Teladoc Health Beneish M-Score Historical Data
The historical data trend for Teladoc 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.
Teladoc Health Beneish M-Score Chart
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Teladoc Health Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-0.81 |
-2.21 |
-4.17 |
-3.10 |
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Teladoc Health Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.17 |
-3.53 |
-3.35 |
-3.40 |
-3.10 |
Competitive Comparison of Teladoc Health's Beneish M-Score
For the Health Information Services subindustry, Teladoc 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.
Teladoc Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Teladoc Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Teladoc Health's Beneish M-Score falls into.
Teladoc 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 Teladoc 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 * 0.9029 | + | 0.528 * 0.9759 | + | 0.404 * 0.9467 | + | 0.892 * 1.0813 | + | 0.115 * 0.9534 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9723 | + | 4.679 * -0.122208 | - | 0.327 * 1.0039 |
| = | -3.10 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $230 Mil.
Revenue was 660.527 + 660.238 + 652.406 + 629.244 = $2,602 Mil.
Gross Profit was 467.103 + 474.278 + 461.866 + 439.137 = $1,842 Mil.
Total Current Assets was $1,489 Mil.
Total Assets was $4,392 Mil.
Property, Plant and Equipment(Net PPE) was $72 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General, & Admin. Expense(SGA) was $1,367 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt & Capital Lease Obligation was $1,582 Mil.
Net Income was -28.89 + -57.073 + -65.177 + -69.228 = $-220 Mil.
Non Operating Income was -3.624 + -8.027 + -12.817 + -9.139 = $-34 Mil.
Cash Flow from Operations was 130.082 + 105.601 + 101.182 + 13.156 = $350 Mil.
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Total Receivables was $236 Mil.
Revenue was 637.709 + 611.402 + 592.379 + 565.35 = $2,407 Mil.
Gross Profit was 448.836 + 425.783 + 409.909 + 378.325 = $1,663 Mil.
Total Current Assets was $1,315 Mil.
Total Assets was $4,345 Mil.
Property, Plant and Equipment(Net PPE) was $71 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General, & Admin. Expense(SGA) was $1,301 Mil.
Total Current Liabilities was $400 Mil.
Long-Term Debt & Capital Lease Obligation was $1,573 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) |
| = | (230.063 / 2602.415) | / | (235.645 / 2406.84) |
| = | 0.088404 | / | 0.097906 |
| | = | 0.9029 |
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) |
| = | (1662.853 / 2406.84) | / | (1842.384 / 2602.415) |
| = | 0.690886 | / | 0.707952 |
| | = | 0.9759 |
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 - (1489.048 + 72.092) / 4392.369) | / | (1 - (1315.388 + 71.472) / 4345.355) |
| = | 0.644579 | / | 0.680841 |
| | = | 0.9467 |
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 |
| = | 2602.415 | / | 2406.84 |
| | = | 1.0813 |
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)) |
| = | (270.643 / (270.643 + 71.472)) | / | (351.323 / (351.323 + 72.092)) |
| = | 0.791088 | / | 0.829737 |
| | = | 0.9534 |
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) |
| = | (1367.293 / 2602.415) | / | (1300.563 / 2406.84) |
| = | 0.525394 | / | 0.540361 |
| | = | 0.9723 |
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) |
| = | ((1581.525 + 420.616) / 4392.369) | / | ((1573.33 + 399.769) / 4345.355) |
| = | 0.455823 | / | 0.454071 |
| | = | 1.0039 |
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 |
| = | (-220.368 - -33.607 | - | 350.021) | / | 4392.369 |
| | = | -0.122208 |
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.
Teladoc Health has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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