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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:
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.
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 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 | - | - | - | - | -1.34 |
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.
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.
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.
Thank you for viewing the detailed overview of American Oncology Network's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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 |
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