Aveanna Healthcare Holdings Beneish M-Score Historical Data
The historical data trend for Aveanna Healthcare Holdings'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.
Aveanna Healthcare Holdings Beneish M-Score Chart
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Aveanna Healthcare Holdings Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.17 |
-2.67 |
-2.59 |
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Aveanna Healthcare Holdings Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
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Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.77 |
-2.66 |
-2.59 |
-2.59 |
Competitive Comparison of Aveanna Healthcare Holdings's Beneish M-Score
For the Medical Care Facilities subindustry, Aveanna Healthcare Holdings'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.
Aveanna Healthcare Holdings's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Aveanna Healthcare Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aveanna Healthcare Holdings's Beneish M-Score falls into.
Aveanna Healthcare Holdings 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 Aveanna Healthcare Holdings 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 * 1.0276 | + | 0.528 * 0.985 | + | 0.404 * 0.955 | + | 0.892 * 1.0602 | + | 0.115 * 1.1118 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.924 | + | 4.679 * -0.035614 | - | 0.327 * 1.0725 |
| = | -2.59 |
* 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 $246 Mil.
Revenue was 478.841 + 478.01 + 471.945 + 466.413 = $1,895 Mil.
Gross Profit was 148.448 + 147.264 + 155.255 + 144.465 = $595 Mil.
Total Current Assets was $315 Mil.
Total Assets was $1,613 Mil.
Property, Plant and Equipment(Net PPE) was $70 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $401 Mil.
Total Current Liabilities was $355 Mil.
Long-Term Debt & Capital Lease Obligation was $1,316 Mil.
Net Income was -25.736 + -102.389 + 25.599 + -31.998 = $-135 Mil.
Non Operating Income was -21.273 + -91.421 + 25.201 + -12.258 = $-100 Mil.
Cash Flow from Operations was -3.005 + 28.7 + -10.518 + 7.495 = $23 Mil.
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Total Receivables was $226 Mil.
Revenue was 451.147 + 443.009 + 442.955 + 450.534 = $1,788 Mil.
Gross Profit was 128.775 + 134.583 + 145.043 + 144.826 = $553 Mil.
Total Current Assets was $270 Mil.
Total Assets was $1,712 Mil.
Property, Plant and Equipment(Net PPE) was $77 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $410 Mil.
Total Current Liabilities was $326 Mil.
Long-Term Debt & Capital Lease Obligation was $1,327 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) |
| = | (245.808 / 1895.209) | / | (225.632 / 1787.645) |
| = | 0.1297 | / | 0.126217 |
| | = | 1.0276 |
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) |
| = | (553.227 / 1787.645) | / | (595.432 / 1895.209) |
| = | 0.309473 | / | 0.314177 |
| | = | 0.985 |
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 - (314.886 + 70.047) / 1612.985) | / | (1 - (269.751 + 77.353) / 1711.76) |
| = | 0.761354 | / | 0.797224 |
| | = | 0.955 |
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 |
| = | 1895.209 | / | 1787.645 |
| | = | 1.0602 |
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)) |
| = | (38.816 / (38.816 + 77.353)) | / | (30.098 / (30.098 + 70.047)) |
| = | 0.334134 | / | 0.300544 |
| | = | 1.1118 |
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) |
| = | (401.479 / 1895.209) | / | (409.827 / 1787.645) |
| = | 0.211839 | / | 0.229255 |
| | = | 0.924 |
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) |
| = | ((1316.159 + 354.758) / 1612.985) | / | ((1326.9 + 326.497) / 1711.76) |
| = | 1.035916 | / | 0.965905 |
| | = | 1.0725 |
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 |
| = | (-134.524 - -99.751 | - | 22.672) | / | 1612.985 |
| | = | -0.035614 |
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.
Aveanna Healthcare Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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