Cano Health Beneish M-Score Historical Data
The historical data trend for Cano 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.
Cano Health Beneish M-Score Chart
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Cano Health Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.33 |
-0.81 |
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Cano Health Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.90 |
-2.40 |
-1.50 |
-0.81 |
-20.59 |
Competitive Comparison of Cano Health's Beneish M-Score
For the Medical Care Facilities subindustry, Cano 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.
Cano Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Cano Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cano Health's Beneish M-Score falls into.
Cano 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 Cano 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 * 0.2198 | + | 0.528 * -30.9451 | + | 0.404 * 0.9621 | + | 0.892 * 1.0185 | + | 0.115 * 0.3873 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8265 | + | 4.679 * -0.027658 | - | 0.327 * 2.0856 |
| = | -20.59 |
* 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 $54 Mil.
Revenue was 684.426 + 716.028 + 788.073 + 766.746 = $2,955 Mil.
Gross Profit was -2.43 + 33.163 + 15.604 + -59.64 = $-13 Mil.
Total Current Assets was $255 Mil.
Total Assets was $1,046 Mil.
Property, Plant and Equipment(Net PPE) was $108 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General, & Admin. Expense(SGA) was $355 Mil.
Total Current Liabilities was $267 Mil.
Long-Term Debt & Capital Lease Obligation was $1,301 Mil.
Net Income was -415.706 + -165.028 + -260.487 + -140.753 = $-982 Mil.
Non Operating Income was -353.826 + -82.647 + -370.497 + 2.321 = $-805 Mil.
Cash Flow from Operations was -48.828 + -44.383 + -39.711 + -15.485 = $-148 Mil.
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Total Receivables was $242 Mil.
Revenue was 866.909 + 680.373 + 665.028 + 689.373 = $2,902 Mil.
Gross Profit was 90.151 + 107.001 + 111.596 + 95.409 = $404 Mil.
Total Current Assets was $314 Mil.
Total Assets was $1,944 Mil.
Property, Plant and Equipment(Net PPE) was $311 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $422 Mil.
Total Current Liabilities was $214 Mil.
Long-Term Debt & Capital Lease Obligation was $1,184 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) |
| = | (54.218 / 2955.273) | / | (242.222 / 2901.683) |
| = | 0.018346 | / | 0.083476 |
| | = | 0.2198 |
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) |
| = | (404.157 / 2901.683) | / | (-13.303 / 2955.273) |
| = | 0.139284 | / | -0.004501 |
| | = | -30.9451 |
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 - (255.081 + 107.613) / 1045.546) | / | (1 - (313.687 + 310.787) / 1944.376) |
| = | 0.653106 | / | 0.678831 |
| | = | 0.9621 |
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 |
| = | 2955.273 | / | 2901.683 |
| | = | 1.0185 |
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)) |
| = | (98.825 / (98.825 + 310.787)) | / | (177.79 / (177.79 + 107.613)) |
| = | 0.241265 | / | 0.622944 |
| | = | 0.3873 |
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) |
| = | (355.446 / 2955.273) | / | (422.243 / 2901.683) |
| = | 0.120275 | / | 0.145517 |
| | = | 0.8265 |
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) |
| = | ((1300.725 + 266.998) / 1045.546) | / | ((1183.998 + 213.912) / 1944.376) |
| = | 1.49943 | / | 0.71895 |
| | = | 2.0856 |
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 |
| = | (-981.974 - -804.649 | - | -148.407) | / | 1045.546 |
| | = | -0.027658 |
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.
Cano Health has a M-score of -20.59 suggests that the company is unlikely to be a manipulator.
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