AdaptHealth Beneish M-Score Historical Data
The historical data trend for AdaptHealth'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.
AdaptHealth Beneish M-Score Chart
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AdaptHealth Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.19 |
-1.45 |
-2.70 |
-2.86 |
-2.99 |
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AdaptHealth Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.70 |
-2.86 |
-3.02 |
-2.99 |
-3.06 |
Competitive Comparison of AdaptHealth's Beneish M-Score
For the Medical Devices subindustry, AdaptHealth'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.
AdaptHealth's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, AdaptHealth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AdaptHealth's Beneish M-Score falls into.
AdaptHealth 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 AdaptHealth 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 * 0.9715 | + | 0.528 * 0.9984 | + | 0.404 * 0.9724 | + | 0.892 * 1.0027 | + | 0.115 * 1.0043 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0409 | + | 4.679 * -0.117423 | - | 0.327 * 0.9642 |
| = | -3.06 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $418 Mil.
Revenue was 580.471 + 1474.298 + 597.549 + 595.029 = $3,247 Mil.
Gross Profit was -76.973 + 930.948 + -84.317 + -83.944 = $686 Mil.
Total Current Assets was $745 Mil.
Total Assets was $4,437 Mil.
Property, Plant and Equipment(Net PPE) was $622 Mil.
Depreciation, Depletion and Amortization(DDA) was $367 Mil.
Selling, General, & Admin. Expense(SGA) was $411 Mil.
Total Current Liabilities was $577 Mil.
Long-Term Debt & Capital Lease Obligation was $2,042 Mil.
Net Income was -7.207 + 50.262 + 22.859 + 19.435 = $85 Mil.
Non Operating Income was 0 + 23.773 + -7.93 + 2.222 = $18 Mil.
Cash Flow from Operations was 95.527 + 150.415 + 144.405 + 197.984 = $588 Mil.
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Total Receivables was $430 Mil.
Revenue was 594.099 + 1477.094 + 583.68 + 583.624 = $3,238 Mil.
Gross Profit was -40.931 + 923.265 + -109.808 + -89.773 = $683 Mil.
Total Current Assets was $656 Mil.
Total Assets was $4,504 Mil.
Property, Plant and Equipment(Net PPE) was $644 Mil.
Depreciation, Depletion and Amortization(DDA) was $382 Mil.
Selling, General, & Admin. Expense(SGA) was $394 Mil.
Total Current Liabilities was $493 Mil.
Long-Term Debt & Capital Lease Obligation was $2,264 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) |
| = | (418.455 / 3247.347) | / | (429.558 / 3238.497) |
| = | 0.128861 | / | 0.132641 |
| | = | 0.9715 |
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) |
| = | (682.753 / 3238.497) | / | (685.714 / 3247.347) |
| = | 0.210824 | / | 0.211161 |
| | = | 0.9984 |
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 - (745.173 + 622.436) / 4437.35) | / | (1 - (655.981 + 643.551) / 4503.693) |
| = | 0.691796 | / | 0.711452 |
| | = | 0.9724 |
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 |
| = | 3247.347 | / | 3238.497 |
| | = | 1.0027 |
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)) |
| = | (381.846 / (381.846 + 643.551)) | / | (366.803 / (366.803 + 622.436)) |
| = | 0.372388 | / | 0.370793 |
| | = | 1.0043 |
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) |
| = | (410.814 / 3247.347) | / | (393.614 / 3238.497) |
| = | 0.126508 | / | 0.121542 |
| | = | 1.0409 |
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) |
| = | ((2042.378 + 576.734) / 4437.35) | / | ((2264.333 + 492.692) / 4503.693) |
| = | 0.590242 | / | 0.61217 |
| | = | 0.9642 |
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 |
| = | (85.349 - 18.065 | - | 588.331) | / | 4437.35 |
| | = | -0.117423 |
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.
AdaptHealth has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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