Community Health Systems Beneish M-Score Historical Data
The historical data trend for Community Health Systems'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.
Community Health Systems Beneish M-Score Chart
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Community Health Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-3.38 |
-2.32 |
-2.70 |
-2.57 |
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Community Health Systems Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.69 |
-2.58 |
-2.45 |
-2.57 |
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Competitive Comparison of Community Health Systems's Beneish M-Score
For the Medical Care Facilities subindustry, Community Health Systems'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.
Community Health Systems's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Community Health Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Community Health Systems's Beneish M-Score falls into.
Community Health Systems 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 Community Health Systems 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 * 1.0329 | + | 0.528 * 0.9707 | + | 0.404 * 0.9768 | + | 0.892 * 1.0257 | + | 0.115 * 1.0861 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9597 | + | 4.679 * -0.038288 | - | 0.327 * 1.0001 |
| = | -2.61 |
* 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 $2,457 Mil.
Revenue was 3140 + 3182 + 3086 + 3115 = $12,523 Mil.
Gross Profit was 1285 + 1313 + 1259 + 1273 = $5,130 Mil.
Total Current Assets was $3,175 Mil.
Total Assets was $14,417 Mil.
Property, Plant and Equipment(Net PPE) was $5,219 Mil.
Depreciation, Depletion and Amortization(DDA) was $488 Mil.
Selling, General, & Admin. Expense(SGA) was $315 Mil.
Total Current Liabilities was $2,136 Mil.
Long-Term Debt & Capital Lease Obligation was $12,079 Mil.
Net Income was -41 + 47 + -91 + -38 = $-123 Mil.
Non Operating Income was -15 + 153 + -24 + 14 = $128 Mil.
Cash Flow from Operations was 96 + 90 + 29 + 86 = $301 Mil.
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Total Receivables was $2,319 Mil.
Revenue was 3108 + 3142 + 3025 + 2934 = $12,209 Mil.
Gross Profit was 1236 + 1286 + 1181 + 1152 = $4,855 Mil.
Total Current Assets was $3,114 Mil.
Total Assets was $14,623 Mil.
Property, Plant and Equipment(Net PPE) was $5,255 Mil.
Depreciation, Depletion and Amortization(DDA) was $538 Mil.
Selling, General, & Admin. Expense(SGA) was $320 Mil.
Total Current Liabilities was $2,132 Mil.
Long-Term Debt & Capital Lease Obligation was $12,284 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) |
| = | (2457 / 12523) | / | (2319 / 12209) |
| = | 0.196199 | / | 0.189942 |
| | = | 1.0329 |
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) |
| = | (4855 / 12209) | / | (5130 / 12523) |
| = | 0.397657 | / | 0.409646 |
| | = | 0.9707 |
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 - (3175 + 5219) / 14417) | / | (1 - (3114 + 5255) / 14623) |
| = | 0.417771 | / | 0.427682 |
| | = | 0.9768 |
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 |
| = | 12523 | / | 12209 |
| | = | 1.0257 |
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)) |
| = | (538 / (538 + 5255)) | / | (488 / (488 + 5219)) |
| = | 0.092871 | / | 0.085509 |
| | = | 1.0861 |
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) |
| = | (315 / 12523) | / | (320 / 12209) |
| = | 0.025154 | / | 0.02621 |
| | = | 0.9597 |
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) |
| = | ((12079 + 2136) / 14417) | / | ((12284 + 2132) / 14623) |
| = | 0.985989 | / | 0.985844 |
| | = | 1.0001 |
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 |
| = | (-123 - 128 | - | 301) | / | 14417 |
| | = | -0.038288 |
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.
Community Health Systems has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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