Teladoc Health Beneish M-Score Historical Data
The historical data trend for Teladoc 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.
Teladoc Health Beneish M-Score Chart
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Teladoc Health Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.81 |
-2.21 |
-4.17 |
-3.10 |
-3.30 |
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Teladoc Health Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.10 |
-3.15 |
-3.32 |
-3.29 |
-3.30 |
Competitive Comparison of Teladoc Health's Beneish M-Score
For the Health Information Services subindustry, Teladoc 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.
Teladoc Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Teladoc Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teladoc Health's Beneish M-Score falls into.
Teladoc 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 Teladoc 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 * 1.1099 | + | 0.528 * 1 | + | 0.404 * 0.7924 | + | 0.892 * 1.0921 | + | 0.115 * 0.967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9953 | + | 4.679 * -0.123207 | - | 0.327 * 1.2259 |
| = | -3.03 |
* 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 R$1,366 Mil.
Revenue was 3907.636 + 3547.005 + 3460.268 + 3217.603 = R$14,133 Mil.
Gross Profit was 2754.986 + 2551.613 + 2447.363 + 2248.843 = R$10,003 Mil.
Total Current Assets was R$10,151 Mil.
Total Assets was R$21,454 Mil.
Property, Plant and Equipment(Net PPE) was R$345 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,101 Mil.
Selling, General, & Admin. Expense(SGA) was R$7,395 Mil.
Total Current Liabilities was R$5,744 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,245 Mil.
Net Income was -295.343 + -184.276 + -4511.78 + -407.791 = R$-5,399 Mil.
Non Operating Income was -81.747 + -9.957 + -4268.592 + -51.87 = R$-4,412 Mil.
Cash Flow from Operations was 524.088 + 610.127 + 477.656 + 44.42 = R$1,656 Mil.
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Total Receivables was R$1,127 Mil.
Revenue was 3236.45 + 3260.717 + 3166.583 + 3277.48 = R$12,941 Mil.
Gross Profit was 2288.711 + 2342.317 + 2241.759 + 2287.289 = R$9,160 Mil.
Total Current Assets was R$7,296 Mil.
Total Assets was R$21,522 Mil.
Property, Plant and Equipment(Net PPE) was R$353 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,731 Mil.
Selling, General, & Admin. Expense(SGA) was R$6,803 Mil.
Total Current Liabilities was R$2,061 Mil.
Long-Term Debt & Capital Lease Obligation was R$7,749 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) |
| = | (1366.349 / 14132.512) | / | (1127.263 / 12941.23) |
| = | 0.096681 | / | 0.087106 |
| | = | 1.1099 |
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) |
| = | (9160.076 / 12941.23) | / | (10002.805 / 14132.512) |
| = | 0.707821 | / | 0.707787 |
| | = | 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 - (10151.497 + 345.188) / 21454.313) | / | (1 - (7296.037 + 353.236) / 21521.73) |
| = | 0.510742 | / | 0.644579 |
| | = | 0.7924 |
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 |
| = | 14132.512 | / | 12941.23 |
| | = | 1.0921 |
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)) |
| = | (1731.318 / (1731.318 + 353.236)) | / | (2100.66 / (2100.66 + 345.188)) |
| = | 0.830546 | / | 0.858868 |
| | = | 0.967 |
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) |
| = | (7394.732 / 14132.512) | / | (6803.398 / 12941.23) |
| = | 0.523243 | / | 0.525715 |
| | = | 0.9953 |
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) |
| = | ((6244.697 + 5744.305) / 21454.313) | / | ((7749.156 + 2060.934) / 21521.73) |
| = | 0.558815 | / | 0.455823 |
| | = | 1.2259 |
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 |
| = | (-5399.19 - -4412.166 | - | 1656.291) | / | 21454.313 |
| | = | -0.123207 |
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.
Teladoc Health has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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