DaVita Beneish M-Score Historical Data
The historical data trend for DaVita'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.
DaVita Beneish M-Score Chart
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DaVita Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.76 |
-2.78 |
-2.69 |
-2.92 |
-2.78 |
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DaVita Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.49 |
-2.66 |
-2.75 |
-2.78 |
-2.97 |
Competitive Comparison of DaVita's Beneish M-Score
For the Medical Care Facilities subindustry, DaVita'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.
DaVita's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, DaVita's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DaVita's Beneish M-Score falls into.
DaVita 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 DaVita 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 * 0.8772 | + | 0.528 * 0.9982 | + | 0.404 * 1.0166 | + | 0.892 * 1.0511 | + | 0.115 * 1.0084 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9799 | + | 4.679 * -0.086581 | - | 0.327 * 1.0719 |
| = | -2.97 |
* 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 $2,758 Mil.
Revenue was 3223.529 + 3294.683 + 3263.59 + 3186.722 = $12,969 Mil.
Gross Profit was 983.869 + 1069.312 + 1111.715 + 1044.423 = $4,209 Mil.
Total Current Assets was $3,636 Mil.
Total Assets was $17,119 Mil.
Property, Plant and Equipment(Net PPE) was $5,262 Mil.
Depreciation, Depletion and Amortization(DDA) was $713 Mil.
Selling, General, & Admin. Expense(SGA) was $1,550 Mil.
Total Current Liabilities was $2,907 Mil.
Long-Term Debt & Capital Lease Obligation was $11,721 Mil.
Net Income was 162.917 + 259.329 + 214.688 + 222.676 = $860 Mil.
Non Operating Income was -11.94 + 71.726 + -23.15 + -31.73 = $5 Mil.
Cash Flow from Operations was 180.009 + 547.627 + 810.401 + 798.846 = $2,337 Mil.
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Total Receivables was $2,991 Mil.
Revenue was 3070.555 + 3145.747 + 3121.332 + 3000.369 = $12,338 Mil.
Gross Profit was 991.579 + 1007.378 + 1054.017 + 944.525 = $3,997 Mil.
Total Current Assets was $3,684 Mil.
Total Assets was $17,431 Mil.
Property, Plant and Equipment(Net PPE) was $5,513 Mil.
Depreciation, Depletion and Amortization(DDA) was $754 Mil.
Selling, General, & Admin. Expense(SGA) was $1,505 Mil.
Total Current Liabilities was $2,583 Mil.
Long-Term Debt & Capital Lease Obligation was $11,312 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) |
| = | (2757.963 / 12968.524) | / | (2991.074 / 12338.003) |
| = | 0.212666 | / | 0.242428 |
| | = | 0.8772 |
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) |
| = | (3997.499 / 12338.003) | / | (4209.319 / 12968.524) |
| = | 0.323999 | / | 0.32458 |
| | = | 0.9982 |
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 - (3636.188 + 5261.885) / 17119.03) | / | (1 - (3683.753 + 5513.328) / 17430.935) |
| = | 0.480223 | / | 0.47237 |
| | = | 1.0166 |
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 |
| = | 12968.524 | / | 12338.003 |
| | = | 1.0511 |
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)) |
| = | (754.455 / (754.455 + 5513.328)) | / | (713.228 / (713.228 + 5261.885)) |
| = | 0.12037 | / | 0.119366 |
| | = | 1.0084 |
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) |
| = | (1549.951 / 12968.524) | / | (1504.85 / 12338.003) |
| = | 0.119516 | / | 0.121969 |
| | = | 0.9799 |
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) |
| = | ((11721.184 + 2906.782) / 17119.03) | / | ((11312.496 + 2583.101) / 17430.935) |
| = | 0.854486 | / | 0.79718 |
| | = | 1.0719 |
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 |
| = | (859.61 - 4.906 | - | 2336.883) | / | 17119.03 |
| | = | -0.086581 |
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.
DaVita has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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