Heren Health Co Beneish M-Score Historical Data
The historical data trend for Heren Health Co'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.
Heren Health Co Beneish M-Score Chart
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Heren Health Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-1.63 |
-1.84 |
-2.17 |
-2.78 |
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Heren Health Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.28 |
-2.13 |
-1.84 |
-2.78 |
-2.86 |
Competitive Comparison of Heren Health Co's Beneish M-Score
For the Health Information Services subindustry, Heren Health Co'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.
Heren Health Co's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Heren Health Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heren Health Co's Beneish M-Score falls into.
Heren Health Co 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 Heren Health Co 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 * 0.865 | + | 0.528 * 0.4518 | + | 0.404 * 0.9239 | + | 0.892 * 1.1852 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5182 | + | 4.679 * -0.047311 | - | 0.327 * 0.881 |
| = | -2.86 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥567.8 Mil.
Revenue was 91.148 + 156.803 + 103.737 + 79.098 = ¥430.8 Mil.
Gross Profit was 25.81 + 63.038 + 50.906 + 29.547 = ¥169.3 Mil.
Total Current Assets was ¥1,186.2 Mil.
Total Assets was ¥1,432.1 Mil.
Property, Plant and Equipment(Net PPE) was ¥70.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥27.9 Mil.
Total Current Liabilities was ¥350.7 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0.4 Mil.
Net Income was -0.516 + 26 + 15.416 + -3.256 = ¥37.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0.0 Mil.
Cash Flow from Operations was -45.251 + 179.303 + -36.257 + 7.602 = ¥105.4 Mil.
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Total Receivables was ¥553.8 Mil.
Revenue was 99.614 + 57.408 + 94.742 + 111.693 = ¥363.5 Mil.
Gross Profit was 27.46 + -62.445 + 49.866 + 49.657 = ¥64.5 Mil.
Total Current Assets was ¥1,176.6 Mil.
Total Assets was ¥1,445.8 Mil.
Property, Plant and Equipment(Net PPE) was ¥77.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0.0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥45.5 Mil.
Total Current Liabilities was ¥401.1 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1.3 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) |
| = | (567.818 / 430.786) | / | (553.843 / 363.457) |
| = | 1.318098 | / | 1.52382 |
| | = | 0.865 |
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) |
| = | (64.538 / 363.457) | / | (169.301 / 430.786) |
| = | 0.177567 | / | 0.393005 |
| | = | 0.4518 |
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 - (1186.159 + 69.954) / 1432.063) | / | (1 - (1176.583 + 76.959) / 1445.815) |
| = | 0.122865 | / | 0.132986 |
| | = | 0.9239 |
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 |
| = | 430.786 | / | 363.457 |
| | = | 1.1852 |
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)) |
| = | (0 / (0 + 76.959)) | / | (0 / (0 + 69.954)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (27.948 / 430.786) | / | (45.506 / 363.457) |
| = | 0.064877 | / | 0.125203 |
| | = | 0.5182 |
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) |
| = | ((0.444 + 350.711) / 1432.063) | / | ((1.297 + 401.102) / 1445.815) |
| = | 0.245209 | / | 0.27832 |
| | = | 0.881 |
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 |
| = | (37.644 - 0 | - | 105.397) | / | 1432.063 |
| | = | -0.047311 |
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.
Heren Health Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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