Global Health Beneish M-Score Historical Data
The historical data trend for Global 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.
Global Health Beneish M-Score Chart
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Global Health Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-2.32 |
-1.78 |
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Global Health Quarterly Data
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Mar20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.32 |
-2.30 |
- |
- |
-1.78 |
Competitive Comparison of Global Health's Beneish M-Score
For the Medical Care Facilities subindustry, Global 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.
Global Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Global Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Global Health's Beneish M-Score falls into.
Global 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 Global 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 * 0.9174 | + | 0.528 * 1.0015 | + | 0.404 * 1.031 | + | 0.892 * 1.2086 | + | 0.115 * 0.9604 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.061 | + | 4.679 * 0.111071 | - | 0.327 * 0.7672 |
| = | -1.78 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹2,153 Mil.
Revenue was 8255.305 + 8326.017 + 8439.392 + 7730.396 = ₹32,751 Mil.
Gross Profit was 6317.89 + 6419.34 + 6503.597 + 5916.683 = ₹25,158 Mil.
Total Current Assets was ₹15,087 Mil.
Total Assets was ₹43,041 Mil.
Property, Plant and Equipment(Net PPE) was ₹26,179 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,727 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,270 Mil.
Total Current Liabilities was ₹6,177 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6,300 Mil.
Net Income was 1272.482 + 1236.407 + 1251.609 + 1020.102 = ₹4,781 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
|
Total Receivables was ₹1,942 Mil.
Revenue was 7190.485 + 6943.221 + 6790.555 + 6174.49 = ₹27,099 Mil.
Gross Profit was 5542.75 + 5363.64 + 5236.797 + 4702.714 = ₹20,846 Mil.
Total Current Assets was ₹15,795 Mil.
Total Assets was ₹41,160 Mil.
Property, Plant and Equipment(Net PPE) was ₹23,719 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,499 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,330 Mil.
Total Current Liabilities was ₹5,726 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9,826 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) |
| = | (2153.13 / 32751.11) | / | (1942.022 / 27098.751) |
| = | 0.065742 | / | 0.071665 |
| | = | 0.9174 |
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) |
| = | (20845.901 / 27098.751) | / | (25157.51 / 32751.11) |
| = | 0.769257 | / | 0.768142 |
| | = | 1.0015 |
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 - (15087.3 + 26179.03) / 43040.75) | / | (1 - (15794.886 + 23718.955) / 41159.64) |
| = | 0.041227 | / | 0.039986 |
| | = | 1.031 |
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 |
| = | 32751.11 | / | 27098.751 |
| | = | 1.2086 |
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)) |
| = | (1499.149 / (1499.149 + 23718.955)) | / | (1727.28 / (1727.28 + 26179.03)) |
| = | 0.059447 | / | 0.061896 |
| | = | 0.9604 |
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) |
| = | (4270.28 / 32751.11) | / | (3330.11 / 27098.751) |
| = | 0.130386 | / | 0.122888 |
| | = | 1.061 |
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) |
| = | ((6299.82 + 6177.33) / 43040.75) | / | ((9825.942 + 5725.531) / 41159.64) |
| = | 0.289892 | / | 0.377833 |
| | = | 0.7672 |
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 |
| = | (4780.6 - 0 | - | 0) | / | 43040.75 |
| | = | 0.111071 |
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.
Global Health has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
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