Addus HomeCare Beneish M-Score Historical Data
The historical data trend for Addus HomeCare'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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Addus HomeCare Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-3.10 |
-2.41 |
-2.75 |
-2.72 |
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Addus HomeCare Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.78 |
-2.73 |
-2.66 |
-2.72 |
Competitive Comparison
For the Medical Care Facilities subindustry, Addus HomeCare'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.
Addus HomeCare Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, Addus HomeCare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Addus HomeCare's Beneish M-Score falls into.
Addus HomeCare 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 Addus HomeCare 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 * 0.8266 | + | 0.528 * 0.9816 | + | 0.404 * 1.0553 | + | 0.892 * 1.1131 | + | 0.115 * 1.1207 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9724 | + | 4.679 * -0.048545 | - | 0.327 * 0.948 |
| = | -2.72 |
* 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 $116 Mil.
Revenue was 276.351 + 270.721 + 259.98 + 251.599 = $1,059 Mil.
Gross Profit was 92.413 + 86.73 + 82.318 + 78.415 = $340 Mil.
Total Current Assets was $200 Mil.
Total Assets was $1,024 Mil.
Property, Plant and Equipment(Net PPE) was $69 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $235 Mil.
Total Current Liabilities was $145 Mil.
Long-Term Debt & Capital Lease Obligation was $164 Mil.
Net Income was 19.578 + 15.411 + 14.852 + 12.675 = $63 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 30.049 + 21.785 + 41.614 + 18.799 = $112 Mil.
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Total Receivables was $126 Mil.
Revenue was 247.05 + 240.495 + 236.94 + 226.634 = $951 Mil.
Gross Profit was 78.769 + 75.185 + 75.598 + 70.186 = $300 Mil.
Total Current Assets was $223 Mil.
Total Assets was $938 Mil.
Property, Plant and Equipment(Net PPE) was $60 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $217 Mil.
Total Current Liabilities was $131 Mil.
Long-Term Debt & Capital Lease Obligation was $167 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) |
| = | (116.076 / 1058.651) | / | (126.167 / 951.119) |
| = | 0.109645 | / | 0.132651 |
| | = | 0.8266 |
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) |
| = | (299.738 / 951.119) | / | (339.876 / 1058.651) |
| = | 0.315142 | / | 0.321046 |
| | = | 0.9816 |
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 - (200.004 + 69.444) / 1024.426) | / | (1 - (222.807 + 60.162) / 937.994) |
| = | 0.736977 | / | 0.698325 |
| | = | 1.0553 |
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 |
| = | 1058.651 | / | 951.119 |
| | = | 1.1131 |
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)) |
| = | (14.06 / (14.06 + 60.162)) | / | (14.126 / (14.126 + 69.444)) |
| = | 0.189432 | / | 0.169032 |
| | = | 1.1207 |
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) |
| = | (234.794 / 1058.651) | / | (216.941 / 951.119) |
| = | 0.221786 | / | 0.22809 |
| | = | 0.9724 |
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) |
| = | ((163.843 + 145.117) / 1024.426) | / | ((167.251 + 131.146) / 937.994) |
| = | 0.301593 | / | 0.318123 |
| | = | 0.948 |
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 |
| = | (62.516 - 0 | - | 112.247) | / | 1024.426 |
| | = | -0.048545 |
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.
Addus HomeCare has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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