Chemed Beneish M-Score Historical Data
The historical data trend for Chemed'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.
Chemed Beneish M-Score Chart
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Chemed Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-3.19 |
-2.79 |
-2.55 |
-2.35 |
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Chemed Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.15 |
-2.80 |
-2.25 |
-2.35 |
Competitive Comparison of Chemed's Beneish M-Score
For the Medical Care Facilities subindustry, Chemed'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.
Chemed's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Chemed's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chemed's Beneish M-Score falls into.
Chemed 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 Chemed 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 * 1.2276 | + | 0.528 * 1.0158 | + | 0.404 * 0.8676 | + | 0.892 * 1.0606 | + | 0.115 * 0.9637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0385 | + | 4.679 * -0.037268 | - | 0.327 * 0.7134 |
| = | -2.35 |
* 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 $182 Mil.
Revenue was 585.912 + 564.532 + 553.816 + 560.157 = $2,264 Mil.
Gross Profit was 227.566 + 202.174 + 179.623 + 189.452 = $799 Mil.
Total Current Assets was $501 Mil.
Total Assets was $1,668 Mil.
Property, Plant and Equipment(Net PPE) was $330 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $395 Mil.
Total Current Liabilities was $312 Mil.
Long-Term Debt & Capital Lease Obligation was $101 Mil.
Net Income was 90.053 + 74.958 + 53.377 + 54.121 = $273 Mil.
Non Operating Income was 4.314 + 0.002 + -0.008 + 0.068 = $4 Mil.
Cash Flow from Operations was 108.563 + 28.927 + 132.317 + 60.492 = $330 Mil.
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Total Receivables was $139 Mil.
Revenue was 546.654 + 526.472 + 531.288 + 530.549 = $2,135 Mil.
Gross Profit was 197.084 + 179.538 + 194.467 + 193.997 = $765 Mil.
Total Current Assets was $273 Mil.
Total Assets was $1,442 Mil.
Property, Plant and Equipment(Net PPE) was $335 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General, & Admin. Expense(SGA) was $359 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt & Capital Lease Obligation was $203 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) |
| = | (181.511 / 2264.417) | / | (139.408 / 2134.963) |
| = | 0.080158 | / | 0.065298 |
| | = | 1.2276 |
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) |
| = | (765.086 / 2134.963) | / | (798.815 / 2264.417) |
| = | 0.35836 | / | 0.352769 |
| | = | 1.0158 |
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 - (500.843 + 330.227) / 1668.095) | / | (1 - (272.612 + 335.376) / 1442.012) |
| = | 0.501785 | / | 0.578375 |
| | = | 0.8676 |
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 |
| = | 2264.417 | / | 2134.963 |
| | = | 1.0606 |
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)) |
| = | (59.172 / (59.172 + 335.376)) | / | (60.865 / (60.865 + 330.227)) |
| = | 0.149974 | / | 0.155628 |
| | = | 0.9637 |
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) |
| = | (395.121 / 2264.417) | / | (358.727 / 2134.963) |
| = | 0.174491 | / | 0.168025 |
| | = | 1.0385 |
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) |
| = | ((100.776 + 312.05) / 1668.095) | / | ((203.013 + 297.205) / 1442.012) |
| = | 0.247484 | / | 0.346889 |
| | = | 0.7134 |
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 |
| = | (272.509 - 4.376 | - | 330.299) | / | 1668.095 |
| | = | -0.037268 |
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.
Chemed has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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