | / | 0.066978 |
| | = | 0.9664 |
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 - (331.472 + 98.531) / 470.328) | / | (1 - (277.803 + 83.788) / 374.453) |
| = | 0.085738 | / | 0.034349 |
| | = | 2.4961 |
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 |
| = | 1759.484 | / | 1279.185 |
| | = | 1.3755 |
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)) |
| = | (16.739 / (16.739 + 83.788)) | / | (19.371 / (19.371 + 98.531)) |
| = | 0.166512 | / | 0.164297 |
| | = | 1.0135 |
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) |
| = | (133.937 / 1759.484) | / | (100.714 / 1279.185) |
| = | 0.076123 | / | 0.078733 |
| | = | 0.9668 |
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) |
| = | ((135.141 + 216.847) / 470.328) | / | ((120.444 + 169.045) / 374.453) |
| = | 0.748388 | / | 0.773098 |
| | = | 0.968 |
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 |
| = | (-3.973 - -4.664 | - | -4.943) | / | 470.328 |
| | = | 0.011979 |
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 -1.64 signals that the company is likely to be a manipulator.
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