Astrana Health Beneish M-Score Historical Data
The historical data trend for Astrana 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.
Astrana Health Beneish M-Score Chart
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Astrana Health Annual Data
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Trend |
Jan14 |
Mar15 |
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Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.99 |
-2.15 |
-2.13 |
-2.12 |
-2.49 |
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Astrana Health Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-2.22 |
-2.49 |
-2.87 |
-2.49 |
Competitive Comparison of Astrana Health's Beneish M-Score
For the Medical Care Facilities subindustry, Astrana 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.
Astrana Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Astrana Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astrana Health's Beneish M-Score falls into.
Astrana 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 Astrana 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 * 1.0182 | + | 0.528 * 1.1247 | + | 0.404 * 1.0812 | + | 0.892 * 1.2119 | + | 0.115 * 0.4204 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1962 | + | 4.679 * -0.015672 | - | 0.327 * 1.4284 |
| = | -2.49 |
* 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 $148 Mil.
Revenue was 353.036 + 348.173 + 348.209 + 337.244 = $1,387 Mil.
Gross Profit was 38.981 + 72.798 + 55.333 + 47.847 = $215 Mil.
Total Current Assets was $462 Mil.
Total Assets was $933 Mil.
Property, Plant and Equipment(Net PPE) was $45 Mil.
Depreciation, Depletion and Amortization(DDA) was $18 Mil.
Selling, General, & Admin. Expense(SGA) was $113 Mil.
Total Current Liabilities was $219 Mil.
Long-Term Debt & Capital Lease Obligation was $296 Mil.
Net Income was 12.356 + 22.059 + 13.17 + 13.132 = $61 Mil.
Non Operating Income was 5.625 + -0.57 + 4.767 + -2.704 = $7 Mil.
Cash Flow from Operations was 19.3 + 15.405 + 25.802 + 7.72 = $68 Mil.
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Total Receivables was $120 Mil.
Revenue was 294.208 + 317.001 + 269.697 + 263.258 = $1,144 Mil.
Gross Profit was 41.089 + 76.233 + 39.627 + 42.528 = $199 Mil.
Total Current Assets was $428 Mil.
Total Assets was $966 Mil.
Property, Plant and Equipment(Net PPE) was $129 Mil.
Depreciation, Depletion and Amortization(DDA) was $18 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $149 Mil.
Long-Term Debt & Capital Lease Obligation was $225 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) |
| = | (147.752 / 1386.662) | / | (119.733 / 1144.164) |
| = | 0.106552 | / | 0.104647 |
| | = | 1.0182 |
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) |
| = | (199.477 / 1144.164) | / | (214.959 / 1386.662) |
| = | 0.174343 | / | 0.155019 |
| | = | 1.1247 |
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 - (461.507 + 44.567) / 933.361) | / | (1 - (428.125 + 128.98) / 966.213) |
| = | 0.457794 | / | 0.423414 |
| | = | 1.0812 |
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 |
| = | 1386.662 | / | 1144.164 |
| | = | 1.2119 |
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)) |
| = | (17.543 / (17.543 + 128.98)) | / | (17.748 / (17.748 + 44.567)) |
| = | 0.119729 | / | 0.284811 |
| | = | 0.4204 |
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) |
| = | (112.597 / 1386.662) | / | (77.671 / 1144.164) |
| = | 0.0812 | / | 0.067884 |
| | = | 1.1962 |
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) |
| = | ((296.261 + 218.674) / 933.361) | / | ((224.579 + 148.61) / 966.213) |
| = | 0.5517 | / | 0.386239 |
| | = | 1.4284 |
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 |
| = | (60.717 - 7.118 | - | 68.227) | / | 933.361 |
| | = | -0.015672 |
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.
Astrana Health has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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