Veradigm Beneish M-Score Historical Data
The historical data trend for Veradigm'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.
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Veradigm Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.62 |
-2.12 |
-2.63 |
-1.16 |
-2.24 |
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Veradigm Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-0.07 |
-2.24 |
-2.94 |
-3.22 |
-2.81 |
Competitive Comparison
For the Health Information Services subindustry, Veradigm'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.
Veradigm Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, Veradigm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veradigm's Beneish M-Score falls into.
Veradigm 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 Veradigm 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 * 0.2663 | + | 0.528 * 1.0485 | + | 0.404 * 0.8065 | + | 0.892 * 1.8972 | + | 0.115 * 0.5019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0452 | + | 4.679 * -0.094311 | - | 0.327 * 0.6795 |
| = | -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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $234 Mil.
Revenue was 151.922 + 150.898 + 142.672 + 1083.511 = $1,529 Mil.
Gross Profit was 83.436 + 79.482 + 73.481 + 418.589 = $655 Mil.
Total Current Assets was $811 Mil.
Total Assets was $1,691 Mil.
Property, Plant and Equipment(Net PPE) was $26 Mil.
Depreciation, Depletion and Amortization(DDA) was $169 Mil.
Selling, General, & Admin. Expense(SGA) was $360 Mil.
Total Current Liabilities was $253 Mil.
Long-Term Debt & Capital Lease Obligation was $213 Mil.
Net Income was 14.528 + -64.026 + 22.857 + 87.275 = $61 Mil.
Non Operating Income was 1.038 + 1.926 + -0.386 + 56.691 = $59 Mil.
Cash Flow from Operations was 28.141 + -1.635 + 69.261 + 65.045 = $161 Mil.
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Total Receivables was $464 Mil.
Revenue was 144.668 + 141.206 + 133.652 + 386.414 = $806 Mil.
Gross Profit was 69.64 + 68.419 + 62.917 + 161.023 = $362 Mil.
Total Current Assets was $805 Mil.
Total Assets was $2,484 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $567 Mil.
Long-Term Debt & Capital Lease Obligation was $440 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) |
| = | (234.482 / 1529.003) | / | (464.168 / 805.94) |
| = | 0.153356 | / | 0.575934 |
| | = | 0.2663 |
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) |
| = | (361.999 / 805.94) | / | (654.988 / 1529.003) |
| = | 0.449164 | / | 0.428376 |
| | = | 1.0485 |
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 - (810.77 + 26.233) / 1690.659) | / | (1 - (804.961 + 123.964) / 2484.306) |
| = | 0.504925 | / | 0.626083 |
| | = | 0.8065 |
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 |
| = | 1529.003 | / | 805.94 |
| | = | 1.8972 |
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)) |
| = | (95.295 / (95.295 + 123.964)) | / | (169.373 / (169.373 + 26.233)) |
| = | 0.434623 | / | 0.865889 |
| | = | 0.5019 |
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) |
| = | (359.817 / 1529.003) | / | (181.457 / 805.94) |
| = | 0.235328 | / | 0.22515 |
| | = | 1.0452 |
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) |
| = | ((212.641 + 253.091) / 1690.659) | / | ((440.244 + 566.94) / 2484.306) |
| = | 0.275474 | / | 0.405419 |
| | = | 0.6795 |
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 |
| = | (60.634 - 59.269 | - | 160.812) | / | 1690.659 |
| | = | -0.094311 |
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.
Veradigm has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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