UnitedHealth Group Beneish M-Score Historical Data
The historical data trend for UnitedHealth Group'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.
UnitedHealth Group Beneish M-Score Chart
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UnitedHealth Group Annual Data
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-1.74 |
-2.52 |
-2.56 |
-2.36 |
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UnitedHealth Group Quarterly Data
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Mar24 |
| Beneish M-Score |
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-2.36 |
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Competitive Comparison of UnitedHealth Group's Beneish M-Score
For the Healthcare Plans subindustry, UnitedHealth Group'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.
UnitedHealth Group's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, UnitedHealth Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UnitedHealth Group's Beneish M-Score falls into.
UnitedHealth Group 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 UnitedHealth Group 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 * 1.1164 | + | 0.528 * 1.0035 | + | 0.404 * 0.9911 | + | 0.892 * 1.1136 | + | 0.115 * 0.9758 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.02443 | - | 0.327 * 0.9824 |
| = | -2.38 |
* 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 €35,735 Mil.
Revenue was €340,777 Mil.
Gross Profit was €83,408 Mil.
Total Current Assets was €71,927 Mil.
Total Assets was €251,001 Mil.
Property, Plant and Equipment(Net PPE) was €10,500 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,642 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €90,833 Mil.
Long-Term Debt & Capital Lease Obligation was €53,427 Mil.
Net Income was €20,523 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €26,655 Mil.
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Total Receivables was €28,745 Mil.
Revenue was €306,009 Mil.
Gross Profit was €75,158 Mil.
Total Current Assets was €65,201 Mil.
Total Assets was €231,946 Mil.
Property, Plant and Equipment(Net PPE) was €9,561 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,210 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €84,240 Mil.
Long-Term Debt & Capital Lease Obligation was €51,460 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) |
| = | (35735.49 / 340777.374) | / | (28744.8 / 306008.928) |
| = | 0.104865 | / | 0.093935 |
| | = | 1.1164 |
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) |
| = | (75158.448 / 306008.928) | / | (83408.486 / 340777.374) |
| = | 0.245609 | / | 0.244759 |
| | = | 1.0035 |
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 - (71926.729 + 10499.65) / 251001.24) | / | (1 - (65201.136 + 9560.832) / 231945.52) |
| = | 0.67161 | / | 0.677674 |
| | = | 0.9911 |
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 |
| = | 340777.374 | / | 306008.928 |
| | = | 1.1136 |
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)) |
| = | (3209.6 / (3209.6 + 9560.832)) | / | (3642.324 / (3642.324 + 10499.65)) |
| = | 0.251331 | / | 0.257554 |
| | = | 0.9758 |
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) |
| = | (0 / 340777.374) | / | (0 / 306008.928) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((53427.171 + 90832.518) / 251001.24) | / | ((51460.272 + 84239.728) / 231945.52) |
| = | 0.574737 | / | 0.585051 |
| | = | 0.9824 |
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 |
| = | (20523.377 - 0 | - | 26655.356) | / | 251001.24 |
| | = | -0.02443 |
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.
UnitedHealth Group has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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