Estia Health Beneish M-Score Historical Data
The historical data trend for Estia Health'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.
Estia Health Beneish M-Score Chart
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Estia Health Annual Data
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Jun15 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
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Jun23 |
| Beneish M-Score |
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-2.67 |
-2.92 |
-2.74 |
-2.50 |
-1.82 |
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Estia Health Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
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Jun23 |
| Beneish M-Score |
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-2.74 |
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-2.50 |
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-1.82 |
Competitive Comparison of Estia Health's Beneish M-Score
For the Medical Care Facilities subindustry, Estia Health'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.
Estia Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Estia Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Estia Health's Beneish M-Score falls into.
Estia Health 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 Estia Health 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 * 2.3473 | + | 0.528 * 1 | + | 0.404 * 0.911 | + | 0.892 * 1.124 | + | 0.115 * 0.9448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9742 | + | 4.679 * -0.134813 | - | 0.327 * 1.0763 |
| = | -1.82 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was A$27.1 Mil.
Revenue was A$754.3 Mil.
Gross Profit was A$754.3 Mil.
Total Current Assets was A$60.6 Mil.
Total Assets was A$1,869.3 Mil.
Property, Plant and Equipment(Net PPE) was A$1,005.8 Mil.
Depreciation, Depletion and Amortization(DDA) was A$125.9 Mil.
Selling, General, & Admin. Expense(SGA) was A$581.4 Mil.
Total Current Liabilities was A$1,173.7 Mil.
Long-Term Debt & Capital Lease Obligation was A$127.3 Mil.
Net Income was A$-33.9 Mil.
Gross Profit was A$30.6 Mil.
Cash Flow from Operations was A$187.5 Mil.
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Total Receivables was A$10.3 Mil.
Revenue was A$671.1 Mil.
Gross Profit was A$671.1 Mil.
Total Current Assets was A$51.9 Mil.
Total Assets was A$1,795.0 Mil.
Property, Plant and Equipment(Net PPE) was A$896.7 Mil.
Depreciation, Depletion and Amortization(DDA) was A$105.4 Mil.
Selling, General, & Admin. Expense(SGA) was A$531.0 Mil.
Total Current Liabilities was A$1,003.5 Mil.
Long-Term Debt & Capital Lease Obligation was A$157.3 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) |
| = | (27.073 / 754.298) | / | (10.261 / 671.067) |
| = | 0.035892 | / | 0.015291 |
| | = | 2.3473 |
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) |
| = | (671.067 / 671.067) | / | (754.298 / 754.298) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (60.593 + 1005.755) / 1869.311) | / | (1 - (51.913 + 896.71) / 1794.973) |
| = | 0.42955 | / | 0.471511 |
| | = | 0.911 |
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 |
| = | 754.298 | / | 671.067 |
| | = | 1.124 |
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)) |
| = | (105.353 / (105.353 + 896.71)) | / | (125.934 / (125.934 + 1005.755)) |
| = | 0.105136 | / | 0.11128 |
| | = | 0.9448 |
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) |
| = | (581.418 / 754.298) | / | (530.98 / 671.067) |
| = | 0.770807 | / | 0.791247 |
| | = | 0.9742 |
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) |
| = | ((127.336 + 1173.65) / 1869.311) | / | ((157.253 + 1003.482) / 1794.973) |
| = | 0.695971 | / | 0.646659 |
| | = | 1.0763 |
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 |
| = | (-33.898 - 30.616 | - | 187.493) | / | 1869.311 |
| | = | -0.134813 |
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.
Estia Health has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
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