GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Hospital Mater Dei SA (BSP:MATD3) » Definitions » Beneish M-Score

Hospital Mater Dei (BSP:MATD3) Beneish M-Score : -3.36 (As of Jun. 17, 2025)


View and export this data going back to 2021. Start your Free Trial

What is Hospital Mater Dei 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.

Good Sign:

Beneish M-Score -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hospital Mater Dei's Beneish M-Score or its related term are showing as below:

BSP:MATD3' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36   Med: -2.18   Max: -1.65
Current: -3.36

During the past 8 years, the highest Beneish M-Score of Hospital Mater Dei was -1.65. The lowest was -3.36. And the median was -2.18.


Hospital Mater Dei Beneish M-Score Historical Data

The historical data trend for Hospital Mater Dei'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.

Hospital Mater Dei Beneish M-Score Chart

Hospital Mater Dei Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial - -2.18 -2.20 -2.21 -3.29

Hospital Mater Dei Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.18 -3.26 -3.30 -3.29 -3.36

Competitive Comparison of Hospital Mater Dei's Beneish M-Score

For the Medical Care Facilities subindustry, Hospital Mater Dei'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.


Hospital Mater Dei's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Hospital Mater Dei's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hospital Mater Dei's Beneish M-Score falls into.


;
;

Hospital Mater Dei 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 Hospital Mater Dei 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 * 0.8404+0.528 * 1.1142+0.404 * 0.68+0.892 * 0.9538+0.115 * 0.9102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0474+4.679 * -0.113954-0.327 * 1.2174
=-3.36

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was R$730 Mil.
Revenue was 499.318 + 487.038 + 570.821 + 585.343 = R$2,143 Mil.
Gross Profit was 143.788 + 129.027 + 173.574 + 174.888 = R$621 Mil.
Total Current Assets was R$1,519 Mil.
Total Assets was R$4,377 Mil.
Property, Plant and Equipment(Net PPE) was R$1,506 Mil.
Depreciation, Depletion and Amortization(DDA) was R$109 Mil.
Selling, General, & Admin. Expense(SGA) was R$86 Mil.
Total Current Liabilities was R$515 Mil.
Long-Term Debt & Capital Lease Obligation was R$2,026 Mil.
Net Income was 19.931 + 8.28 + 75.366 + -464.267 = R$-361 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 51.837 + -16.518 + 103.296 + -0.487 = R$138 Mil.
Total Receivables was R$911 Mil.
Revenue was 582.799 + 541.224 + 568.227 + 554.155 = R$2,246 Mil.
Gross Profit was 193.108 + 162.743 + 185.485 + 184.475 = R$726 Mil.
Total Current Assets was R$1,285 Mil.
Total Assets was R$5,263 Mil.
Property, Plant and Equipment(Net PPE) was R$1,587 Mil.
Depreciation, Depletion and Amortization(DDA) was R$104 Mil.
Selling, General, & Admin. Expense(SGA) was R$86 Mil.
Total Current Liabilities was R$549 Mil.
Long-Term Debt & Capital Lease Obligation was R$1,960 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)
=(730.076 / 2142.52) / (910.817 / 2246.405)
=0.340756 / 0.405455
=0.8404

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)
=(725.811 / 2246.405) / (621.277 / 2142.52)
=0.323099 / 0.289975
=1.1142

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 - (1518.855 + 1506.294) / 4377.367) / (1 - (1285.337 + 1586.644) / 5262.841)
=0.308911 / 0.454291
=0.68

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
=2142.52 / 2246.405
=0.9538

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))
=(103.745 / (103.745 + 1586.644)) / (108.913 / (108.913 + 1506.294))
=0.061373 / 0.06743
=0.9102

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)
=(85.611 / 2142.52) / (85.696 / 2246.405)
=0.039958 / 0.038148
=1.0474

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)
=((2025.841 + 514.518) / 4377.367) / ((1960.071 + 548.839) / 5262.841)
=0.58034 / 0.476722
=1.2174

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
=(-360.69 - 0 - 138.128) / 4377.367
=-0.113954

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.

Hospital Mater Dei has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.


Hospital Mater Dei Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Hospital Mater Dei's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Hospital Mater Dei Business Description

Traded in Other Exchanges
N/A
Address
Rua Mato Grosso, No. 1, 100, Bairro Santo Agostinho, Belo Horizonte, MG, BRA, 30.190-081
Hospital Mater Dei SA is an integrated healthcare ecosystem that provides hospital and oncological services. It has a capacity of more than a thousand hospital beds in three hospital units strategically located in the metropolitan region of the city of Belo Horizonte.

Hospital Mater Dei Headlines

No Headlines