NeueHealth Beneish M-Score Historical Data
The historical data trend for NeueHealth'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.
NeueHealth Beneish M-Score Chart
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NeueHealth Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.99 |
-3.83 |
5.00 |
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NeueHealth Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.29 |
-2.30 |
- |
5.00 |
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Competitive Comparison of NeueHealth's Beneish M-Score
For the Healthcare Plans subindustry, NeueHealth'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.
NeueHealth's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, NeueHealth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NeueHealth's Beneish M-Score falls into.
NeueHealth 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 NeueHealth 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 * 0.5366 | + | 0.528 * 0.9393 | + | 0.404 * 0.4998 | + | 0.892 * 1.2691 | + | 0.115 * 0.8991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6569 | + | 4.679 * 1.433551 | - | 0.327 * 1.4499 |
| = | 3.71 |
* 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 $687 Mil.
Revenue was 245.095 + 292.871 + 269.399 + 297.982 = $1,105 Mil.
Gross Profit was 48.221 + 28.007 + 42.961 + 52.822 = $172 Mil.
Total Current Assets was $974 Mil.
Total Assets was $1,105 Mil.
Property, Plant and Equipment(Net PPE) was $13 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $1,260 Mil.
Long-Term Debt & Capital Lease Obligation was $66 Mil.
Net Income was -15.914 + -229.716 + -633.895 + -112.832 = $-992 Mil.
Non Operating Income was 32.444 + -8.573 + -438.961 + -1.285 = $-416 Mil.
Cash Flow from Operations was -48.717 + -331.227 + -1671.293 + -109.002 = $-2,160 Mil.
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Total Receivables was $1,008 Mil.
Revenue was 300.55 + 227.696 + 193.363 + 149.34 = $871 Mil.
Gross Profit was 40.43 + 27.123 + 41.213 + 18.547 = $127 Mil.
Total Current Assets was $3,771 Mil.
Total Assets was $4,848 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $299 Mil.
Total Current Liabilities was $4,012 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (686.565 / 1105.347) | / | (1008.125 / 870.949) |
| = | 0.621131 | / | 1.157502 |
| | = | 0.5366 |
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) |
| = | (127.313 / 870.949) | / | (172.011 / 1105.347) |
| = | 0.146177 | / | 0.155617 |
| | = | 0.9393 |
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 - (974.465 + 12.65) / 1105.128) | / | (1 - (3771.414 + 40.747) / 4848.005) |
| = | 0.106787 | / | 0.213664 |
| | = | 0.4998 |
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 |
| = | 1105.347 | / | 870.949 |
| | = | 1.2691 |
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)) |
| = | (47.425 / (47.425 + 40.747)) | / | (18.838 / (18.838 + 12.65)) |
| = | 0.537869 | / | 0.59826 |
| | = | 0.8991 |
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) |
| = | (249.623 / 1105.347) | / | (299.399 / 870.949) |
| = | 0.225832 | / | 0.343762 |
| | = | 0.6569 |
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) |
| = | ((66.4 + 1259.55) / 1105.128) | / | ((0 + 4011.881) / 4848.005) |
| = | 1.199816 | / | 0.827532 |
| | = | 1.4499 |
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 |
| = | (-992.357 - -416.375 | - | -2160.239) | / | 1105.128 |
| | = | 1.433551 |
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.
NeueHealth has a M-score of 3.71 signals that the company is likely to be a manipulator.
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