Surgical Care Affiliates Beneish M-Score Historical Data
The historical data trend for Surgical Care Affiliates'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.
Surgical Care Affiliates Beneish M-Score Chart
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Surgical Care Affiliates Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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- |
- |
-2.86 |
-2.54 |
-2.75 |
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Surgical Care Affiliates Quarterly Data
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Dec11 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.54 |
-2.54 |
-2.62 |
-2.70 |
-2.75 |
Competitive Comparison of Surgical Care Affiliates's Beneish M-Score
For the Medical Care Facilities subindustry, Surgical Care Affiliates'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.
Surgical Care Affiliates's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Surgical Care Affiliates's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Surgical Care Affiliates's Beneish M-Score falls into.
Surgical Care Affiliates 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 Surgical Care Affiliates 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 * 0.9992 | + | 0.528 * 1 | + | 0.404 * 1.0174 | + | 0.892 * 1.2187 | + | 0.115 * 0.9094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0455 | + | 4.679 * -0.112127 | - | 0.327 * 0.9408 |
| = | -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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $215 Mil.
Revenue was 379 + 322.835 + 299.851 + 279.718 = $1,281 Mil.
Gross Profit was 379 + 322.835 + 299.851 + 279.718 = $1,281 Mil.
Total Current Assets was $431 Mil.
Total Assets was $2,671 Mil.
Property, Plant and Equipment(Net PPE) was $353 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $776 Mil.
Total Current Liabilities was $342 Mil.
Long-Term Debt & Capital Lease Obligation was $1,051 Mil.
Net Income was 14.006 + 13.324 + 5.704 + 2.413 = $35 Mil.
Non Operating Income was -0.964 + 20.223 + 5.837 + 4.151 = $29 Mil.
Cash Flow from Operations was 88.59 + 78.184 + 77.432 + 61.454 = $306 Mil.
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Total Receivables was $177 Mil.
Revenue was 305.926 + 257.787 + 253.686 + 234.091 = $1,051 Mil.
Gross Profit was 305.926 + 257.787 + 253.686 + 234.091 = $1,051 Mil.
Total Current Assets was $315 Mil.
Total Assets was $2,002 Mil.
Property, Plant and Equipment(Net PPE) was $297 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $609 Mil.
Total Current Liabilities was $258 Mil.
Long-Term Debt & Capital Lease Obligation was $852 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) |
| = | (215.051 / 1281.404) | / | (176.608 / 1051.49) |
| = | 0.167825 | / | 0.16796 |
| | = | 0.9992 |
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) |
| = | (1051.49 / 1051.49) | / | (1281.404 / 1281.404) |
| = | 1 | / | 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 - (430.916 + 353.054) / 2670.71) | / | (1 - (314.862 + 296.831) / 2001.611) |
| = | 0.706456 | / | 0.6944 |
| | = | 1.0174 |
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 |
| = | 1281.404 | / | 1051.49 |
| | = | 1.2187 |
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)) |
| = | (66.225 / (66.225 + 296.831)) | / | (88.584 / (88.584 + 353.054)) |
| = | 0.18241 | / | 0.200581 |
| | = | 0.9094 |
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) |
| = | (775.826 / 1281.404) | / | (608.903 / 1051.49) |
| = | 0.60545 | / | 0.579086 |
| | = | 1.0455 |
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) |
| = | ((1051.447 + 341.87) / 2670.71) | / | ((851.849 + 258.087) / 2001.611) |
| = | 0.521703 | / | 0.554521 |
| | = | 0.9408 |
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 |
| = | (35.447 - 29.247 | - | 305.66) | / | 2670.71 |
| | = | -0.112127 |
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.
Surgical Care Affiliates has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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