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.
Veradigm Beneish M-Score Chart
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Veradigm Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.12 |
-2.63 |
-1.16 |
-2.24 |
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Veradigm Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-2.24 |
-2.94 |
-3.22 |
-2.81 |
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Competitive Comparison of Veradigm's Beneish M-Score
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's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
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 * 0.9334 | + | 0.528 * 0.9326 | + | 0.404 * 0.7592 | + | 0.892 * 1.0183 | + | 0.115 * 0.7923 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4867 | + | 4.679 * -0.105787 | - | 0.327 * 0.7958 |
| = | -3.19 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $175.7 Mil.
Revenue was 142.525 + 151.922 + 150.898 + 142.672 = $588.0 Mil.
Gross Profit was 72.021 + 83.436 + 79.482 + 73.481 = $308.4 Mil.
Total Current Assets was $679.6 Mil.
Total Assets was $1,504.7 Mil.
Property, Plant and Equipment(Net PPE) was $21.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $115.9 Mil.
Selling, General, & Admin. Expense(SGA) was $169.2 Mil.
Total Current Liabilities was $230.3 Mil.
Long-Term Debt & Capital Lease Obligation was $212.8 Mil.
Net Income was -59.821 + 14.528 + -64.026 + 22.857 = $-86.5 Mil.
Non Operating Income was -45.422 + 1.038 + 1.926 + -0.386 = $-42.8 Mil.
Cash Flow from Operations was 19.795 + 28.141 + -1.635 + 69.261 = $115.6 Mil.
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Total Receivables was $184.9 Mil.
Revenue was 157.901 + 144.668 + 141.206 + 133.652 = $577.4 Mil.
Gross Profit was 81.47 + 69.64 + 68.419 + 62.917 = $282.4 Mil.
Total Current Assets was $649.2 Mil.
Total Assets was $2,311.0 Mil.
Property, Plant and Equipment(Net PPE) was $36.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $72.8 Mil.
Selling, General, & Admin. Expense(SGA) was $111.8 Mil.
Total Current Liabilities was $488.4 Mil.
Long-Term Debt & Capital Lease Obligation was $366.8 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) |
| = | (175.717 / 588.017) | / | (184.861 / 577.427) |
| = | 0.29883 | / | 0.320146 |
| | = | 0.9334 |
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) |
| = | (282.446 / 577.427) | / | (308.42 / 588.017) |
| = | 0.489146 | / | 0.524509 |
| | = | 0.9326 |
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 - (679.648 + 21.439) / 1504.722) | / | (1 - (649.213 + 36.059) / 2311.025) |
| = | 0.534075 | / | 0.703477 |
| | = | 0.7592 |
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 |
| = | 588.017 | / | 577.427 |
| | = | 1.0183 |
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)) |
| = | (72.775 / (72.775 + 36.059)) | / | (115.921 / (115.921 + 21.439)) |
| = | 0.668679 | / | 0.843921 |
| | = | 0.7923 |
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) |
| = | (169.201 / 588.017) | / | (111.76 / 577.427) |
| = | 0.287748 | / | 0.193548 |
| | = | 1.4867 |
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) |
| = | ((212.835 + 230.313) / 1504.722) | / | ((366.816 + 488.424) / 2311.025) |
| = | 0.294505 | / | 0.37007 |
| | = | 0.7958 |
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 |
| = | (-86.462 - -42.844 | - | 115.562) | / | 1504.722 |
| | = | -0.105787 |
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 -3.19 suggests that the company is unlikely to be a manipulator.
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