PPHI (Positive Physicians Holdings) Beneish M-Score: 0.00 (As of Aug. 01, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

PPHI Positive Physicians Holdings Inc PPHI
12 GF Score
Price $7.50
View Full Analysis

What is Positive Physicians Holdings Beneish M-Score?

Positive Physicians Holdings PPHI 12 Beneish M-Score is 0.00 as of Aug. 01, 2026. GuruFocus rates PPHI with a GF Score™ of 12/100.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Positive Physicians Holdings's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of Positive Physicians Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

PPHI
12GF Score
Positive Physicians Holdings Inc PPHI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Positive Physicians Holdings 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 Positive Physicians Holdings 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec21) TTM:Last Year (Dec20) TTM:
Total Receivables was $22.29 Mil.
Revenue was $22.34 Mil.
Gross Profit was $22.34 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $161.69 Mil.
Property, Plant and Equipment(Net PPE) was $0.66 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.17 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $3.37 Mil.
Net Income was $-2.52 Mil.
Gross Profit was $0.36 Mil.
Cash Flow from Operations was $2.38 Mil.
 Total Receivables was $20.84 Mil.
Revenue was $20.20 Mil.
Gross Profit was $20.20 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $158.44 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.48 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(22.294 / 22.335) / (20.838 / 20.2)
=0.998164 / 1.031584
=

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)
=(20.2 / 20.2) / (22.335 / 22.335)
=1 / 1
=

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 - (0 + 0.664) / 161.692) / (1 - (0 + 0) / 158.444)
=0.995893 / 1
=

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
=22.335 / 20.2
=

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))
=(1.482 / (1.482 + 0)) / (1.173 / (1.173 + 0.664))
=1 / 0.638541
=

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)
=(0 / 22.335) / (0 / 20.2)
=0 / 0
=

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)
=((3.372 + 0) / 161.692) / ((0 + 0) / 158.444)
=0.020854 / 0
=

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
=(-2.52 - 0.357 - 2.38) / 161.692
=-0.032512

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Positive Physicians Holdings (PPHI) has a Beneish M-Score of 0.00 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Positive Physicians Holdings and its competitors.
Is Positive Physicians Holdings' Beneish M-Score too high?
Positive Physicians Holdings' current Beneish M-Score is 0.00. Overall, Positive Physicians Holdings has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Positive Physicians Holdings' Beneish M-Score compare to MMMM and ICCH?
Positive Physicians Holdings' Beneish M-Score of 0.00 can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Positive Physicians Holdings and its competitors. Positive Physicians Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Positive Physicians Holdings stock overvalued right now?
Positive Physicians Holdings (PPHI) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Positive Physicians Holdings' overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Positive Physicians Holdings (PPHI), the current Beneish M-Score is 0.00 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Positive Physicians Holdings Business Description

Address 850 Cassatt Road, Suite 220, 100 Berwyn Park, Berwyn, PA, USA, 19312
Positive Physicians Holdings Inc, through its subsidiaries, writes medical professional liability insurance for physicians, physician groups, and allied healthcare providers such as physician assistants and certified registered nurse practitioners. The insurance coverage offers claims-made coverage, claims-made plus, and occurrence-based policies, as well as tail coverage in Pennsylvania, New Jersey, Ohio, Delaware, Maryland, South Carolina, and Michigan. The company generates revenue in the form of net premiums, net investment income, and net realized and unrealized gains from investments.
12GF Score

Get the complete analysis for PPHI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$7.50
Price