Universal Health Services Beneish M-Score Historical Data
The historical data trend for Universal Health Services'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.
Universal Health Services Beneish M-Score Chart
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Universal Health Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.90 |
-2.42 |
-2.50 |
-2.56 |
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Universal Health Services 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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-2.50 |
-2.41 |
-2.51 |
-2.47 |
-2.56 |
Competitive Comparison of Universal Health Services's Beneish M-Score
For the Medical Care Facilities subindustry, Universal Health Services'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.
Universal Health Services's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Universal Health Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Universal Health Services's Beneish M-Score falls into.
Universal Health Services 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 Universal Health Services 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 * 1.0408 | + | 0.528 * 0.997 | + | 0.404 * 0.9691 | + | 0.892 * 1.0659 | + | 0.115 * 1.0496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9865 | + | 4.679 * -0.037352 | - | 0.327 * 0.986 |
| = | -2.56 |
* 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 $2,238 Mil.
Revenue was 3703.546 + 3562.774 + 3548.138 + 3467.518 = $14,282 Mil.
Gross Profit was 3309.668 + 3184.107 + 3167.844 + 3087.529 = $12,749 Mil.
Total Current Assets was $2,811 Mil.
Total Assets was $13,968 Mil.
Property, Plant and Equipment(Net PPE) was $6,558 Mil.
Depreciation, Depletion and Amortization(DDA) was $568 Mil.
Selling, General, & Admin. Expense(SGA) was $7,249 Mil.
Total Current Liabilities was $2,013 Mil.
Long-Term Debt & Capital Lease Obligation was $5,168 Mil.
Net Income was 216.378 + 166.989 + 171.313 + 163.115 = $718 Mil.
Non Operating Income was 3.516 + -11.472 + -6.602 + -13.723 = $-28 Mil.
Cash Flow from Operations was 452.431 + 161.665 + 362.948 + 290.753 = $1,268 Mil.
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Total Receivables was $2,018 Mil.
Revenue was 3446.98 + 3336.027 + 3323.407 + 3292.956 = $13,399 Mil.
Gross Profit was 3065.044 + 2969.69 + 2968.414 + 2921.883 = $11,925 Mil.
Total Current Assets was $2,537 Mil.
Total Assets was $13,494 Mil.
Property, Plant and Equipment(Net PPE) was $6,373 Mil.
Depreciation, Depletion and Amortization(DDA) was $582 Mil.
Selling, General, & Admin. Expense(SGA) was $6,894 Mil.
Total Current Liabilities was $1,914 Mil.
Long-Term Debt & Capital Lease Obligation was $5,122 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) |
| = | (2238.265 / 14281.976) | / | (2017.722 / 13399.37) |
| = | 0.15672 | / | 0.150583 |
| | = | 1.0408 |
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) |
| = | (11925.031 / 13399.37) | / | (12749.148 / 14281.976) |
| = | 0.88997 | / | 0.892674 |
| | = | 0.997 |
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 - (2811.35 + 6558.491) / 13967.602) | / | (1 - (2537.34 + 6373.108) / 13494.188) |
| = | 0.329173 | / | 0.339683 |
| | = | 0.9691 |
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 |
| = | 14281.976 | / | 13399.37 |
| | = | 1.0659 |
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)) |
| = | (581.861 / (581.861 + 6373.108)) | / | (568.041 / (568.041 + 6558.491)) |
| = | 0.083661 | / | 0.079708 |
| | = | 1.0496 |
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) |
| = | (7248.51 / 14281.976) | / | (6893.882 / 13399.37) |
| = | 0.507529 | / | 0.514493 |
| | = | 0.9865 |
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) |
| = | ((5168.342 + 2013.347) / 13967.602) | / | ((5122.055 + 1914.419) / 13494.188) |
| = | 0.514168 | / | 0.521445 |
| | = | 0.986 |
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 |
| = | (717.795 - -28.281 | - | 1267.797) | / | 13967.602 |
| | = | -0.037352 |
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.
Universal Health Services has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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