NMC Health Beneish M-Score Historical Data
The historical data trend for NMC 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.
NMC Health Beneish M-Score Chart
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NMC Health Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-1.33 |
23.27 |
-2.30 |
-2.17 |
-2.47 |
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NMC Health Semi-Annual Data
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Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
| Beneish M-Score |
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- |
-2.17 |
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-2.47 |
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Competitive Comparison of NMC Health's Beneish M-Score
For the Medical Care Facilities subindustry, NMC 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.
NMC Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, NMC Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NMC Health's Beneish M-Score falls into.
NMC 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 NMC 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 * 0.9601 | + | 0.528 * 0.9692 | + | 0.404 * 1.0413 | + | 0.892 * 1.3587 | + | 0.115 * 0.9691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * -0.035938 | - | 0.327 * 1.0799 |
| = | -2.40 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was £428 Mil.
Revenue was £1,625 Mil.
Gross Profit was £664 Mil.
Total Current Assets was £1,099 Mil.
Total Assets was £3,059 Mil.
Property, Plant and Equipment(Net PPE) was £656 Mil.
Depreciation, Depletion and Amortization(DDA) was £79 Mil.
Selling, General, & Admin. Expense(SGA) was £350 Mil.
Total Current Liabilities was £758 Mil.
Long-Term Debt & Capital Lease Obligation was £1,143 Mil.
Net Income was £196 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £306 Mil.
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Total Receivables was £328 Mil.
Revenue was £1,196 Mil.
Gross Profit was £474 Mil.
Total Current Assets was £842 Mil.
Total Assets was £2,193 Mil.
Property, Plant and Equipment(Net PPE) was £453 Mil.
Depreciation, Depletion and Amortization(DDA) was £53 Mil.
Selling, General, & Admin. Expense(SGA) was £250 Mil.
Total Current Liabilities was £525 Mil.
Long-Term Debt & Capital Lease Obligation was £737 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) |
| = | (428.355 / 1625.23) | / | (328.349 / 1196.133) |
| = | 0.263566 | / | 0.274509 |
| | = | 0.9601 |
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) |
| = | (473.973 / 1196.133) | / | (664.49 / 1625.23) |
| = | 0.396254 | / | 0.408859 |
| | = | 0.9692 |
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 - (1099.279 + 655.621) / 3059.208) | / | (1 - (841.864 + 452.891) / 2192.5) |
| = | 0.426355 | / | 0.409462 |
| | = | 1.0413 |
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 |
| = | 1625.23 | / | 1196.133 |
| | = | 1.3587 |
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)) |
| = | (52.879 / (52.879 + 452.891)) | / | (79.287 / (79.287 + 655.621)) |
| = | 0.104551 | / | 0.107887 |
| | = | 0.9691 |
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) |
| = | (349.943 / 1625.23) | / | (250.035 / 1196.133) |
| = | 0.215319 | / | 0.209036 |
| | = | 1.0301 |
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) |
| = | ((1143.003 + 758.45) / 3059.208) | / | ((736.929 + 525.007) / 2192.5) |
| = | 0.621551 | / | 0.575569 |
| | = | 1.0799 |
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 |
| = | (196.436 - 0 | - | 306.378) | / | 3059.208 |
| | = | -0.035938 |
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.
NMC Health has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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