Molina Healthcare Beneish M-Score Historical Data
The historical data trend for Molina 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.
Molina Healthcare Beneish M-Score Chart
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Molina 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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-2.48 |
-2.65 |
-2.34 |
-2.40 |
-2.12 |
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Molina 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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-2.40 |
-2.09 |
-1.79 |
-1.78 |
-2.12 |
Competitive Comparison of Molina Healthcare's Beneish M-Score
For the Healthcare Plans subindustry, Molina 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.
Molina Healthcare's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, Molina Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Molina Healthcare's Beneish M-Score falls into.
Molina 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 Molina 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 * 0.9289 | + | 0.528 * 1.0928 | + | 0.404 * 1.1768 | + | 0.892 * 1.1916 | + | 0.115 * 1.0138 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9335 | + | 4.679 * 0.035098 | - | 0.327 * 0.9944 |
| = | -2.07 |
* 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 €3,151 Mil.
Revenue was 10026.545 + 9316.34 + 9178.52 + 9136.52 = €37,658 Mil.
Gross Profit was 1062.915 + 1071.289 + 1127.806 + 1122.4 = €4,384 Mil.
Total Current Assets was €12,198 Mil.
Total Assets was €14,927 Mil.
Property, Plant and Equipment(Net PPE) was €275 Mil.
Depreciation, Depletion and Amortization(DDA) was €172 Mil.
Selling, General, & Admin. Expense(SGA) was €2,540 Mil.
Total Current Liabilities was €7,541 Mil.
Long-Term Debt & Capital Lease Obligation was €2,978 Mil.
Net Income was 239.705 + 293.726 + 279.629 + 276.92 = €1,090 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -213.92 + 786.573 + -203.451 + 196.88 = €566 Mil.
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Total Receivables was €2,846 Mil.
Revenue was 8297.016 + 8009.476 + 7685.821 + 7611.166 = €31,603 Mil.
Gross Profit was 955.514 + 998.842 + 1033.76 + 1033.004 = €4,021 Mil.
Total Current Assets was €11,501 Mil.
Total Assets was €13,656 Mil.
Property, Plant and Equipment(Net PPE) was €248 Mil.
Depreciation, Depletion and Amortization(DDA) was €159 Mil.
Selling, General, & Admin. Expense(SGA) was €2,284 Mil.
Total Current Liabilities was €7,490 Mil.
Long-Term Debt & Capital Lease Obligation was €2,187 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) |
| = | (3150.545 / 37657.925) | / | (2846.368 / 31603.479) |
| = | 0.083662 | / | 0.090065 |
| | = | 0.9289 |
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) |
| = | (4021.12 / 31603.479) | / | (4384.41 / 37657.925) |
| = | 0.127237 | / | 0.116427 |
| | = | 1.0928 |
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 - (12198.215 + 275.04) / 14926.65) | / | (1 - (11501.014 + 247.59) / 13655.964) |
| = | 0.164363 | / | 0.139672 |
| | = | 1.1768 |
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 |
| = | 37657.925 | / | 31603.479 |
| | = | 1.1916 |
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)) |
| = | (158.647 / (158.647 + 247.59)) | / | (172.321 / (172.321 + 275.04)) |
| = | 0.390528 | / | 0.385195 |
| | = | 1.0138 |
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) |
| = | (2540.21 / 37657.925) | / | (2283.569 / 31603.479) |
| = | 0.067455 | / | 0.072257 |
| | = | 0.9335 |
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) |
| = | ((2977.69 + 7540.68) / 14926.65) | / | ((2187.045 + 7490.056) / 13655.964) |
| = | 0.704671 | / | 0.708636 |
| | = | 0.9944 |
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 |
| = | (1089.98 - 0 | - | 566.082) | / | 14926.65 |
| | = | 0.035098 |
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.
Molina Healthcare has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.
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