Definitive Healthcare Beneish M-Score Historical Data
The historical data trend for Definitive Healthcare'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.
Definitive Healthcare Beneish M-Score Chart
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Definitive Healthcare Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.62 |
-2.32 |
-2.45 |
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Definitive Healthcare Quarterly Data
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Jul19 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.35 |
-2.29 |
-2.22 |
-2.45 |
-2.37 |
Competitive Comparison of Definitive Healthcare's Beneish M-Score
For the Health Information Services subindustry, Definitive Healthcare'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.
Definitive Healthcare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Definitive Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Definitive Healthcare's Beneish M-Score falls into.
Definitive Healthcare 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 Definitive Healthcare 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 * 0.9912 | + | 0.528 * 1.0048 | + | 0.404 * 0.9864 | + | 0.892 * 1.1034 | + | 0.115 * 1.005 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9572 | + | 4.679 * 0.018075 | - | 0.327 * 1.1927 |
| = | -2.37 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $56.7 Mil.
Revenue was 63.48 + 65.932 + 65.325 + 60.957 = $255.7 Mil.
Gross Profit was 50.382 + 53.419 + 53.43 + 49.789 = $207.0 Mil.
Total Current Assets was $378.7 Mil.
Total Assets was $1,810.1 Mil.
Property, Plant and Equipment(Net PPE) was $13.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.5 Mil.
Selling, General, & Admin. Expense(SGA) was $154.5 Mil.
Total Current Liabilities was $165.0 Mil.
Long-Term Debt & Capital Lease Obligation was $248.0 Mil.
Net Income was -9.518 + -10.233 + -171.526 + -8.566 = $-199.8 Mil.
Non Operating Income was -5.894 + -3.805 + -261.316 + -4.368 = $-275.4 Mil.
Cash Flow from Operations was 16.589 + 4.709 + 9.487 + 12.037 = $42.8 Mil.
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Total Receivables was $51.8 Mil.
Revenue was 59.201 + 60.599 + 57.382 + 54.548 = $231.7 Mil.
Gross Profit was 47.295 + 50.804 + 47.658 + 42.77 = $188.5 Mil.
Total Current Assets was $421.5 Mil.
Total Assets was $2,115.2 Mil.
Property, Plant and Equipment(Net PPE) was $13.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.6 Mil.
Selling, General, & Admin. Expense(SGA) was $146.3 Mil.
Total Current Liabilities was $142.6 Mil.
Long-Term Debt & Capital Lease Obligation was $262.0 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) |
| = | (56.655 / 255.694) | / | (51.801 / 231.73) |
| = | 0.221573 | / | 0.22354 |
| | = | 0.9912 |
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) |
| = | (188.527 / 231.73) | / | (207.02 / 255.694) |
| = | 0.813563 | / | 0.80964 |
| | = | 1.0048 |
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 - (378.717 + 13.122) / 1810.145) | / | (1 - (421.492 + 13.57) / 2115.236) |
| = | 0.783532 | / | 0.79432 |
| | = | 0.9864 |
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 |
| = | 255.694 | / | 231.73 |
| | = | 1.1034 |
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)) |
| = | (54.596 / (54.596 + 13.57)) | / | (51.49 / (51.49 + 13.122)) |
| = | 0.800927 | / | 0.796911 |
| | = | 1.005 |
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) |
| = | (154.536 / 255.694) | / | (146.32 / 231.73) |
| = | 0.604379 | / | 0.631425 |
| | = | 0.9572 |
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) |
| = | ((247.957 + 164.98) / 1810.145) | / | ((261.956 + 142.62) / 2115.236) |
| = | 0.228124 | / | 0.191268 |
| | = | 1.1927 |
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 |
| = | (-199.843 - -275.383 | - | 42.822) | / | 1810.145 |
| | = | 0.018075 |
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.
Definitive Healthcare has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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