Onyx Healthcare Beneish M-Score Historical Data
The historical data trend for Onyx 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.
Onyx Healthcare Beneish M-Score Chart
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Onyx Healthcare Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.59 |
-1.79 |
-1.81 |
-3.00 |
-2.29 |
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Onyx Healthcare Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.00 |
-3.17 |
-3.02 |
-2.58 |
-2.29 |
Competitive Comparison of Onyx Healthcare's Beneish M-Score
For the Health Information Services subindustry, Onyx 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.
Onyx Healthcare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Onyx Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Onyx Healthcare's Beneish M-Score falls into.
Onyx 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 Onyx 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 * 1.1945 | + | 0.528 * 1.0134 | + | 0.404 * 1.1084 | + | 0.892 * 0.8315 | + | 0.115 * 1.1353 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1492 | + | 4.679 * 0.026777 | - | 0.327 * 1.0217 |
| = | -2.29 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$193 Mil.
Revenue was 382.565 + 284.008 + 299.338 + 275.34 = NT$1,241 Mil.
Gross Profit was 148.314 + 88.936 + 104.983 + 114.042 = NT$456 Mil.
Total Current Assets was NT$825 Mil.
Total Assets was NT$2,106 Mil.
Property, Plant and Equipment(Net PPE) was NT$377 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$21 Mil.
Selling, General, & Admin. Expense(SGA) was NT$247 Mil.
Total Current Liabilities was NT$339 Mil.
Long-Term Debt & Capital Lease Obligation was NT$157 Mil.
Net Income was 64.818 + 26.789 + 38.499 + 50.808 = NT$181 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 61.875 + -7.38 + -54.871 + 124.892 = NT$125 Mil.
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Total Receivables was NT$194 Mil.
Revenue was 434.797 + 372.247 + 357.874 + 327.942 = NT$1,493 Mil.
Gross Profit was 178.763 + 130.153 + 135.747 + 111.481 = NT$556 Mil.
Total Current Assets was NT$871 Mil.
Total Assets was NT$2,048 Mil.
Property, Plant and Equipment(Net PPE) was NT$384 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$24 Mil.
Selling, General, & Admin. Expense(SGA) was NT$259 Mil.
Total Current Liabilities was NT$305 Mil.
Long-Term Debt & Capital Lease Obligation was NT$166 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) |
| = | (192.946 / 1241.251) | / | (194.27 / 1492.86) |
| = | 0.155445 | / | 0.130133 |
| | = | 1.1945 |
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) |
| = | (556.144 / 1492.86) | / | (456.275 / 1241.251) |
| = | 0.372536 | / | 0.367593 |
| | = | 1.0134 |
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 - (824.607 + 377.119) / 2106.193) | / | (1 - (870.965 + 383.711) / 2048.208) |
| = | 0.429432 | / | 0.387427 |
| | = | 1.1084 |
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 |
| = | 1241.251 | / | 1492.86 |
| | = | 0.8315 |
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)) |
| = | (24.095 / (24.095 + 383.711)) | / | (20.704 / (20.704 + 377.119)) |
| = | 0.059084 | / | 0.052043 |
| | = | 1.1353 |
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) |
| = | (247.471 / 1241.251) | / | (258.983 / 1492.86) |
| = | 0.199372 | / | 0.173481 |
| | = | 1.1492 |
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) |
| = | ((156.606 + 338.864) / 2106.193) | / | ((166.423 + 305.151) / 2048.208) |
| = | 0.235244 | / | 0.230237 |
| | = | 1.0217 |
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 |
| = | (180.914 - 0 | - | 124.516) | / | 2106.193 |
| | = | 0.026777 |
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.
Onyx Healthcare has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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