ModivCare Beneish M-Score Historical Data
The historical data trend for ModivCare'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.
ModivCare Beneish M-Score Chart
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ModivCare Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-4.05 |
-2.81 |
-2.27 |
-2.05 |
-2.79 |
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ModivCare Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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-2.42 |
-2.79 |
-2.56 |
-2.86 |
-2.56 |
STU:PRF0 vs BACK, FCHS, NHLG: Beneish M-Score Comparison
For the Medical Care Facilities subindustry, ModivCare'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.
ModivCare Beneish M-Score vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, ModivCare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ModivCare's Beneish M-Score falls into.
ModivCare 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 ModivCare 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 * 1.1 | + | 0.528 * 1.077 | + | 0.404 * 0.7938 | + | 0.892 * 0.9486 | + | 0.115 * 0.9625 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0615 | + | 4.679 * -0.009256 | - | 0.327 * 1.3088 |
| = | -2.64 |
* 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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was €353 Mil.
Revenue was 579.11 + 571.832 + 601.855 + 671.173 = €2,424 Mil.
Gross Profit was 81.432 + 77.082 + 90.341 + 100.451 = €349 Mil.
Total Current Assets was €500 Mil.
Total Assets was €1,209 Mil.
Property, Plant and Equipment(Net PPE) was €91 Mil.
Depreciation, Depletion and Amortization(DDA) was €87 Mil.
Selling, General, & Admin. Expense(SGA) was €277 Mil.
Total Current Liabilities was €305 Mil.
Long-Term Debt & Capital Lease Obligation was €1,231 Mil.
Net Income was -62.308 + -263.298 + -46.599 + -22.433 = €-395 Mil.
Non Operating Income was -45.567 + -228.363 + 0 + 0 = €-274 Mil.
Cash Flow from Operations was -43.012 + -19.26 + -75.934 + 28.693 = €-110 Mil.
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Total Receivables was €339 Mil.
Revenue was 632.535 + 648.72 + 629.695 + 644.497 = €2,555 Mil.
Gross Profit was 93.797 + 102.375 + 92.814 + 107.609 = €397 Mil.
Total Current Assets was €418 Mil.
Total Assets was €1,488 Mil.
Property, Plant and Equipment(Net PPE) was €112 Mil.
Depreciation, Depletion and Amortization(DDA) was €100 Mil.
Selling, General, & Admin. Expense(SGA) was €275 Mil.
Total Current Liabilities was €524 Mil.
Long-Term Debt & Capital Lease Obligation was €919 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) |
| = | (353.395 / 2423.97) | / | (338.701 / 2555.447) |
| = | 0.145792 | / | 0.132541 |
| | = | 1.1 |
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) |
| = | (396.595 / 2555.447) | / | (349.306 / 2423.97) |
| = | 0.155196 | / | 0.144105 |
| | = | 1.077 |
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 - (500.353 + 90.64) / 1209.469) | / | (1 - (417.568 + 111.985) / 1488.225) |
| = | 0.511362 | / | 0.644171 |
| | = | 0.7938 |
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 |
| = | 2423.97 | / | 2555.447 |
| | = | 0.9486 |
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)) |
| = | (100.276 / (100.276 + 111.985)) | / | (87.372 / (87.372 + 90.64)) |
| = | 0.472418 | / | 0.490821 |
| | = | 0.9625 |
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) |
| = | (276.661 / 2423.97) | / | (274.756 / 2555.447) |
| = | 0.114135 | / | 0.107518 |
| | = | 1.0615 |
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) |
| = | ((1230.516 + 304.791) / 1209.469) | / | ((919.461 + 523.949) / 1488.225) |
| = | 1.269406 | / | 0.969887 |
| | = | 1.3088 |
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 |
| = | (-394.638 - -273.93 | - | -109.513) | / | 1209.469 |
| | = | -0.009256 |
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.
ModivCare has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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