HCA Healthcare Beneish M-Score Historical Data
The historical data trend for HCA 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.
HCA Healthcare Beneish M-Score Chart
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HCA Healthcare Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-3.01 |
-2.69 |
-2.79 |
-2.73 |
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HCA Healthcare Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.84 |
-2.73 |
-2.75 |
-2.67 |
-2.81 |
Competitive Comparison of HCA Healthcare's Beneish M-Score
For the Medical Care Facilities subindustry, HCA 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.
HCA Healthcare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, HCA Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HCA Healthcare's Beneish M-Score falls into.
HCA 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 HCA 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 * 0.9797 | + | 0.528 * 0.9967 | + | 0.404 * 0.9553 | + | 0.892 * 1.1023 | + | 0.115 * 1.0018 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9652 | + | 4.679 * -0.083368 | - | 0.327 * 0.9925 |
| = | -2.81 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $9,915 Mil.
Revenue was 17487 + 17492 + 17339 + 17303 = $69,621 Mil.
Gross Profit was 14830 + 14858 + 14668 + 14719 = $59,075 Mil.
Total Current Assets was $16,662 Mil.
Total Assets was $59,459 Mil.
Property, Plant and Equipment(Net PPE) was $31,248 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,245 Mil.
Selling, General, & Admin. Expense(SGA) was $30,823 Mil.
Total Current Liabilities was $14,900 Mil.
Long-Term Debt & Capital Lease Obligation was $40,207 Mil.
Net Income was 1270 + 1461 + 1591 + 1607 = $5,929 Mil.
Non Operating Income was 11 + 12 + 199 + 35 = $257 Mil.
Cash Flow from Operations was 3515 + 1971 + 2469 + 2674 = $10,629 Mil.
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Total Receivables was $9,182 Mil.
Revenue was 16213 + 15861 + 15591 + 15497 = $63,162 Mil.
Gross Profit was 13796 + 13383 + 13168 + 13068 = $53,415 Mil.
Total Current Assets was $14,294 Mil.
Total Assets was $54,589 Mil.
Property, Plant and Equipment(Net PPE) was $29,196 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,038 Mil.
Selling, General, & Admin. Expense(SGA) was $28,972 Mil.
Total Current Liabilities was $12,407 Mil.
Long-Term Debt & Capital Lease Obligation was $38,569 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) |
| = | (9915 / 69621) | / | (9182 / 63162) |
| = | 0.142414 | / | 0.145372 |
| | = | 0.9797 |
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) |
| = | (53415 / 63162) | / | (59075 / 69621) |
| = | 0.845683 | / | 0.848523 |
| | = | 0.9967 |
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 - (16662 + 31248) / 59459) | / | (1 - (14294 + 29196) / 54589) |
| = | 0.194235 | / | 0.203319 |
| | = | 0.9553 |
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 |
| = | 69621 | / | 63162 |
| | = | 1.1023 |
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)) |
| = | (3038 / (3038 + 29196)) | / | (3245 / (3245 + 31248)) |
| = | 0.094248 | / | 0.094077 |
| | = | 1.0018 |
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) |
| = | (30823 / 69621) | / | (28972 / 63162) |
| = | 0.442726 | / | 0.458694 |
| | = | 0.9652 |
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) |
| = | ((40207 + 14900) / 59459) | / | ((38569 + 12407) / 54589) |
| = | 0.926807 | / | 0.933815 |
| | = | 0.9925 |
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 |
| = | (5929 - 257 | - | 10629) | / | 59459 |
| | = | -0.083368 |
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.
HCA Healthcare has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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