Molina Healthcare Beneish M-Score Historical Data
The historical data trend for Molina Healthcare'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.
Molina Healthcare Beneish M-Score Chart
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Molina Healthcare Annual Data
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Trend |
Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-2.48 |
-2.65 |
-2.34 |
-2.40 |
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Molina Healthcare Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.48 |
-2.60 |
-2.77 |
-2.40 |
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Competitive Comparison of Molina Healthcare's Beneish M-Score
For the Healthcare Plans subindustry, Molina Healthcare'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.
Molina Healthcare's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, Molina Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Molina Healthcare's Beneish M-Score falls into.
Molina Healthcare 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 Molina Healthcare 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 * 1.192 | + | 0.528 * 1.0048 | + | 0.404 * 1.1341 | + | 0.892 * 1.1082 | + | 0.115 * 1.0765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9995 | + | 4.679 * 0.007155 | - | 0.327 * 0.9396 |
| = | -2.09 |
* 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 $3,350 Mil.
Revenue was 9931 + 9048 + 8548 + 8327 = $35,854 Mil.
Gross Profit was 1220 + 1042 + 1066 + 1120 = $4,448 Mil.
Total Current Assets was $12,668 Mil.
Total Assets was $15,513 Mil.
Property, Plant and Equipment(Net PPE) was $295 Mil.
Depreciation, Depletion and Amortization(DDA) was $172 Mil.
Selling, General, & Admin. Expense(SGA) was $2,582 Mil.
Total Current Liabilities was $8,514 Mil.
Long-Term Debt & Capital Lease Obligation was $2,382 Mil.
Net Income was 301 + 216 + 245 + 309 = $1,071 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 214 + -690 + 949 + 487 = $960 Mil.
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Total Receivables was $2,536 Mil.
Revenue was 8149 + 8223 + 7927 + 8054 = $32,353 Mil.
Gross Profit was 1106 + 1004 + 956 + 967 = $4,033 Mil.
Total Current Assets was $11,159 Mil.
Total Assets was $13,371 Mil.
Property, Plant and Equipment(Net PPE) was $274 Mil.
Depreciation, Depletion and Amortization(DDA) was $180 Mil.
Selling, General, & Admin. Expense(SGA) was $2,331 Mil.
Total Current Liabilities was $7,614 Mil.
Long-Term Debt & Capital Lease Obligation was $2,381 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) |
| = | (3350 / 35854) | / | (2536 / 32353) |
| = | 0.093434 | / | 0.078385 |
| | = | 1.192 |
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) |
| = | (4033 / 32353) | / | (4448 / 35854) |
| = | 0.124656 | / | 0.124059 |
| | = | 1.0048 |
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 - (12668 + 295) / 15513) | / | (1 - (11159 + 274) / 13371) |
| = | 0.164378 | / | 0.144941 |
| | = | 1.1341 |
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 |
| = | 35854 | / | 32353 |
| | = | 1.1082 |
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)) |
| = | (180 / (180 + 274)) | / | (172 / (172 + 295)) |
| = | 0.396476 | / | 0.368308 |
| | = | 1.0765 |
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) |
| = | (2582 / 35854) | / | (2331 / 32353) |
| = | 0.072014 | / | 0.072049 |
| | = | 0.9995 |
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) |
| = | ((2382 + 8514) / 15513) | / | ((2381 + 7614) / 13371) |
| = | 0.702379 | / | 0.747513 |
| | = | 0.9396 |
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 |
| = | (1071 - 0 | - | 960) | / | 15513 |
| | = | 0.007155 |
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.
Molina Healthcare has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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