ezCaretech Co Beneish M-Score Historical Data
The historical data trend for ezCaretech 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.
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ezCaretech Co Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
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Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -1.40
[6] => -3.82
[7] => -2.26
[8] => -2.85
)
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- |
-1.40 |
-3.82 |
-2.26 |
-2.85 |
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ezCaretech Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.34 |
-2.85 |
-3.19 |
-2.99 |
-3.92 |
Competitive Comparison
For the Health Information Services subindustry, ezCaretech 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.
ezCaretech Co Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, ezCaretech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ezCaretech Co's Beneish M-Score falls into.
ezCaretech 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 ezCaretech 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 * 0.5541 | + | 0.528 * 1.1604 | + | 0.404 * 1.0935 | + | 0.892 * 0.8321 | + | 0.115 * 1.2003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3814 | + | 4.679 * -0.239591 | - | 0.327 * 0.5171 |
| = | -3.92 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩13,587 Mil.
Revenue was 15449.173 + 16856.272 + 17095.145 + 19481.729 = ₩68,882 Mil.
Gross Profit was 3635.812 + 2124.662 + 2603.046 + 1685.37 = ₩10,049 Mil.
Total Current Assets was ₩30,211 Mil.
Total Assets was ₩48,153 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,921 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,556 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,517 Mil.
Total Current Liabilities was ₩10,479 Mil.
Long-Term Debt & Capital Lease Obligation was ₩950 Mil.
Net Income was 813.045 + 639.836 + -864.357 + -5946.93 = ₩-5,358 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 7168.092 + -1337.412 + 1170.302 + -822.443 = ₩6,179 Mil.
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Total Receivables was ₩29,467 Mil.
Revenue was 18833.589 + 17703.775 + 17168.412 + 29074.741 = ₩82,781 Mil.
Gross Profit was 2427.276 + 3895.121 + 2272.358 + 5418.861 = ₩14,014 Mil.
Total Current Assets was ₩37,963 Mil.
Total Assets was ₩57,283 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,979 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,132 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,189 Mil.
Total Current Liabilities was ₩25,113 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,178 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) |
| = | (13586.579 / 68882.319) | / | (29467.435 / 82780.517) |
| = | 0.197243 | / | 0.355971 |
| | = | 0.5541 |
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) |
| = | (14013.616 / 82780.517) | / | (10048.89 / 68882.319) |
| = | 0.169286 | / | 0.145885 |
| | = | 1.1604 |
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 - (30211.356 + 2921.139) / 48152.727) | / | (1 - (37963.1 + 2979.4) / 57282.981) |
| = | 0.311929 | / | 0.285259 |
| | = | 1.0935 |
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 |
| = | 68882.319 | / | 82780.517 |
| | = | 0.8321 |
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)) |
| = | (2131.72 / (2131.72 + 2979.4)) | / | (1555.586 / (1555.586 + 2921.139)) |
| = | 0.417075 | / | 0.347483 |
| | = | 1.2003 |
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) |
| = | (2516.601 / 68882.319) | / | (2189.39 / 82780.517) |
| = | 0.036535 | / | 0.026448 |
| | = | 1.3814 |
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) |
| = | ((949.509 + 10478.707) / 48152.727) | / | ((1178.481 + 25112.731) / 57282.981) |
| = | 0.237333 | / | 0.458971 |
| | = | 0.5171 |
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 |
| = | (-5358.406 - 0 | - | 6178.539) | / | 48152.727 |
| | = | -0.239591 |
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.
ezCaretech Co has a M-score of -3.92 suggests that the company is unlikely to be a manipulator.
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