Waystar Holding Beneish M-Score Historical Data
The historical data trend for Waystar Holding'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.
Waystar Holding Beneish M-Score Chart
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Waystar Holding Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.47 |
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Waystar Holding Quarterly Data
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Dec21 |
Jun22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.72 |
- |
-2.47 |
Competitive Comparison of Waystar Holding's Beneish M-Score
For the Health Information Services subindustry, Waystar Holding'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.
Waystar Holding's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Waystar Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Waystar Holding's Beneish M-Score falls into.
Waystar Holding 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 Waystar Holding 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 * 0.934 | + | 0.528 * 1.0284 | + | 0.404 * 0.9684 | + | 0.892 * 1.1928 | + | 0.115 * 0.9307 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2022 | + | 4.679 * -0.04127 | - | 0.327 * 0.5926 |
| = | -2.47 |
* 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 $148.1 Mil.
Revenue was 244.102 + 240.112 + 234.543 + 224.792 = $943.5 Mil.
Gross Profit was 164.56 + 159.567 + 154.092 + 149.6 = $627.8 Mil.
Total Current Assets was $371.0 Mil.
Total Assets was $4,577.0 Mil.
Property, Plant and Equipment(Net PPE) was $57.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $186.6 Mil.
Selling, General, & Admin. Expense(SGA) was $268.7 Mil.
Total Current Liabilities was $145.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,245.0 Mil.
Net Income was 19.079 + 5.413 + -27.685 + -15.932 = $-19.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 64.77 + 78.818 + 15.45 + 10.73 = $169.8 Mil.
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Total Receivables was $132.9 Mil.
Revenue was 206.695 + 197.263 + 195.969 + 191.083 = $791.0 Mil.
Gross Profit was 139.506 + 134.341 + 135.469 + 131.928 = $541.2 Mil.
Total Current Assets was $222.1 Mil.
Total Assets was $4,583.0 Mil.
Property, Plant and Equipment(Net PPE) was $71.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $176.5 Mil.
Selling, General, & Admin. Expense(SGA) was $187.4 Mil.
Total Current Liabilities was $123.5 Mil.
Long-Term Debt & Capital Lease Obligation was $2,226.2 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) |
| = | (148.073 / 943.549) | / | (132.9 / 791.01) |
| = | 0.156932 | / | 0.168013 |
| | = | 0.934 |
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) |
| = | (541.244 / 791.01) | / | (627.819 / 943.549) |
| = | 0.684244 | / | 0.66538 |
| | = | 1.0284 |
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 - (371.041 + 57.551) / 4577.004) | / | (1 - (222.05 + 71.612) / 4582.974) |
| = | 0.90636 | / | 0.935923 |
| | = | 0.9684 |
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 |
| = | 943.549 | / | 791.01 |
| | = | 1.1928 |
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)) |
| = | (176.467 / (176.467 + 71.612)) | / | (186.631 / (186.631 + 57.551)) |
| = | 0.711334 | / | 0.764311 |
| | = | 0.9307 |
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) |
| = | (268.688 / 943.549) | / | (187.362 / 791.01) |
| = | 0.284763 | / | 0.236864 |
| | = | 1.2022 |
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) |
| = | ((1245.045 + 145.633) / 4577.004) | / | ((2226.15 + 123.489) / 4582.974) |
| = | 0.30384 | / | 0.512689 |
| | = | 0.5926 |
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 |
| = | (-19.125 - 0 | - | 169.768) | / | 4577.004 |
| | = | -0.04127 |
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.
Waystar Holding has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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