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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tenet Healthcare's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Tenet Healthcare was -2.24. The lowest was -2.89. And the median was -2.58.
The historical data trend for Tenet 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.
Tenet Healthcare Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.66 | -2.83 | -2.24 | -2.49 | -2.80 |
Tenet Healthcare Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.49 | -2.28 | -2.68 | -2.69 | -2.80 |
For the Medical Care Facilities subindustry, Tenet 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.
For the Healthcare Providers & Services industry and Healthcare sector, Tenet Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tenet Healthcare's Beneish M-Score falls into.
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 Tenet 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 * 0.9117 | + | 0.528 * 1.0049 | + | 0.404 * 0.9763 | + | 0.892 * 1.0717 | + | 0.115 * 0.9388 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.965 | + | 4.679 * -0.064919 | - | 0.327 * 0.9706 | |||||||
= | -2.80 |
* 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 $3,993 Mil. Revenue was 5379 + 5066 + 5082 + 5021 = $20,548 Mil. Gross Profit was 4448 + 4189 + 4191 + 4130 = $16,958 Mil. Total Current Assets was $7,167 Mil. Total Assets was $28,312 Mil. Property, Plant and Equipment(Net PPE) was $7,319 Mil. Depreciation, Depletion and Amortization(DDA) was $870 Mil. Selling, General, & Admin. Expense(SGA) was $9,146 Mil. Total Current Liabilities was $4,760 Mil. Long-Term Debt & Capital Lease Obligation was $14,882 Mil. Net Income was 244 + 101 + 123 + 143 = $611 Mil. Non Operating Income was 23 + -7 + 23 + 36 = $75 Mil. Cash Flow from Operations was 824 + 503 + 598 + 449 = $2,374 Mil. |
Total Receivables was $4,087 Mil. Revenue was 4990 + 4801 + 4638 + 4745 = $19,174 Mil. Gross Profit was 4130 + 3984 + 3827 + 3960 = $15,901 Mil. Total Current Assets was $5,981 Mil. Total Assets was $27,156 Mil. Property, Plant and Equipment(Net PPE) was $7,591 Mil. Depreciation, Depletion and Amortization(DDA) was $841 Mil. Selling, General, & Admin. Expense(SGA) was $8,844 Mil. Total Current Liabilities was $4,476 Mil. Long-Term Debt & Capital Lease Obligation was $14,934 Mil. |
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) |
= | (3993 / 20548) | / | (4087 / 19174) | |
= | 0.194325 | / | 0.213153 | |
= | 0.9117 |
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) | |
= | (15901 / 19174) | / | (16958 / 20548) | |
= | 0.8293 | / | 0.825287 | |
= | 1.0049 |
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 - (7167 + 7319) / 28312) | / | (1 - (5981 + 7591) / 27156) | |
= | 0.488344 | / | 0.500221 | |
= | 0.9763 |
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 | |
= | 20548 | / | 19174 | |
= | 1.0717 |
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)) |
= | (841 / (841 + 7591)) | / | (870 / (870 + 7319)) | |
= | 0.099739 | / | 0.10624 | |
= | 0.9388 |
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) |
= | (9146 / 20548) | / | (8844 / 19174) | |
= | 0.445104 | / | 0.46125 | |
= | 0.965 |
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) |
= | ((14882 + 4760) / 28312) | / | ((14934 + 4476) / 27156) | |
= | 0.693769 | / | 0.714759 | |
= | 0.9706 |
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 | |
= | (611 - 75 | - | 2374) | / | 28312 | |
= | -0.064919 |
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.
Tenet Healthcare has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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